Venture capital firm Placeholder has created a metric designed to measure the value of smart contract platforms. It takes the value of a smart contract platform’s network (e.g. Ethereum’s market cap) and compares it to the value of the tokens issued on the platform. The underlying thinking here is that if a network is operating as the base for more valuable tokens, but isn’t worth very much, then it may be undervalued. In contrast, if it is far more valuable than the sum of its tokens, it may be overvalued.
According to the metric, dubbed “Network Value to Token Value Ratio” (NVTV), Ethereum has the highest ratio and is, therefore, the most undervalued compared to other platforms, such as Stellar, Waves and NEO.