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Valuation
Vaultka TVL | GMX | Vela | Level | HMX |
|---|---|---|---|---|
10m | 411m | 10m | 6.5m | 21m |
The TVL of Vaultka is roughly 2.5m, given the lucrative rewards generated from the Round 3: Power-up Drinks and esVKA emission starting from Round 4: Last Call Cheers. With that the estimated TVL ratio of Vaultka to whole Arbitrum Perp DEX market will be:
Vaultka TVL ratio = 10 / (411+10+6.5+21) = 2.23%Given the total addressable market cap is around 341.6mil (see here) and the circulating supply of $VKA should be 10,559,571, fair value of $VKA in the first 3 months will be:
Fair Value = 2.23% * 341.6mil / 10559571 = $0.72
$GMX | $VELA | $LVL | $HMX | Total | |
|---|---|---|---|---|---|
Mcap | 311mil | 12mil | 8.0mil | 10.6mil | 341.6mil |
*Market cap data taken as of 8th Sept 2023
Conservatively estimating that Vaultka can acquire 5% of the total market value of the Perp DEX ecosystem, the estimated reachable market cap for $VKA will be 17mil. Given the low circulating supply, $VKA will be priced at around around $1.8, which is 18x the discounted price in TGE.
At present, the trading volume of Perp DEX represents merely around 1% of the trading volume seen in centralized futures exchanges (CEX). It is believed that as various projects mature, CEX traders will gradually shift toward Perp DEX protocols. This suggests that the Perp DEX Market on Arbitrum has significant room for expansion.
With the implementation of the Ethereum EIP-4844 upgrade, the user experience and cost associated with utilizing a Perp DEX will significantly improve. This enhancement will create a safer and more user-friendly trading environment, ultimately drawing new users into the ecosystem.
Vaultka, positioned as the comprehensive liquidity hub for Perp DEX, holds substantial potential to capture a far larger market share than what is currently reflected in its Token Generation Event (TGE) price.
Source: Gryphsis Academy Medium
Last modified 26d ago