Rethinking Liquid Token Valuations: The Raydium Case Study

>  This post argues traditional metrics like market cap and FDV don't capture the full picture for revenue-generating protocols with active capital allocation strategies, as seen in Raydium ($RAY).

Crypto needs frameworks that account for:

> True float (not just "circulating supply")
> Direct yield through buybacks/revenue sharing
> Balance sheet value in treasury assets
> Net issuance rates vs. buyback rates

> Raydium's aggressive buyback program and revenue distribution model show why we need better frameworks for valuing liquid tokens like EPT (Earnings Per Token)👇

Source: https://x.com/0xinfra/status/1935009490509950988