so i said a few days ago that $TREAD will surpass the $100m fdv easily, and it is a sure shot bet... and now that the foundation has finally put out more of the token design, and i had to dig deep into it... this would prove, how i would change my position on $TREAD fdv market... so, tread has done over $100B in volume... but since they have been insane integrations around perps and prediction markets, the segregation dynamics are building out well and how that drives revenue for them... > $28.23B cumulative attributable perp volume > $763.6M over the last 30 days > $74.3K in builder-fee revenue over the last 30 days > roughly 0.97 bps realised take rate > roughly $891K annualised, assuming this month just keeps repeating... so yes, putting $TREAD at a $100m FDV today means paying around 112x that current annualised revenue run rate... that is expensive as fuck on current numbers... but then the launch structure, comes in, which is major bullish... > 100M fixed supply > more than half reserved for community and ecosystem growth > no private sale, no VC allocation, no SAFT, no launchpad allocation > insider allocation locked for a year > native Hyperliquid spot asset, HIP-3 perp and Ethereum token > no staking emissions being printed every day... and the token is supposed to be locked or burned for platform usage through future TIPs... this is where I think the sideliners, will be sidelined... since, tread is not a perp dex itself, the liquidity, revenue, markets, listing and all those arguments drop immediately... it is a multi-venue execution terminal with agents, strategies, competitions, routing and a user base that has been sending real orders through it for a while... the token is arriving at a perfect time now... now some simple launch math, since we know total supply is 100M... $0.60 = $60M FDV $1.00 = $100M FDV $1.50 = $150M FDV $2.50 = $250M FDV market cap is another matter entirely... until we get the exact day-one circulating allocation, nobody knows whether $1 TREAD opens as a $10M market cap, $25M market cap or something much larger. same price, very different float, very different chart... for context, dydx-chain:native is around a $98M market cap and roughly $111M FDV, while operating its own exchange. solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN sits around $830M market cap as an aggregator with a much deeper liquidity and buyback story... Tread sits somewhere in between those categories and is honestly a weird one to value... it has more actual product history than a usual points-farm token, yet the token does not currently have a disclosed direct claim on the $74K monthly revenue either... my $100M call still stands... $150M-$250M can happen around launch because crypto is crypto, but at that point the market is pricing a future where agents, strategy creators, integrators and traders are all creating actual lock/burn demand... then I need to see it... the first TIP matters more than any roadmap here... show me exactly what gets locked, what gets burned, what agent builders need to hold, how much routing revenue exists after incentives, and what portion of the claimed execution flow is still coming back every month... until then, above $100M is my bet, becuase the team is building in the right direction and surely more perp-dexes and predication market integrations are going to come along and as the fight for points intensify, their agents will scale too... anything much above $250M would be hard to capture and would send it towards the sell-spiral immediately...