@raj7894

Many people ask me what FDV $ZAMA can hit at listing. Whenever I say anything below $1B, the reply is always: “lol, even the last round was at $1B” But does it really work like that? No 👇 VCs don’t start investing at $1B. They enter very early, at much lower effective FDVs, and then average up across multiple rounds. The so called “$1B last round” was: • A late-stage pricing reference • For locked, illiquid tokens • With long vesting, cliffs & future dilution • Applied to a tiny slice of total supply Headline FDV looks big (e.g. “$1B”), but that does not represent the true valuation and is definitely not a guaranteed listing FDV. Public price discovery depends on: • Circulating supply • Unlock pressure • Market conditions • Real demand not VC slide decks VC valuation ≠ public market valuation. FDV is earned in the market. I’m not saying can’t list at $1B FDV but just because VCs invested at that level doesn’t guarantee it.

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