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:	7/11/2026
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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	#NAME?	#NAME?	$0	#NAME?	0	$0		#NAME?	#NAME?	#DIV/0!	#NAME?	#DIV/0!
8	Arbitrum	N/A	N/A	$0	#NAME?	0	$0		#VALUE!	#VALUE!	#DIV/0!	#NAME?	#DIV/0!
9	Optimism	N/A	N/A	$0	#NAME?	0	$0		#VALUE!	#VALUE!	#DIV/0!	#NAME?	#DIV/0!
10	Polygon	#NAME?	#NAME?	$0	#NAME?	0	$0		#NAME?	#NAME?	#DIV/0!	#NAME?	#DIV/0!
11	Solana	#NAME?	#NAME?	$0	#NAME?	0	$0		#NAME?	#NAME?	#DIV/0!	#NAME?	#DIV/0!
12	Avalanche	#NAME?	#NAME?	$0	#NAME?	0	$0		#NAME?	#NAME?	#DIV/0!	#NAME?	#DIV/0!
13	Average	#NAME?	#NAME?	$0	#NAME?	0	$0		#NAME?	#NAME?	#DIV/0!	#NAME?	#DIV/0!
14	Median	#NAME?	#NAME?	$0	#NAME?	0	$0		#NAME?	#NAME?	#DIV/0!	#NAME?	#DIV/0!
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