Presented without comments ahead of the $COIN listing when compared to a small subset of exchange tokens / DEX's out there. Am I making any glaring errors? (TVL / Volume / Fee / token data are all eyeballed).
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where are you getting FTX's rev from? Guessing i'tll prob be a bit higher than that
Hi Sam! I'm triangulating via this tweet as well as making a rough guess with ~2 bps of average fee, after which I eyeball the implied burn of FTT tokens from your dashboard. In reality if I use ~3 bps on the volume...
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...annualized rev is probably closer to mid-range of your # @ 700 mm; assuming ~75% type margins we have you at ~15% of coinbase net profit. This would put FTT more in-line with UNI at ~23x FDV / Revenue and ~70x on FDV / Annualized shareholder share.
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BHS loves $FTT.
For sure FTX’s trading revenue is much higher than $120-125M...estimate that figure is closer to $2.5-3B+ annually. Got to pay for the naming rights somehow.
Expect $10B in 3 years or less...don’t bet against & .
GIF
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