Meteora (MET)

MC / Ann Rev experiment: Week 2 Update Two weeks ago, I bought $1,000 of each asset with a low MC / annualized revenue. Last week, the portfolio was up $960. This week, profit cooled down a bit, but the experiment is still green: • Original basket: $10,000 invested • Current PnL: +$688.10 • ROI: +6.9% The gains are still mostly from MET, CARDS, and AERO, which are all up more than 40% each. I also added two new assets to the experiment this week: GMX and MAPLE. That brings the total invested amount to $12,000, but I’ll track them separately next week since they were added at the current snapshot. HNT and PUMP are the biggest drags so far. Let's see if that changes.

There's a metric I use to find undervalued assets on the market. It's MC/ANN rev (market cap/annualized revenue). The ratio compares how much the market values an asset vs. the revenue the protocol is currently generating. Protocol revenue doesn't determine token value on its own, but a lower ratio can suggest an asset is cheap relative to what it earns. I decided to see if that holds. Already bought $1,000 each of the assets below, and I will personally test their price performance over the coming weeks. Stay tuned.

You mean to tell me solana:METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL trades nearly 100% below solana:4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R despite doing 3x more revenue!? Here's how the numbers shape up per @Blockworks and @DefiLlama @Raydium numbers: - FDV $346M - Market cap $168M (48.5% of FDV) - Dex vol $4.23b (30d) - Rev $513k (30d) - $6.15M Annualized rev (30d) @MeteoraAG numbers: - FDV $165M - Market cap $88M (53.3%) - Dex vol $4.733b (30d) - Rev $1.5M (30d) - $18M Annualized rev (30d) What this is telling us 👇 1. Despite doing only slightly more DEX volume (~12% more), Meteora pulls in ~3x more revenue than Raydium. Its effective take rate (revenue ÷ volume) is roughly 2.6x higher 2. Meteora looks dramatically cheaper on a revenue-multiple basis. Raydium trades at ~27x p/e (30d) while Meteora trades at ~5x p/e (30d). That's roughly a 5-6x valuation gap on comparable revenue-multiple bases. The bull case for solana:METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL only becomes stronger when

#MET $MET | first target/resistance 0,17 / 0,10 8 $ band! If it breaks the resistance and stays above, 0,34 $ becomes our main target!✍🏻(ytd) https://t.co/D1Iy0S8jig

Is $MET severely mispriced?! @MeteoraAG's treasury is ~71% of their market cap... Here's the full metric breakdown: - $56M market cap - $40M treasury ($32M USDC + $5M SOL) - $18M net cash flow in Q1 alone - $114B lifetime DLMM volume - $640M lifetime fees - $60M+ in protocol fees (likely higher with launchpads) - 4.5% of $MET supply bought back ($13M) - All financials are public

Is $MET severely mispriced?! @MeteoraAG's treasury is ~71% of their market cap... Here's the full metric breakdown: - $56M market cap - $40M treasury ($32M USDC + $5M SOL) - $18M net cash flow in Q1 alone - $114B lifetime DLMM volume - $640M lifetime fees - $60M+ in protocol fees (likely higher with launchpads) - 4.5% of $MET supply bought back ($13M) - All financials are public