Arithmetic on today's supply, not a forecast. It assumes nothing about whether Ethereum could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Ethereum has 121,882,724 ETH in circulation at $2,523.27 each, which is $307.54B. Holding that supply still and putting Canton's $3.9B in its place gives $31.9815 per ETH.
Ethereum is already worth more than Canton. Moving to the smaller cap would take ETH down to $31.9815, which is 0.013x of what it trades at now.
Supply is held still, and in practice it moves: coins are minted, burned and unlocked, and every one of those changes the price a given market capitalisation implies. The figure also says nothing about whether the money exists to buy ETH at that level, which is the part that actually decides a price.
$31.9815 per ETH. That is Canton's current market capitalisation of $3.9B divided across the 121,882,724 ETH in circulation.
0.013x. Ethereum trades at $2,523.27 today and Canton's market cap is $3.9B against Ethereum's $307.54B.
No. It is one division: Canton's market capitalisation spread over the supply of ETH that exists today. It assumes nothing about whether Ethereum could attract that much money, and it holds the supply still when in practice supply changes.
It sets it. Market cap is price times circulating supply, so the same $3.9B of market cap spread over more coins gives a lower price per coin. This uses the 121,882,724 ETH in circulation now.