$SOL is not cheap right now. Market cap sits near $59B with DeFi TVL around $5.8B. That puts MCap/TVL at roughly 10x. Ethereum runs closer to 6x. Avalanche and Sui sit in the 6-8x range. BNB is higher still. Solana trades at a clear premium to the main L1 pack on this metric. Price has already bounced hard from the mid $70s while TVL stayed relatively flat. Against its own history the multiple looks elevated after the recent move, even if it remains well below the 2025 peak valuations. Activity is still strong. Fees, DEX volume, and stablecoin supply continue to support the case. But pure capital efficiency says the easy discount is gone. Curious how the rest of CT is reading these numbers.