Polkadot is a great Defi project in my opinion, and one that has the potential to replicate in the Defi space the same type of influence that ethereum has in the smart contracts space.
Thr Polkadot blockchain is like a robust network that allows the integration and combination of different Defi platforms such that real life-like financial services can be gotten through the blockchain.
This makes it very valuable in my opinion and its tokens price relatively very much undervalued
Then everyone is undervalued if we are going to base on your argument. Even bitcoin is, because there are people who thinks that it should be in the 6 digits by now. Ethereum in the $3k value just base on the growth of bitcoin.
In any case though, Polkadot is a good investment as the people behind as very active and they have a clear roadmap as to what they wanted to accomplished in the future.
The whole crypto market is undervalued actually but with more investors getting interested in Bitcoins it also means more interest and money into the altcoins market because these investors although investing primarily into Bitcoins but they also invest some money into other dominant altcoins like Ethereum and in coming time Polkadot.
I think Ethereum 2.0 will be even better but its going to take a few years looking at how slowly the work is going on. Ethereum is actually under some serious pressure now because Dot is looking to already kill Ethereum and then there are bad things coming from everywhere including the ex-creator of Ethereum, Charles Hoskinson.