⚡️I took a look, and the market generally holds hope for the opening valuation of @Lighter_xyz — It is widely believed that 1 point = 70u is the fair value, with the actual cost of early point accumulation being between 1-3u, suggesting it could be another single-token A7 project! According to DeFiLlama, Lighter's spot side has already accumulated about 32.33 million dollars in WETH value, and it also leads similar DEXs in on-chain RWA. Therefore, some voices believe that Lighter and Hyperliquid are not the same type of product, and as a large distribution channel, it should have a higher valuation ceiling. The given valuation range is for reference only — 📌Bear Market Range ($1.5 billion – $4.2 billion FDV) If the price fluctuates after TGE, it can be seen as an "opportunity range." Because TVL and trading volume are factual, but FDV will not be overly exaggerated. 📌Benchmark Range ($4.2 billion – $7.5 billion FDV) If Lighter can maintain TVL and continue to operate at a leading scale, this range can be seen as fair value. Additionally, the subsequent roadmap for RWA and spot expansion will raise the ceiling. 📌Bull Market Range ($7.5 billion – $12.5 billion+ FDV) This is a range where "the catalyst has become consensus." If achieved, it means that RWA momentum can no longer be ignored, and the distribution narrative will become mainstream. I think I might be a bit optimistic; the price after TGE may oscillate around the "lower end of the benchmark range," and cutting the valuation by a third seems more reasonable? How many points do you all have? Hurry up and let me know so I can be envious!