Definition. Market Cap to Thermocap Ratio is the ratio of Market Cap to Thermocap, used to assess whether the asset's price is currently trading at a premium with respect to total security spend by miners. Aggregate Security Spend (Thermocap) and Market Cap are the underlying metrics.

Technical. The ratio is adjusted to account for the increasing circulating supply over time. For ETH, market cap is based on protocol issuance supply, and Thermocap is the cumulative value of issuance plus transaction fees minus burned fees, including fees of failed transactions.