分析發現，與 Uniswap 的 $UNI 相比，Radium DEX 原生代幣 $RAY 的價值似乎被低估

$RAY 表現出強勁的成長和收入，使其與 $UNI 相比顯得被低估。如果 Solana 的 DEX 交易量持續上升，$RAY 可能會大幅上漲。

The native utility token of the Radium DEX on Solana, $RAY, could be significantly undervalued compared to $UNI, the token of Uniswap, a recent analysis by Sonyasunkim has shown.

Sonyasunkim 最近的一項分析顯示，與 Uniswap 的代幣 $UNI 相比，Solana 上 Radium DEX 的原生實用代幣 $RAY 的價值可能被嚴重低估。

Here’s a closer look at their findings on the two DEX giants in terms of fundamentals, valuations, and potential reasons for mispricing.

以下是他們對這兩家去中心化交易所巨頭的基本面、估值和錯誤定價的潛在原因的調查結果。

Fundamentally, despite $RAY’s daily trading volumes being around 50% of $UNI’s, their fee structures differ. Radium charges 25bps in trading fees, out of which 22bps goes to liquidity providers (LPs) and 3bps is used to buy back $RAY tokens. Uniswap, on the other hand, charges approximately 13bps, which is fully allocated to LPs.

從根本上來說，儘管 $RAY 的每日交易量約為 $UNI 的 50%，但它們的費用結構有所不同。 Radium 收取 25 個基點的交易費用，其中 22 個基點支付給流動性提供者（LP），3 個基點用於回購 $RAY 代幣。另一方面，Uniswap 的收費約為 13bps，完全分配給 LP。

Interestingly, even with higher inflation, $RAY has shown remarkable revenue growth, boasting a 761% compound annual growth rate (CAGR) since November 2022.

有趣的是，即使通膨較高，$RAY 仍顯示出顯著的收入成長，自 2022 年 11 月以來複合年增長率 (CAGR) 達到 761%。

In terms of valuations, $RAY’s market capitalization (MC) is just over 10% of $UNI’s. However, when comparing their market capitalization to fees ratios (similar to a price-to-earnings ratio), $UNI trades at 6.7x while $RAY’s multiple is a mere 1.4x. Moreover, with a market capitalization to revenues ratio of less than 17x, $RAY appears to be significantly undervalued given its robust triple-digit growth.

就估值而言，$RAY 的市值（MC）僅略高於 $UNI 的 10%。然而，當比較它們的市值與費用比率（類似本益比）時，$UNI 的交易價格為 6.7 倍，而 $RAY 的本益比僅為 1.4 倍。此外，由於 $RAY 的市值與收入之比不到 17 倍，鑑於其強勁的三位數增長，其估值似乎被嚴重低估。

Several factors could explain why $RAY seems mispriced:

有幾個因素可以解釋為什麼 $RAY 似乎定價錯誤：

– Trading on the Solana network is often perceived as unsustainable.

– Solana 網路上的交易通常被認為是不可持續的。

– Uniswap enjoys a strong brand and trust in the market.

– Uniswap 享有強大的品牌和市場信任。

– Many liquid investors are overlooking $RAY.

– 許多流動性投資者忽略了 $RAY。

– Concerns about $RAY’s token issuance might be causing hesitation.

– 對 $RAY 代幣發行的擔憂可能會引起猶豫。

Key takeaways:

要點：

$RAY demonstrates strong growth and revenue, making it appear undervalued compared to $UNI. If Solana’s DEX trading volume continues to rise, $RAY could experience significant upside. While $UNI benefits from strong brand recognition, it lacks direct value accrual to its token holders.

$RAY 表現出強勁的成長和收入，使其與 $UNI 相比顯得被低估。如果 Solana 的 DEX 交易量持續上升，$RAY 可能會大幅上漲。雖然 $UNI 受益於強大的品牌認知度，但它缺乏為其代幣持有者帶來直接價值的增值。

This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

這不是交易或投資建議。在購買任何加密貨幣或投資任何服務之前，請務必進行研究。

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