MGX as a proxy for GASP: 3% airdrop and FDV comparison
Quote204 words
MGX holders get 3% of GASP supply, so MGX at a $1.4M FDV implies GASP near $46M FDV. Compares with THORChain ($2B) and Chainflip (over $300M) and sees a few hundred million as plausible, while flagging distribution and snapshot uncertainty.
Key claims
MGX FDV is $1.4M and implies GASP at about $46M FDV
THORChain sits at $2B FDV and Chainflip above $300M
OMNI, the first AVS token, trades above $2B
🚨 Airdrop Alpha Alert 🚨
$MGX is currently trading at a FDV of $1.4M and holders will be eligible for a 3% of supply airdrop from @Gasp_xyz. 🪂
At this point, $MGX is basically a proxy for $GASP, which puts $GASP at roughly $46M FDV right now.
This is one of the first @eigencloud AVS and basically a @THORChain or @Chainflip competitor with the former sitting at $2B FDV and the latter at >$300M.
$OMNI, the first AVS token to launch currently also sits north of $2B, showcasing the power of the @eigencloud hype.
I can easily see $GASP reach a few 100M in FDV as well and through the bull if it gains traction and sustains the hype, it can go even further.
Gasless and native cross-chain trading in a fully non-custodial manner across any execution layer in the rollup-centric multichain future will be huge anon! 🚀
NFA and there is considerable risk associated with this play as we don't know how exactly the airdrop will be distributed and when snapshots are taken, etc.
But interesting to consider for sure as $46M seems like a very low valuation for @Gasp_xyz.
Might be an opportunity.
Alpha first shared in my FT room btw 👀
QUOTING @Gasp_xyz
@eigencloud For our dear Mangatarians, we are deeply appreciative of your support through the years, and we want to show it. The MGA token will be replaced by the GASP token, and MGX holders will be rewarded in GASP upon launch, for a total of 3% of GASP’s supply.
@eigencloud For our dear Mangatarians, we are deeply appreciative of your support through the years, and we want to show it. The MGA token will be replaced by the GASP token, and MGX holders will be rewarded in GASP upon launch, for a total of 3% of GASP’s supply.
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What came next · since 19 Apr 2024
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This market take reads the setup without making a call on the token, so price moves since publication are shown as market context.
Mentioned for context
No reliable price feed for $MGX, $GASP.
Since then
Zero has written 1 more piece on the same subject since this one.
- Gasp as universal settlement layer for intent-driven trading on EigenLayerBullish call on $GASP
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