MMT is launching tonight! Those who joined during the rebranding ➕ presale phase are about to feast. The valuation logic of Momentum is actually pretty simple, but also a bit unique. At its core is the ve(3,3) model—a mechanism that tightly ties together staking, governance, and rewards. In this model, users lock up MMT to get veMMT, which allows them to participate in governance voting. All transaction fee revenue goes to these voters. For project teams to get more liquidity incentives, they need to engage in 'vote bribing'—offering extra rewards to voters. This creates a self-sustaining incentive system within the ecosystem, concentrating both money and power in the hands of those who truly believe in the project long-term. Since Momentum launched in March this year, it has achieved impressive results in just six months: TVL has surpassed $270 million, cumulative trading volume has exceeded $26 billion, annualized transaction fees are $45 million, and the user base has grown to over 2 million. This shows that it’s not just hype—it has real trading activity and solid revenue. In terms of valuation, let’s compare it to some leading DEXs: Uniswap’s PE is around 12, Raydium’s is 16, and Aerodrome on the Base chain is 15. Based on Momentum’s current revenue levels, its circulating market cap is roughly over $500 million, and its fully diluted valuation (FDV) could range between $1 billion and $1.5 billion. Plus, its current circulating supply is only 20.4%, with most tokens still locked, meaning fewer tokens are actually in circulation, which provides stronger valuation support. Looking further ahead, in the mid to long term, Momentum, as the core DEX of the SUI ecosystem, has the potential to capture 10% of the entire public chain’s market cap. If SUI’s next cycle pushes its market cap to $50–80 billion, then Momentum’s FDV could reach $5–8 billion. And in the even longer term, it’s not just a DEX—it could become a financial liquidity engine connecting crypto assets with RWAs, comparable to real-world giants like the New York Stock Exchange’s parent company ICE (market cap around $100 billion) or Citadel Securities (valuation $22 billion). From this perspective, the potential of Momentum is just beginning to unfold. No more chatter—MMT is something I’m bullish on long-term. This project is like Aster, which Cz hyped up: one is essential for exchanges, and the other is essential for the SUI chain.