So the market is finally heating up.

I think revenue-generating DeFi like $AERO will be one of the fastest horses out of the gate.

So what's a fair valuation for $AERO?

- At $0.385 (83.4% below ATH), $AERO is the cheapest major DEX in DeFi.

- It trades at 2.52× P/S, while the peer median sits at 10.4× (That gap alone implies 4–6× upside to reach parity)

- Daily fee revenue ~50% since peak (This is key as they need to offset emissions in order for $AERO to make sense)

The Base Case?

- Today, fees generated $197K/day ($72M annualized)

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- If you plug $72M into the peer median P/S model (10.4×), the implied MCap = $749M → implied price = $0.81

Still 2× upside, but a far cry from $1.59

Either way, you're getting paid to own a deeply discounted asset while you wait for the momentum to flip.