The most anticipated project for the rest of 2025 - MMT @MMTFinance is about to TGE! How much is it really worth? With the wealth creation effect of Hype,aster, people are gradually getting smarter and realizing that the only thing worth diving into this cycle might just be DEX. But did you know? Starting a DEX only costs a few thousand dollars. So, what kind of DEX is truly worth exploring? MMT is different! Under the unique ve(3,3) mechanism, protocol revenue = protocol fees, and 100% of this is distributed to veMMT holders (the staked token obtained by staking MMT) who participate in governance voting, rather than to liquidity providers. veMMT holders will inevitably direct their votes toward liquidity pools with high yields. High yields indicate real trading demand or additional incentives provided by project teams. Votes precisely determine the flow of liquidity incentives, and higher liquidity deployment returns bring more liquidity deployment. This system creates a win-win situation between liquidity providers and veMMT holders. **Peer valuation (benchmark product pricing)** Benchmarking Uni, Raydium, Pancakeswap, Aerodrome, Momentum, the circulating market cap could reach 540M. Due to the lock-up mechanism, the actual circulating supply within 12 months post-TGE will be far less than 20.4%. FDV could potentially reach 2B-3B, and even with a bearish market discount, it might be around 1B-1.5B. In the mid-to-long term, the valuation at the peak of the DEX cycle, which is the core of the ecosystem, could be 10% of the market cap of the underlying blockchain. Sui’s current FDV is approximately 20B, so Momentum’s FDV conservatively could reach 2B. If Sui continues to rise, Momentum’s token price will also keep climbing. Looking further ahead, it depends on the project team’s ability to build. MMT’s role in traditional finance is comparable to trading infrastructure and market makers, the most profitable niche. Think ICE, NYSE’s parent company, whose recent high market cap is 100B. Citadel Securities, a private company, has a publicly disclosed valuation of 22B (2022). Momentum’s theoretical long-term potential valuation ceiling is at the 100B level—its future is unimaginable! MMT