Decentralized applications (Dapps) are responsible for over 60% of the cryptocurrency industry's revenue, yet they account for just 7% of the market capitalization, according to Richard Galvin, co-founder of hedge fund DACM. This disproportionate ratio has persisted even as Dapps have begun generating significant revenue. Galvin suggests that the current valuation of Dapps does not reflect their substantial contribution to the industry's income, indicating a potential for future repricing. The data highlights the growing importance of Dapps in the crypto ecosystem, despite their relatively small market cap share.