@BabylonLabs_io secures $3B+ in Bitcoin. The market values the token that governs it at $50M.
That’s a Mkt Cap/TVL ratio of 0.02 — roughly 2 cents of token value for every dollar of BTC secured through the protocol.
FDV/TVL sits even lower at 0.05
No major “shared security” protocol has traded at this kind of discount to its secured capital before
The question isn’t whether the discount exists — it’s whether it’s justified
$BABY #baby
That’s a Mkt Cap/TVL ratio of 0.02 — roughly 2 cents of token value for every dollar of BTC secured through the protocol.
FDV/TVL sits even lower at 0.05
No major “shared security” protocol has traded at this kind of discount to its secured capital before
The question isn’t whether the discount exists — it’s whether it’s justified
$BABY #baby