I hate talking explicitly about price action, but I don’t see why Lighter won’t trace the double zero chart post-initial pump. I understand the market opportunity of a DEX with zero fees and grabbing retail traders. I think good product + team, etc., but good product != good token. Seems that revenue numbers are obfuscated at the moment, and the narrative tailwind is that the ETH community will bid a L2 + privacy + hyperliquid beta. I think it competes for an exhausted pool of buyers that bought Optimism, Arbitrum, StarkNet, so on and so forth, and anyone suggesting Aster FDV as a comp is a fool. Sure, fee generation -> buybacks; I’m sure there will be some amount of burn. You’re still looking at sizable unlocks, no early allocation to public markets, and what seems to be a fairly small community of points farmers who, in my opinion, are psyoping to pump OTC price, as the past few weeks have shown the liquid market has gotten wise to these types of tokens and exhausted by their overvaluations. Token can be underpinned by its fundamentals (I’m sure there will be growth multiples thrown on revenue numbers when they finally come out), but there’s not enough liquid funds willing to baghold someone else’s 100x, and it’s extremely difficult to create a beloved token; people have to like you to buy your token. I hope it does well (WAGMI), and I bet that Lighter opens above $2B FDV with a smaller position on above $4B FDV, but I don’t see it holding its price for an extended period of time. The case made that it’s an acquisition target is somewhat reasonable, but I see this as a minimum of nine months in the future, so you can just take a position after the price drops. A few months of sustained organic retail traction are needed given the high density of mercenary airdrop farmers before confidence is established; even then, the token might not trade well. My read is up and then down.