$QTO @QuantoTrade perpetual non KYC dex (rebrand OXFUN) quantoL84tL1HvygKcz3TJtWRU6dFPW8imMzCa4qxGW I bought a bag of $QTO, reasoning below: Let’s compare it $Hype, $dYdX, $Aevo, Level Finance. Quanto $QTO $43M daily volume $7.5M open interest No KYC Source: Fluctuation obviously, but I took today, which is slightly below average, I assumed this looking at the data (not a lot of data spots though, that's what happens when you are early, we need upwards volume and OI over time) Let's assume any market cap <$30M for $QTO Hyperliquid ( $HYPE ) - $12B daily volume - $10.6B open interest - Token launched late 2024 - Market cap: ~$15B - On its own L1 Basically, the Uniswap of perps now They own ~75% of the on-chain perp DEX volume. $dYdX - $500M volume - $180M OI - FDV: ~$1.5B - On $atom - Battle-tested, but fading slightly in hype Still a strong player, but not dominating anymore. $Aevo - $60M volume - $25M OI - FDV: ~$500M - Perps + options - Optimism-based Kinda underrated, but volume still not explosive. $lvl - $15M volume - $5M OI - FDV: ~$75M - On $BNB chain OG DEX with loyal fans Small but solid. Compare this to a new (rebranded, shiny) player $QTO, advised by @zhusu $QTO (could use his network to get exposure on X etc, for example @smartestmoney_ one of the best if not best perp traders in crypto follows @QuantoTrade and there are others like @GiganticRebirth) If FDV is <$30M, then: - Volume/FDV = 1.4x to 4.3x - OI/FDV = 0.25x to 0.75x Based on source: That’s better than Aevo, Level, and dYdX on a per-dollar basis. Even stacks up surprisingly well next to Hyperliquid. Now, $hype is clearly the king, and that won't change anytime soon. - $12B vol on $15B market cap = 0.8x - $10.6B OI on $15B = 0.7x Insane liquidity + usage. Institutions, whales, degens—all in. But $QTO is showing similar ratios at a microcap scale. Besides all of this, they are currently buying back tokens daily, basically buying the equity. They bought back 506k usd as of now, still + 200k usd in their wallet: JBShwQbkqq9dUM6VCKHT5hiWF6hiD7VgxTbkCGsgWXSw - 21% supply is in a custody wallet - Team has a 20% alloc vested. - 20% alloc is reserved. If they don't sell any of this, just as the buyback wallet then 67% is out of circulation, so circ mcap is give or take 33% -> = 0.33 x 18.2 = 6m usd (lol) Another good thing is that the UI is actually really great, and some perp trades I know really enjoy the smoothness of the platform. Obviously, there are some risks with failed/mismanaged projects in the past, that's why I think it's currently flying at a much lower mcap. Bottom line: My thesis is that if Quanto’s numbers are organic and sustainable, it’s undervalued compared to Aevo, Level, and maybe even dYdX. If they keep growing, this could be the best low-cap perp DEX play right now. X Shark