分析发现，与 Uniswap 的 $UNI 相比，Radium DEX 原生代币 $RAY 的价值似乎被低估

$RAY 表现出强劲的增长和收入，使其与 $UNI 相比显得被低估。如果 Solana 的 DEX 交易量继续上升，$RAY 可能会出现大幅上涨。

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 最近的一项分析显示，与 Uniswap 的代币 $UNI 相比，Solana 上 Radium DEX 的原生实用代币 $RAY 的价值可能被严重低估。

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

以下是他们对这两家去中心化交易所巨头的基本面、估值和错误定价的潜在原因的调查结果。

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.

从根本上来说，尽管 $RAY 的每日交易量约为 $UNI 的 50%，但它们的费用结构有所不同。 Radium 收取 25 个基点的交易费用，其中 22 个基点支付给流动性提供商（LP），3 个基点用于回购 $RAY 代币。另一方面，Uniswap 的收费约为 13bps，完全分配给 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，即使通胀较高，$RAY 仍显示出显着的收入增长，自 2022 年 11 月以来复合年增长率 (CAGR) 达到 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）仅略高于 $UNI 的 10%。然而，当比较它们的市值与费用比率（类似于市盈率）时，$UNI 的交易价格为 6.7 倍，而 $RAY 的市盈率仅为 1.4 倍。此外，由于 $RAY 的市值与收入之比不到 17 倍，鉴于其强劲的三位数增长，其估值似乎被严重低估。

Several factors could explain why $RAY seems mispriced:

有几个因素可以解释为什么 $RAY 似乎定价错误：

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

– Solana 网络上的交易通常被认为是不可持续的。

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

– Uniswap 享有强大的品牌和市场信任。

– Many liquid investors are overlooking $RAY.

– 许多流动性投资者忽视了 $RAY。

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

– 对 $RAY 代币发行的担忧可能会引起犹豫。

Key takeaways:

要点：

$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 表现出强劲的增长和收入，使其与 $UNI 相比显得被低估。如果 Solana 的 DEX 交易量继续上升，$RAY 可能会出现大幅上涨。虽然 $UNI 受益于强大的品牌认知度，但它缺乏为其代币持有者带来直接价值的增值。

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

这不是交易或投资建议。在购买任何加密货币或投资任何服务之前，请务必进行研究。

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