PancakeSwap CAKE

그냥 꼬맹3d ago

In the past Jumper had no direct revenue and Jumper was a LiFi product depending on LiFi revenue. But recently when they spun off from LiFI, they said $JUMP wouldn't capture LiFi's revenue. So I checked and found that Jumper Docs recently has its own fee structure. link: https://docs.jumper.xyz/jumper-fees (probably created from September) In the end $JUMP gets additional revenue not just from Jumper bridge/DEX but also from perps, RWA, Earn etc., and that revenue will likely be captured by $JUMP. Actually looking at the fee structure that appeared in Jumper: DEX: stable(0 bp), Major(2 bp), other(5 bp) bridge: stable(1 bp), Major(2 bp), other(5 bp) RWA: all 5bp. So if I calculate the fees $JUMP is actually earning using the volume from Defillama dex/bridge with average bp (weighted average dex 1.45bp / bridge 1.95bp): June: bridge: $677M / DEX: $216M / fee: ~$163k July: bridge: $734M / DEX: $215M / fee: ~$174k August: bridge: $753M / DEX: $149M / fee: ~$169k September: bridge: $978M / DEX: $205M / fee: ~$220k Annualized, dex/bridge alone generates ~$2M mid-range ARR, and adding revenue from perps, RWA, Earn on top, but realistically expected to be minimal (~$3M ARR expected). Then comparing ARR to MC and FDV gives multiples (current tokenomics has community and treasury sections with no TGE unlock specified so I used average values—so MC at TGE expected to be ~$9-10M). At TGE MC basis: ~3.6x At TGE FDV basis: ~30x multiples formed. Of course there's no guarantee all revenue will be captured, but simple ARR application gives this. So comparing Jumper's current positioning in super apps, bridges, aggregators with ARR and MC/FDV multiples of competing projects (includes business growth expectations and where value capture exists)

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