The platform has officially launched ✅

Want to figure out how much those perpetual contract products without tokens are really worth? Here's an interesting approach:

**Core idea**: The valuation of perpetual contract products should be linked to the fees they generate. In other words, the higher the fee revenue, the more reasonable the product's market cap(FDV).

**Analytical approach**: My method is to first take existing perpetual contract products with governance tokens as references, and examine the ratio between their FDV and daily/monthly fee income. Then, apply this ratio to those perpetual contract platforms that haven't issued tokens yet but are already generating fees. Theoretically, this can help derive a plausible valuation range for them.

**Underlying assumption**: The intrinsic value of a product comes from how much fee revenue it can collect from traders—higher fees indicate active trading volume, which in turn suggests user stickiness.

Based on this logic, reverse-engineering the potential FDV of tokenless products from fee data can help assess the early investment potential of such projects.