Why does $BUIDL open at 2m market cap but $LILY at 500k? As we all know, Genesis Launch is designed with this Uni V2 LP ratio: 125,000,000 token supply / 42,425 $VIRTUAL (We Virgens committed this number.) This translates to 339,400 $VIRTUAL FDV at launch. How? 125,000,000 tokens = 12.5% = 1/8 TOTAL supply (1B) So the formation of FDV at launch is: 42,425 x 8 = 339,400 $VIRTUAL If $VIRTUAL price is at $1, it is 339,400 USD market cap. If $VIRTUAL price is at $1.5, it is 339,400 * 1.5 = 510,000 USD market cap. Now LILY has this standard ratio, so we see the token open at $510,000. BUIDL, on the other hand, has a better ratio: 84,850 VIRTUAL (Another 42,425 was sponsored by @virtuals_io team, then airdrop to veVIRTUAL holders) 62,500,000 tokens = 6.25% = 1/16 TOTAL supply. So FDV at launch = 84,850 * 16 = 1,350,000 $VIRTUAL, ~2,000,000 USD market cap. Another example, $IRIS ratio was heavily skewed: 31,250,000 IRIS : 168,000 VIRTUAL (Should be 169,700 but I guess team is Asian so they like the 68 lucky number) The result? FDV open at 168,000 * 32 * $2.1 (Virtual price at that day) = 11,300,000 USD (Then snipers sent it to 40,000,000+ at second 1, good time)