From the perspective of infrastructure dominance, the strategic value of Bluefin Among various DEX projects, @bluefinapp is gradually showcasing its severely underestimated unique attributes. It is not just a trading platform but also the gravitational center of financial infrastructure in the Sui ecosystem. The triple gravitational effect builds Bluefin's moat. Interpretation: 1. Liquidity Gravity: Ecosystem-level "winner takes all" The launch of Bluefin Pro has brought about an astonishing liquidity aggregation effect: 🔹 In just 6 weeks, TVL increased from 328M to 483M, with an additional 155M in new funds, while major competitors have nearly stagnated. 🔹 In terms of market share, Bluefin has captured 38% of the DeFi locked value and 33% of the DEX trading volume in the Sui ecosystem. This overwhelming growth is not the norm for ordinary DEXs but rather the "winner takes all" effect that only ecosystem infrastructure can possess. Bluefin's liquidity has become the gravitational well for the entire Sui ecosystem. 2. Technical Gravity: Order book breakthrough on Move VM Bluefin has achieved a milestone that the market has underestimated: building the first high-performance order book DEX on Move VM. 🔸 Performance aspect: With Sui's parallel processing capabilities, Bluefin has reached CEX-level latency. 🔸 Ecological barrier: As the only mature derivatives DEX, Bluefin has established a strong first-mover advantage. 🔸 Compound effect: Other DeFi projects are beginning to rely on Bluefin's liquidity infrastructure, forming ecological dependencies. This technological breakthrough positions @bluefinapp closer to being a "standard setter" rather than just a substitute for ordinary DEXs. 3. Capital Gravity: Differentiation through institutional endorsement Bluefin's capital structure directly reveals its strategic height: 🔹 VC lineup: Top-tier funds like Polychain, ParaFi, CMS, etc. 🔹 Differentiation: Strategic investment from Flow Traders, a leading global high-frequency trading firm. The entry of Flow Traders not only signifies institutional-level market making and liquidity support but also represents traditional finance's recognition of Bluefin's "infrastructure role." Its unique "CeFi + DeFi" capital structure has built a trust barrier that is difficult for other DEXs to replicate. Conclusion: Re-evaluation of infrastructure value Bluefin should not be viewed as an ordinary DEX project but understood as a monopolist of financial infrastructure in the Sui ecosystem. The current valuation (FDV of 82M) is severely underestimated relative to its infrastructure position. Comparing with similar projects: dYdX (1.2B), GMX (600M), Bluefin's valuation discount mainly comes from: 👉 The Sui ecosystem is relatively new 👉 The market's delayed recognition of its infrastructure attributes 👉 Overreaction to supply unlocking concerns Once the market completes the cognitive switch, valuation recovery will be inevitable. Investment advice (reference to suggestions from @Surf_Copilot): Build a position in $BLUE after confirming the technical breakthrough at 0.0825, with a target price of $0.12-0.15 (corresponding to FDV 120-150M), representing a potential increase of 50-80%.