I spent a lot of time thinking about Flying Tulip FDV, this is a problem we had during the original pitches as well. Normal raises are simple, there will be X amount of tokens, so X * price. FT raise doesn't technically raise against the token, it raises against an American (exercise-anytime) put option with no expiry. So this then led me down the rabbit hole of how would you price that? So then instead, I tried to price perpetual American put options against similar apps; Aave, Ethena, Uniswap, Hyperliquid, etc. It works out to roughly ~13.5% units of token for every $1 at time of purchase. So with that logic in mind, and given what we had raised; $200m seed. $25m follow on. $55m Impossible (highest yet raised) $10m CoinList (their 3rd highest yet) $290m (excluding whitelist & public) Would put the "FDV" at $39m ($290*13.5%). However given projects are measured at total_supply * price for FDV, on paper its $1bn. Would love for anyone familiar with perpetual put pricing to analyze my assumptions.(Andre Cronje)