Momentum — Statistical Analysis
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3.0
$10.5M TVL supports $112.1M 30d volume (10.67× TVL), but single-chain (100% Sui) concentration and Trust Score N/A keep risk-adjusted quality at a mid-range level.
1. Market Overview
- Size: TVL $10.5M with +1.88% 24h change; protocol scale is small-to-mid for a DEX.
- Activity: 24h volume $5.1M, 7d $23.7M, 30d $112.1M; 1d volume up +182.51% (spike-driven flow).
- Token valuation vs liquidity: MCap/TVL 2.27 and FDV/TVL 11.11 imply valuation is meaningfully ahead of on-chain liquidity depth.
2. Capital Efficiency
- 24h turnover (Volume/TVL): $5.1M / $10.5M = 0.49× (moderate capital velocity).
- 7d turnover: $23.7M / $10.5M = 2.26×; 30d turnover: $112.1M / $10.5M = 10.67× (consistent monthly throughput relative to TVL).
- Monetization: 24h fees $7.6K implies an effective fee rate of 7.6K / 5.1M = 0.149%; 30d fee rate 137.7K / 112.1M = 0.123% (slight compression vs 24h).
- Protocol capture: Revenue/Fees ≈ 1.5K/7.6K = 19.7% (24h) and 27.5K/137.7K = 20.0% (30d); annualized revenue yield on TVL ≈ (27.5K/30×365)/10.5M = 3.18% (before LP incentives and costs).
3. Liquidity & Pair Spread
- Coverage: 34 coins across 46 pairs → 1.35 pairs/coin, indicating limited pair connectivity (likely liquidity concentrated in a few core routes).
- Average activity per market: $5.1M / 46 = $111K 24h volume per pair (mean), which typically correlates with thinner books/AMM bands on long-tail pairs.
- Average liquidity per market (proxy): $10.5M / 46 = $228K TVL per pair; with this depth, large trades can face higher price impact unless liquidity is heavily concentrated in top pairs.
- Practical implication: with moderate turnover but modest per-pair TVL, liquidity quality is likely heterogeneous—good on majors, fragile on tails.
4. Chain Dominance
- TVL deployment is 100% on Sui: $10.5M / $10.5M.
- Benefit: single-chain focus can improve routing cohesion and reduce liquidity fragmentation.
- Cost: chain-specific risk is undiversified—any Sui ecosystem liquidity shocks transmit directly to protocol TVL and trading capacity.
5. Analyst Verdict
- Security/process: 2 audits, but Trust Score N/A → quant view: partially de-risked, not fully “institutional-grade” signaled.
- Growth quality: +182.51% 1d volume jump vs only +1.88% TVL suggests activity can surge without proportional liquidity scaling (potentially higher slippage during spikes).
- Token overhang: circulating/total supply 204.1M / 1.0B = 20.41%; FDV $116.2M vs MCap $23.7M implies unlock/dilution sensitivity.
- Price position: current $0.116 is ~97.1% below ATH ($4.03) and ~8.8% above ATL ($0.1069), reflecting weak long-term sentiment despite short-term +6.58% (24h).
- Bottom line: efficient throughput for its TVL and a stable take rate (~0.12–0.15%), but single-chain concentration + dilution profile + limited trust scoring cap the risk-adjusted rating.