Artemis L1 / L2 Relative Valuation Analysis

	B	C	D	E	F	G	H	I	J	K	L	M	N
1		\| Layer 1 / Layer 2 Relative Valuation Analysis
2	Description:	The L1 / L2 Relative Valuation Analysis captures key operating and valuation metrics across Layer 1 and Layer 2 protocols.
3	Today's Date:	7/6/2024
4
5		Operating and Financial Metrics						Valuation Multiples
6	Protocol	Total Q1 24 Transactions (mm)	Avg. Daily Addr. (000s)	Total Value Locked (mm)	Q1 24 Fees (mm)	Active Developers (Last 7 Days)	Market Cap ($mm)		Market Cap / Txns	Market Cap / Addr.	Market Cap / TVL	Market Cap / Fees	Market Cap / Developers
7	Ethereum	108.5	403.9	$29,958	$1,176	2447	$274,292		2527.7x	679.1x	9.2x	233.2x	112.1x
8	Arbitrum	87.9	180.6	$2,329	$27	587	$1,984		22.6x	11.0x	0.9x	72.5x	3.4x
9	Optimism	43.1	88.6	$901	$16	467	$3,380		78.4x	38.1x	3.8x	207.3x	7.2x
10	Polygon	363.4	814.4	$895	$7	840	$9,009		24.8x	11.1x	10.1x	1301.7x	10.7x
11	Solana	2,417.0	885.2	$1,433	$99	600	$43,558		18.0x	49.2x	30.4x	438.3x	72.6x
12	Avalanche	43.8	54.8	$893	$8	478	$14,117		322.2x	257.6x	15.8x	1862.8x	29.5x
13	Average	510.6	404.6	$6,068	$222	903	$57,723		498.9x	174.3x	11.7x	686.0x	39.3x
14	Median	98.2	292.3	$1,167	$22	594	$11,563		51.6x	43.7x	9.6x	335.8x	20.1x
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