earlier this week i posted a tweet expressing skepticism around the revenue numbers @risechain was reporting turns out i was wrong spent the last few days digging deeper into the exchange, dm’ing the team, asking questions, and giving honest feedback as usual (s/o @apoorv1) still have more research to do, but so far i can confirm the numbers appear legitimate and, unlike many others, the product is more than “just another perp dex” it’s actually a vertically integrated app, which imo is where the industry is heading owning the full stack, from infra all the way to distribution/users, is increasingly becoming the winning model you can already see this with projects like @Plasma and their neobank approach, or even @HyperliquidX itself regarding the qrt, i can already hear the MegaETH folks pointing out that the chain generates significantly more revenue through USDm and that may very well be true the issue is that there’s still very little transparency around: > how much revenue is actually generated > how much is used for buybacks > the exact rev share structure with @ethena so until that changes, using purely observable onchain metrics for comparisons is the fairest approach imo gRise