The "fat protocol" thesis suggests that L1 captures the most value, overshadowing its ecosystem projects. However, I've discovered an anomaly with $EPIC. Below is some data and analysis (NFA + DYOR) 👇

► The $EPIC Anomaly To understand the anomaly, we first need to look at the "Normal Market Ratios." Typically, a Layer 1 blockchain trades at a massive multiple of its biggest ecosystem project. For the easiest one, Let's look at the token FDV: ▸ $ETH is 101x bigger than @Uniswap $UNI ▸ $BNB is 68x bigger than @Aster_DEX $ASTER ▸ $SOL is 55x bigger than @Pumpfun $PUMP But that doesn't apply with @EpicOnChain

► The Glitch In The Matrix On Epic Chain, this ratio is completely inverted. The leading project on the chain, $COLLECT / @FanableApp, currently sits at a ~$250M FDV. Meanwhile, the L1 powering it $EPIC is trading at just ~$21M. Simply put, ecosystem project is trading at 10x the value of the L1 itself and creates a potential massive valuation gap