Looking at the numbers, this project pulled in $500M in revenue last year with $200M hitting the bottom line—trading at just 2.6x revenue multiple. For context, JPMorgan trades at 10x earnings despite maintaining physical infrastructure and dealing with regulatory capital constraints. The token buyback story is quite telling: 1.3 billion tokens repurchased throughout 2025, accumulating 5.4% of total supply. Daily spend hitting $300k on buybacks suggests serious capital commitment. Yet despite this aggressive token reduction strategy, the asset has still slid 42% from its peak. The valuation gap is hard to ignore—a profitable operation trading at lean multiples while executing consistent buybacks, yet still facing downward price pressure. Worth examining whether this represents opportunity or indicates deeper market skepticism about the business fundamentals.