If you haven’t found a proper comp yet for $avici (even though it is in a class of its own for a variety of reasons) use http://Ether.fi as a target valuation ($500m) Then ask yourself this as a conservative measure. So at $36m FDV why should this be more comparable to say 25% of http://Ether.fi which is about $125m (conservative in my opinion) Key points Working product people seem to really use/like (use case/adoption = product market fit) High growth out of the gate on cards and spend totaling 1.6m with 10k signups and over 1k users at launch and ramping. Plans to ramp enterprise (already ~80 companies on a waitlist) so essentially companies/DAOs use this for payroll and business expenses. This rerates valuation higher quickly because DAU is no longer the key metric. Silicon Valley groomed team who initially never wanted to do a token until @MetaDAOProject Futarchy model where the team got zero supply. Actively hiring to scale the team and improve product suite. Plans to innovate defi/credit with onchain trust scores in hopes of mortgage loans (no way to model just understand the TAM) Then put a premium on the token structure and launch itself. The holder count is over 7,200 and I believe at launch was around 4k with almost an 80/20 split for top 10 vs the rest and is only improving. Narrative is essentially what crypto was made for so easy to see product market fit and why the metrics are good/promising. Lastly this new form of investing with ownership tokens is essentially liquid venture with a voice. The conversations being had in the $avici dao chat are so intelligent because the holder base understands the opportunity and what they hold. In the words of the late Charlie Munger this is “Lollapalooza”(CryptoISO)