Just saw a shocking set of backend data - the real daily active users of a certain popular L1 project is only between 3,000 to 4,000, with 75% of the traffic coming from the United States, while the share from the Chinese market is less than 1%.

What’s even more astonishing is: this project is valued at 30 billion, yet it only serves 4,000 active users?

To provide everyone with an intuitive comparison, I will list two cases:
A well-established DEX with a valuation of 800 million and a user base in the millions.
Another derivatives platform following an elite route, with a valuation of 90 million, and around 5,000 daily active users.

Isn't this data a bit magical when compared? A 30 billion market cap supported by 4,000 users, how big must this bubble be? What exactly is the market paying a premium for - technological expectations? Ecological potential? Or purely narrative speculation?

Sometimes data is more honest than candlesticks.

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AirdropHarvester

· 12-01 14:50

You are trying to trick me into entering again, right? Haha.

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BearMarketGardener

· 12-01 14:43

4000 users supporting 30 billion? This is completely swimming naked. --- So this is the reason I've been hesitant to buy, the data is right here. --- Wait, does China have less than 1%? Then where did the valuation come from? --- Is American money so easy to fool? Laughable. --- A typical story stock, no matter how well it's told, can't save the real data. --- Benchmarking is indeed outrageous, this gap is a bit scary. --- No wonder it always feels like the popularity is fake, turns out so. --- The bubble bursts right here, it's only a matter of time. --- 4k users' valuation at most should be in the tens of millions, 30 billion is just a joke. --- That's why I only look at daily active users and real trading volume, everything else is nonsense.

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