PlanA

[PlanA @WhenCrash]

PLAN A has always been 10,000 $ETH

[PlanA @WhenCrash]

@Henrik_on_HL why lie? $hype isnt at all time high revenues or trading volume

[PlanA @WhenCrash]

@Henrik_on_HL arent revenues actually down for the year ?

[Johnny Midnight ⚡️ @its_The_Dr]

This almost seems real! 🤣😂

[MJTruthUltra @MJTruthUltra]

This 🤣🤣🤣

[PlanA @WhenCrash]

@voidHL not sure about the banner but the timing lines up with the market bottom

[PlanA @WhenCrash]

@DEXoverCEX @voidHL @chameleon_jeff Capable? High to very high.

[i like food @messedupfoods]

Hangover about to feel like the plague

[PlanA @WhenCrash]

The guy in his underwear sends it over the top for me

[Dominic Frisby @DominicFrisby]

I’m on my 17th viewing

It beats Paraguay France that’s for sure

[PlanA @WhenCrash]

@ryandcrypto photoshop ? i had around 5000 points just in may and i wasnt 42 ranked

[PlanA @WhenCrash]

@DavidVance carry a 2x4 around ?

[PlanA @WhenCrash]

@scottmelker I dont see how that is even possible given the structure.

[Garbage Human @GarbageHuman24]

Your future open heart surgeons

[PlanA @WhenCrash]

@Rafal__Kopec @loffyhl hyperliquid is at 62 billion as I type this. Are you insane?

[PlanA @WhenCrash]

@mystcapital hard to justify using when you factor in the fees and lack of a future airdrop.
considering you can use something like variational and get a drop and pay less fees on top.
what am I missing? Why do people insist on using $hype ?

[PlanA @WhenCrash]

@muarmemuar @variational_io no one sold their points for $5-7. They just eat the $5-7 and get to sell for $50 in a few months

[PlanA @WhenCrash]

@YashasEdu @ElNachoCrypto @variational_io they copy HL and do 30%

[YashasEdu @YashasEdu]

My calculated range for @variational_io points at TGE:

Variational holds $855M OI, 4th highest of perpDEX. It does that on $16.78B monthly volume, which ranks far lower. Below is the Volume-to-OI ratio:

➥ Variational: 19.6x
➥ Hyperliquid: 18.7x
➥ Lighter: 49x

Variational and Hyperliquid both sit near 19x which is consistent with held positions + directional conviction.

Now the points supply:
1. 3M retroactive drop at the Dec 17 launch
2. ~22 weeks since at a verified 150K/week
3. ~6.4M outstanding today

Polymarket puts TGE at ~82% before 2026 end, most likely Q4. That's after the points program finishes, so the final count would be near 9.25M.

Docs confirm 50% goes to community, but that bucket includes revenue sharing + LP incentives. I anchored to Lighter, the closest comp, which sent 25% of supply to points holders.

At a 25% tranche and ~9.25M points:

➥ Bull: ~$108/point @ $4B FDV
➥ Base: ~$68/point @ $2.5B FDV
➥ Bear: ~$35/point @ $1.3B FDV

Market base ($650M FDV) is pricing points below ~$18/point right now. The market isn't at the bear case, it's under it. A re-rate might be coming.

[PlanA @WhenCrash]

@TomCryptoDefi @variational_io ok retard.
smart people can absolutely value any private asset. just admit you cant. its ok.

[PlanA @WhenCrash]

@CallumOnCrypto @variational_io @dragonfly_xyz not sure where you got your % to point ratio at 670m but it looks way off.