Why $UP Will Keep Going… Up My first $UP buys were around 9c and despite being up 17x at the peak of this initial pump, I haven’t sold any. In fact I bought more on this dip and I’m continually locking as much as I can from the lock boost I get from my LP positions. Read on for a few of the reasons why: Revenue The revenue $UP generates for its holders relative to TVL are orders of magnitude higher than its competitors and anything we’ve seen previously. Per defi llama, UP generates $100k per day in holder revenue on around $10m of TVL, so roughly a 1% ratio. That is insane - we’ve never seen a DEX generate so much on so little TVL. For comparison, see the following holder revenue to TVL percentages: UNI: 0.0175% AERO: 0.1% RAM: 0.17% So UP generates between 6x - 57x more revenue per dollar of TVL than others. The flywheel then kicks in - since these fees go to token lockers, demand for the token increases, which increases token price and therefore UP rewards to LPs, attracting even more TVL. The comparison isn’t apples to apples for several reasons, the largest being RAM isn’t emitting yet on RHC and UNI’s have stopped for years. However the figures above certainly help put $UP’s unprecedented revenue generation in context. Token Supply and Emissions The context above makes even more sense when you consider despite UP being an emissionsDEX, its circulating supply has barely increased since its launch given its gauge caps and veUP APR (see pinned my tweet for more). Ultimately the team believes the CMC will be deflationary, as it has been in some periods already. $UP’s revenue is also incredible compared to both its CMC of $13m and CMC plus locked MC of $36m total. In the last 7 days UP generated $600k in holder revenue, annualizing to $31m. Taking the same 7 days $AERO’s revenue annualizes to $83m while trading at a valuation orders of magnitude above $UP’s. Robinhood Chain Growth And all these metrics are before we even begin to price in RHC’s future growth. As I’ve always said and is now the consensus, RHC will be bigger than Base. However to be conservative let’s assume RHC only reaches Base’s current TVL, which is very conservative given how I expect both L2s to explode in a bull market. That’s still a 7x from today. And I expect UP to capture a disproportionate amount of that upside given what I’ve described here and previously. So there we have it - never before seen revenue and efficiency at a DEX priced this low and on a Blockchain that will get significantly larger. Oh and did I mention it was just listed on Binance?