Perps: The New Hot Narrative! 🔥 The perps narrative is back in the spotlight with Hyperliquid's $HYPE TGE. But there's one perps protocol that’s flying under the radar, and it’s seriously undervalued. 🧵 ↓

2/ I’m talking about $HMX, one of the top 5 perps protocols on Arbitrum. Most of us likely heard about it when perps were the #1 market narrative.

3/ But why do I think it’s undervalued at a $9.5m market cap? The key reason: its revenue compared to its valuation. • The protocol generates $6M annually in revenue! • This implies a 1.6 P/F ratio (Price to Earnings), which clearly shows how undervalued it is.

• It's battle tested, with over $50B in trading volume. • It has consistently maintained healthy volume on V1 and ranked among the top 5 perps on Arbitrum, even as competitors rely heavily on STIP/LTIP incentives.

4/ Upcoming Catalysts: Here’s a glimpse of what’s ahead for @HMXorg: • Tokenomics Revamp: Big token burns are coming. • CLOB Launch: Central Limit Order Book implementation. • Net Fees to Holders: Expected to increase. • New Branding: A refreshed identity. x.com/i/web/status/18651610993...

5/ It’s clear the team is putting in solid effort to improve the product and the token's value proposition. FYI, any P/E below 15 is considered undervalued in the TradFi and $HMX is trading below a 1.6 P/E... p.s.: this thread is created with input from the hmx team.

6/ TLDR Volatility increases in the market ↓ Perps get popular again ↓ $HMX is a perps with < 1.6 P/E ↓ ez bid

7/ i was personally looking to buy it yesterday but got distracted by $BTC hitting 100k and forgot to bid. during that period, it doubled. i'll look for dips to get an entry, even tho it's already undervalued as heck. maybe that's an ego thing, but yeah. let's see what's next.

8/ That's it! If you found my thesis useful, make sure to: • Retweet and Like the first tweet to support my work. 🤝 • And Follow me at @AmirOrmu for more. 🫡 x.com/AmirOrmu/status/18651610...