In my opinion, it will be a lot better if one divides FDV/Earnings by how much % of revenue each shared, for $PUMP it's 25%.
So you can divide hyperliquid metrics by 4, and it will come out to be around 17 or something.
No way $PUMP is cheap.
2/ At $4B FDV, Pump is priced at 20.34x FDV/Earnings (180D).
For some perspective, Hyperliquid trades at 68.66x. Jupiter at 29.48x. Raydium sits at 24.31x.
Pump is valued below the peer average despite being one of the highest revenue generators in DeFi.
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