【BlockBeats】An interesting topic to discuss. After a leading DEX protocol launched its fee switch, there’s quite a gap between its valuation and real revenue—the current FDV has reached $5.4 billion, but annualized fees are only $23 million, in other words, the valuation is 240 times the annualized fees.
That’s not even the whole story. Looking at this year’s operating costs, the protocol plans to spend 20 million tokens on incentives and operating allocations. At the current price of $6.16, that’s $123 million in expenses.
When you do the math, it gets harsh—using $23 million in annualized revenue to offset $123 million in cost expenditures clearly isn’t enough. It’s projected that the protocol will record roughly $100 million in losses this year.
From this data, we can see that while the fee switch is an important milestone, the protocol’s revenue model and cost structure still need further adjustments.
某ヘッドDEXプロトコルの評価のパラドックス：240倍のPER下に隠された1億ドルの年間損失
【BlockBeats】An interesting topic to discuss. After a leading DEX protocol launched its fee switch, there’s quite a gap between its valuation and real revenue—the current FDV has reached $5.4 billion, but annualized fees are only $23 million, in other words, the valuation is 240 times the annualized fees.
That’s not even the whole story. Looking at this year’s operating costs, the protocol plans to spend 20 million tokens on incentives and operating allocations. At the current price of $6.16, that’s $123 million in expenses.
When you do the math, it gets harsh—using $23 million in annualized revenue to offset $123 million in cost expenditures clearly isn’t enough. It’s projected that the protocol will record roughly $100 million in losses this year.
From this data, we can see that while the fee switch is an important milestone, the protocol’s revenue model and cost structure still need further adjustments.