Fair price is discovered, not launched.

$SPK fundamentals are loud:

> $7.49B TVL
> $172M annualized fees
> $21.2M annualized revenue

> Market cap: $50.7M
> FDV: $230M
> $53M treasury

$9.4M staked (18.6% of mcap)

Rollup infra stack that actually matters in 2026:

Rollup as a Service (RaaS)
- @Calderaxyz
- @alt_layer
- @dymension
- @conduitxyz
- @ankr

Data Availability
- @celestia
- @eigen_da
- @AvailProject
- @NEARProtocol

Sequencer / Shared Sequencing
- @EspressoSys…

Meteora $MET numbers look unreal:

- $587M TVL
- FDV: $277M
- $129M annualized revenue

- 2nd biggest DEX by volume
- 30D DEX volume: $26B
- Revenue-to-mcap: 0.94x

Bitcoin miner txn fees have collapsed

a block pays miners two things:

- block reward: 3.125 $BTC
- transaction fees

daily txn. fees are down to ~2.5 BTC

Look at the difference:

- 2017 peaked around 1100 BTC
- 2020 peaked around 200 BTC
- 2021 spent…