New Enterprise Research: A Valuation of @Lighter_xyz
@degenerate_defi models the bull, base, and bear case for $LIT

1/ A Valuation of Lighter (LIT)
Key insights from my latest Messari report
Under our base case, $LIT currently trades at a 33% discount, but with favorable tailwinds, it could rerate to a $26 billion FDV.
Let’s break it down 🧵

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