Kindly reminder $GMX is very undervalued
GM(x)
So $SNX holders will see 170M new SNX tokens minted, a dilution of 34% to incentivize a future perp V4.
@synthetix_io revenue are steadily decreasing to around $150k per month, while @GMX_IO one are around $1.8M.
And GMX is doing $GMX buyback with profit. So the opposite of dilution, real buying pressure.
But somehow $GMX FDV is at $155M, while $SNX FDV is at $260M.
Crypto is not under the efficient market hypothesis law, that is for sure. But over mid long term, this will correct for sure.
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