ethereum:0xad29f2723fcdbcf665f210f25e06f97477e417cf: Just ~$25M market cap vs $440B+ in perp volume 👀 Pretty interesting when you put those 2 numbers side by side. I checked @grvt_io's data on DefiLlama: → Cumulative perp volume: ~$442B → 30D trading volume: ~$14.2B → Open Interest: ~$430M → TVL: ~$34M Meanwhile, ethereum:0xad29f2723fcdbcf665f210f25e06f97477e417cf's actual market cap is sitting around just $25M. Ofc, you can't simply compare trading volume to market cap and call a token undervalued. Perp volume is leveraged and doesn't directly translate into revenue. Plus, most of ethereum:0xad29f2723fcdbcf665f210f25e06f97477e417cf's supply is still locked as I mentioned in my prev posts. But I think this is a setup worth watching. > GRVT already has meaningful trading activity. The bigger question is how much of that activity can translate into actual revenue and economic value for the token. (public revenue data isn't fully disclosed or independently trackable yet, so there's still more to watch) > The recent 1.1M ethereum:0xad29f2723fcdbcf665f210f25e06f97477e417cf buyback was a first step, maybe to initiate sth 👀 > With GRVT 2.0 coming, I'll be watching actual revenue, capital retention, and whether the platform can attract more users. If the underlying business can grow faster than its valuation, ethereum:0xad29f2723fcdbcf665f210f25e06f97477e417cf could see a rerating down the line imo. Still on my watchlist 💎