$MNT probably can hit $5 if this happens
Looks like MNT is becoming Bybit's BNB.
Most significant is that they want to incorporate MNT into the fee structure, likely similar to how you can pay fees with BNB for a discount. Quick calculation on the future demand this might bring:
- Assume avg daily volumes of $4-6b for spot and $40-60b for perps.
- Assume avg fees of 0.02-0.04% for spot and 0.01% for perps.
- Assume 25% discount for spot and 10% discount for perps when paying fees in MNT, similar to BNB.
- Assume 50% of total fees will be paid with MNT.
This gives a range of $2.1m - $3.6m in daily demand for MNT, or $700m - $1.3b in yearly demand.
Bybit does close to 1/3 of Binance's volumes. With an FDV of $7.5b compared to BNB's $116b, MNT seems undervalued.
Keep in mind this can take quite some time before it gets implemented, and MNT is already up >100% over the past 1.5 months.
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