Wanted to provide a update since I posted my original $DBR thesis At the beginning of the month, @deBridgeFinance experienced its first major unlock; mostly consisting of validators and strategic partners. It’s pretty obvious that most unlocks, especially in this market structure, are going to undergo strong sell pressure. And that happened. However, there are some notable topics that I want to shine light on. 1.) $DBR still remains criminally undervalued 2.) deBridge has some of the highest earnings/margins in the industry & trades at 2.4x book value 3.) The team has continued to relentlessly ship and announced some significant partnerships Update on relative valuation: From the comp analysis above, it’s quite clear how undervalued deBridge is from a relative perspective. Given their 0-TVL design, the protocol operates with a highly capital efficient model, enabling them to produce significantly high earnings; some of the highest in the industry! It trades at one of the lowest P/F and P/E multiples in this entire asset class. Given the high earnings, the protocol is able to generate substantial cash, and it’s worth pointing out that it currently trades at a 2.4x book value. Cheap across the board. It’s also worth noting that the team has relentless shipped over the past few months. They’ve made an aggressive push on the consumer/wallet distribution side, along with strong expansion into the Hyperliquid ecosystem. Recent integrations; coming to all leading apps while getting deep into @HyperliquidX, proves usefulness in different layers of the DeFi stack: @phantom @tradewithPhoton @infinex_app @VECTORDOTFUN @HyperSwapX @BullpenFi Alongside these app integrations, deBridge also has their IaaS model, which generates monthly recurring revenue from chain integrations. Recent chain integrations include: @Mantle_Official @zilliqa @plumenetwork @flow_blockchain @build_on_bob I only expect these integrations to further supercharge their growth. This team f*cking executes. They unlock these phenomenal integrations simply because they have built an incredible product and everything is downstream from there. It’s that simple. Expect more to come on this front this year and stay tuned for token value capture updates soon. Keep crushing deBridge. (original $DBR thesis: