injective compares poorly to any other perp dex from a volume or usership standpoint. price is controlled by a few entities and pushed high by MMs to offer a fabulous exit for early investors. trailing 30 day perp volume is $860M for a INJ FDV of $1.33B. Compares to MUX and Gains, comparables, who both have trailing 30 day perp vol of $1.5B who have valuations of $55M and $137M respectively. Injective is a way out of its valuation league.
I think you missed a prime example that supports your thesis:
Kujira
injective compares poorly to any other perp dex from a volume or usership standpoint. price is controlled by a few entities and pushed high by MMs to offer a fabulous exit for early investors. trailing 30 day perp volume is $860M for a INJ FDV of $1.33B. Compares to MUX and Gains, comparables, who both have trailing 30 day perp vol of $1.5B who have valuations of $55M and $137M respectively. Injective is a way out of its valuation league.