Well, I think undervalued for a reason, mainly because DPOS in general is quite controversial in crypto space. But then again, most crypto projects are over-hyped anyway.
EOS is a DPoS chain and its market cap is $3.2 billion and its market cap is the fourth largest of all public blockchain projects. Not only is EOS a DPoS chain but also a Graphene chain based on the same architecture as Steem. Both designed by the same people.
TRON is also a DPoS chain and the eight largest by market cap.
Most investors haven't done their homework. Many do not realize that with Proof-of-Work you can potentially get great censorship resistance but you won't get any scalability without second-tier solutions where centralization of can be an issue as in the so-called banking nodes in the Bitcoin Lightning Network (you need BTC locked up for as long as a channel is open).
DPoS consensus works very well with an even stake distribution. And, Steem inflation, by the way, is taking us there.
As per definition of DApp, maybe Steem's lack of smart contracts also a thing? Ofc one can make as many sites for DApp lists but still.
Steem has smart contracts on a sidechain. Hint: Steem-Enginec.com
Their introductory post:
https://steemit.com/steemengine/@aggroed/introducing-steem-engine-com
Few people know what Steem already does and can do. Steem's strength is the strong community we have.
Thanks for giving your insight!