Last week, 无畏 compared the leading Perp Dex Avantis on the Base chain with the current top Perp DEX Hyperliquid and Aster. This week, the performance of the leading Perp dex @bluefinapp on the @SuiNetwork chain has also been outstanding, standing out among various on-chain derivatives DEXs.
Aster and Hyperliquid are currently the leading projects in the Perp Dex track, while Bluefin on the Sui Network is clearly the winner in the Perp DEX space. Bluefin supports three major sectors in its product layout: perpetual contracts (Perpetuals), spot trading (Spots), and lending markets (Lending), creating a complete trading ecosystem.
Bluefin's total trading volume has exceeded $78 billion, with a TVL of over $200 million, capturing more than 97% of the derivatives trading volume market share on the Sui chain. It is currently one of the largest DeFi applications on Sui in terms of trading volume and user activity, and one of the most important infrastructures in the Sui DeFi ecosystem.
Since the announcement on September 20 that Bluefin will use 25% of its revenue to buy back the platform token $BLUE starting October 1, the price has surged over 100% in the short term.
无畏 calculated that Bluefin's current annual revenue is approximately $37 million, with a buyback ratio of 25%. This means that about $9.25 million will be used annually to buy back and burn $BLUE in the market, which, based on the current circulating market value of $37 million for $BLUE, corresponds to 25% of the annual buyback of the circulating supply.
无畏 made a simple comparison of the thirty-day protocol revenue and platform token FDV of several leading Perp DEXs on the market, finding that in the last 30 days, the revenue/FDV ratio of Bluefin is much higher than that of other projects.
This indicates that under unit valuation, Bluefin generates more protocol revenue, meaning it has "stronger earning capacity," and also suggests that its current market valuation may be underestimated. If Bluefin's buyback plan can achieve a closed loop of revenue—token value, then the value return of $BLUE will also be more sustainable in the long term.
Comparison of revenue/FDV of leading Perp DEXs on various public chains:
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