@vaibcryp
The current ranking of perp DEXs by OI and market cap:
#1 Hyperliquid - $9.77B OI, $66.6B FDV
#2 Aster - $2.05B OI, $5.82B FDV
#3 @variational_io - $1.08B OI
#4 EdgeX - $850M OI, $1.36B FDV
#5 Lighter - $807M OI, $1.34B FDV
Based on the 4 perp DEXs that already have a token, the average FDV/OI ratio is 3.23x.
However, Hyperliquid is a huge outlier with an FDV/OI ratio of 6.82x.
Without Hyperliquid, the average FDV/OI ratio is 2.03x.
So let's calculate a few potential FDV scenarios for Variational at TGE:
1⃣ At the current OI ($1.08B):
2.03x OI = $2.16B FDV (1 point ~ $60)
3.23x OI = $3.5B FDV (1 point ~ $100)
I assume OI will keep growing with new RWA listings and everything the team is building. We should hit at least $2B-$3B in OI.
2⃣ For $2B OI:
2.03x OI = $4.06B FDV (1 point ~ $110)
3.23x OI = $6.46B FDV (1 point ~ $177)
3⃣ For $3B OI:
2.03x OI = $6.09B FDV (1 point ~ $164)
3.23x OI = $9.7B FDV (1 point ~ $265)
Lighter launched at a $3B FDV with $1.4B OI, so this math makes total sense
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