I thought it worth sharing some analysis.

red = f(x) = supply

blue = g(x) = growth effect

green = h(x) = market cap

Chart can be found here: https://www.desmos.com/calculator/4k4ibzi2nm

The narrative here is that we base market cap as a function of the product of supply and growth effect where growth effect is defined as the square of network participants (growth / adoption). We observe that given linear network adoption, we have linear market cap growth. We say growth is a square of participants based on Metcalfe’s law. Furthermore, market cap is asymptotic to network participants. This means given any rate of adoption we shall see the same rate of growth in market cap.