ARB vs OP relative valuation via market cap to TVL
Post45 words
Explains mcap/TVL as a relative valuation tool and applies it: Arbitrum at 5 versus Optimism at 12, implying ARB may be undervalued relative to OP.
Key claims
ARB mcap/TVL is 5
OP mcap/TVL is 12
market cap / TVL ratio can help compare the relative valuation of two protocols & help identify under-/overvaluations
@arbitrum for example currently has at a mcap/TVL ratio of 5
@optimismFND has a ratio of 12
hence, $ARB might be undervalued relative to $OP
data: @DefiLlama
1 image on X
How the call played out · since 16 Apr 2023
Prices as of 23 Oct 2026This piece takes a view on $ARB, so that move is read against the call. Other assets it covers are shown as context, not as calls.
−89%
Moved against the call · over 3.5 years
- At publication
- $1.65
- Now
- $0.181
- vs BTC
- −96%
- After 1 month
- −28%
- After 3 months
- −23%
- After 1 year
- −28%
- High since
- +37% 12 Jan 2024
- Low since
- −96% 16 Aug 2026
Mentioned for context
Since then
Zero has written 13 more pieces on Arbitrum and $ARB since this one.
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish thesis is read as a call; explainers, maps and mentions are context. Not financial advice.