Report: Ethereum's weak growth may be due to its inability to improve its NVTV ratio

The comparison of prices with network activity shows that ETH cannot obtain economic value from its network activities. In a recent report released by Vision Hill, Ethereum's lack of growth may be due to its inability to improve its NVTV (network value / token value ratio). This ratio explains whether the value of all assets anchored to the platform can be greater than the value of the underlying platform assets.
ETH's NVTV has been declining over the past two years, which indicates that it cannot obtain the value of all assets published on its platform, "instead, its value is being captured in various applications." The report states that in 2019 In the fourth quarter of this year, the NVTV ratio of ETH was close to 1.0, but remained above 1.0. The issuance of tokens such as ERC-20 and ERC-721 may be mainly "parasitic on Ethereum": "through the ETH inflation currently given to miners Rate, ETH holders pay for the security of all these applications and tokens. Therefore, ETH holders are slowly diluted, but ERC-20, ERC-721 and other application token holders are not dilution."