# Tokenomics of L3

*better than you think*

By [hawkage.eth](https://paragraph.com/@hawkage.eth) · 2024-08-11

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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).

![](https://storage.googleapis.com/papyrus_images/5d7dbb5e6b7ad91ae6c676a63fbcd35f.png)

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**.

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*Originally published on [hawkage.eth](https://paragraph.com/@hawkage.eth/l3-tokenomics)*