1/n - Bought some $INIT - the new shiny L1 trading at 80m mkt cap and 700m FDV

2/n - Some comps for $INIT vs $BERA and $MOVE some of the recent alt L1s that have launched

3/n - First of all, $INIT has an extremely low circulating float. The real float right now is only 11.5% of the total, hence off a price of ~0.7, it works out to be roughly 80m. This is probably the lowest float L1 in the market right now

4/n - On its relative FDV, it is also not expensive at 700m versus its peers. Hence valuation wise this is extremely cheap

5/n - On the catalyst front, $INIT also did a very clean airdrop to the community, with 92% of the airdrop already claimed. scan.initia.xyz/interwoven-1/a...

6/n - The total float that was issued out was only 110M (with 60M to binance launch and 50M to the airdrop). Hence IMO, all the airdrop selling pressure as well as the binance launch pressure should be clearing off

7/n - However, if you take a look at the derivatives market, there is 91M of OI right now - OI/ real mkt cap is at 1.16x with 60% of accounts short on Binance

8/n - Further on, the team on $INIT is korean... which means probably an upbit listing some time soon

9/n - Taken together, my thesis for being long $INIT is simple. It is a cheap Alt L1 that has the potential to reprice with the airdrop selling tapering off soon. Much like $HYPE's launch where most of the float was airdrop driven.

10/n - Combine this with a perp market where most accounts are short AND OI exceeding market cap - i think the repricing on this will swift.

11/n - As always, DYOR :)

typoed on the circ numbers - use this ~