Jake Koch-Gallup(@immutablejacob):hard not to be bullish @Collector_Crypt. $7.4m revenue over the last 30d, $90m annualized revenue, and only $345m FDV. that is 3.8x FDV / annualized revenue for one of the fastest-growing, breakout consumer apps. but the issue is token value capture. there is treasury reinvestment and a lot of discussion around solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp alignment, but no mechanism for revenue distribution, structural buybacks, or burns. so until value accrual is made explicit, the app can win and solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp can still be the wrong trade.

Jake Koch-Gallup

@immutablejacob

research @blockworks | crypto venture + ai maxi | prev. @messaricrypto

参加 December 2021

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Jake Koch-Gallup@immutablejacob

2026.05.30 19:29

hard not to be bullish @Collector_Crypt. $7.4m revenue over the last 30d, $90m annualized revenue, and only $345m FDV. that is 3.8x FDV / annualized revenue for one of the fastest-growing, breakout consumer apps. but the issue is token value capture. there is treasury reinvestment and a lot of discussion around solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp alignment, but no mechanism for revenue distribution, structural buybacks, or burns. so until value accrual is made explicit, the app can win and solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp can still be the wrong trade.