Let's break down the math for L3. Investors bought 733M tokens for $21M, which equals 3 cents per token (with a 1-year lock). Participants from Season 1 and Season 2 got their coins for around 4 cents each. The current price is 5 cents, making the market cap $20M (FDV is $150M but it isn't very relevant due to the 1-year cliff). Compare this to their competitor Galxe, which has a $300M FDV and a $1750M market cap (noting GAL hit its lowest at a $35M market cap).

We often complain about VCs using retail as exit liquidity by buying in early at lower prices. Today we have an opportunity to buy at prices close to what VCs paid. Honestly, if I didn't already have airdrop tokens, I'd be buying more at these prices. Last week was AVAIL; this week it's L3 —two projects that offer great entry points, though current sentiment might cause many to overlook them. When projects get listed close to VC prices that's when you know the bottom is close.

Let's break down the math for L3. Investors bought 733M tokens for $21M, which equals 3 cents per token (with a 1-year lock). Participants from Season 1 and Season 2 got their coins for around 4 cents each. The current price is 5 cents, making the market cap $20M (FDV is $150M but it isn't very relevant due to the 1-year cliff). Compare this to their competitor Galxe, which has a $300M FDV and a $1750M market cap (noting GAL hit its lowest at a $35M market cap).

We often complain about VCs using retail as exit liquidity by buying in early at lower prices. Today we have an opportunity to buy at prices close to what VCs paid. Honestly, if I didn't already have airdrop tokens, I'd be buying more at these prices. Last week was AVAIL; this week it's L3 —two projects that offer great entry points, though current sentiment might cause many to overlook them. When projects get listed close to VC prices that's when you know the bottom is close.