ETHval

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TVL Multiple ETH fair value model

Fair value$2,882

ETH close$2,498

Gap to price+15.4%

Last complete day 2026-10-13 (UTC) · Built 2026-10-14 21:45 UTC from the stored daily data. Values are for 2026-10-13; the live value is on the dashboard.

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Formula

TVL × Multiple ÷ Supply

How it works

Values ETH based on total assets locked in DeFi protocols. The 7x multiple is derived from historical MC/TVL ratios during balanced market conditions (2020-2023 average). Higher TVL indicates greater network utility, adoption, and trust in Ethereum's smart contract ecosystem. This model assumes DeFi activity is a primary value driver for ETH.

Limits: TVL may include leverage, recursive deposits, and double-counting across protocols

Constants

One-year history

References

• arXiv: Piercing the Veil of TVL: DeFi Reappraised (2024)

Other models

• Staking Scarcity$2,952 · 2026-10-13
• Metcalfe's Law$5,840 · 2026-10-13
• Staking DCF$7,494 · 2026-10-13
• L2 Ecosystem$3,249 · 2026-10-13
• P/S Ratio (25x)$6.65 · 2026-10-13
• Fee Yield$12.04 · 2026-10-13
• Liquidity Premium$3,551 · 2026-10-13
• App Capital$4,241 · 2026-10-13
• Validator Economics$6,782 · 2026-10-13
• ETH Monetary (MV=PQ)$2,477 · 2026-10-13
• Ecosystem Settlement (MV=PQ)$16,383 · 2026-10-13