Meteora (MET)

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