This is the best metric to date to value blockchains As fees decline for transactions and MEV (my firm belief that this will happen, see the blockworks or laura shin debates as had as to why), economic activity is picked up elsewhere. Previously no other metric was capturing this new activity. TEA (total economic activity) captures that broader economic activity happening on chain by looking at Settlement Volume + Application Fees for each chain. Settlement volumes (DEX Volumes, NFT Volume, and P2P Transfer Volume (incl. native, token and stablecoin transfers)) capture transaction and stablecoin activity. Application fees (aka app level revenue for someone like pump or others) capture application growth. Overall the correlation to market cap looks really good at 0.93 for ETH. Looking forward to monitoring here.