Bought a bag of $HYDX (@HydrexFi )
Hydrex is a decentralized exchange (DEX) and liquidity hub built on base. @DCGco , a multi-billion fund had publicly invested in it, and it is directly backed by @coinbase and @base themselves and they've received multiple grants from them.
- $1.6 billion in volume, with $4.7m in revenue and mcap is just $1.6m .
- Strategic Protocol Reserve (SPR) of $1.3m which is pretty much like a floor.
- Their biggest competitor $AERO is sitting at close to $400m mcap which is more than 100x away.
- Solid partnerships with 40+ Base projects including @fraxfinance and @Morpho.
- Most protocols trade at multiples on their revenue, whereas here it's just 1/3rd of the revenue.
- Emissions are likely to drastically reduce in a few weeks, and even now roughly 70-80% of this is permanently locked, and they have a buyback program in place to buy tokens from a portion of the revenue generated and burn, thereby reducing circulating supply even further.
https://t.co/YfD8rULfbT
https://t.co/wxuHOFsxP4
https://t.co/cmdvTcgjt3
This is the kind of play that could just moon out of nowhere, and the R/R here is too good to pass upon.
CA - 0x00000e7efa313F4E11Bfff432471eD9423AC6B30
🚨 BTC FOLLOWING ONE RULE SINCE THE ATH
Lower high -> Lower low -> Repeat
And just recently, the third LH at 79k was confirmed
If this trend continues - and it always has so far, I see 50k as the next floor
What are your thoughts?