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Mona Maken
Derive, a crypto options and perps venue, has a drv market cap of $551.6m. that is about 89x its september protocol revenue of $515k, counted over a full year. lighter, another trading venue, has a lit market cap near 17x its revenue, on $4.46m in september. derive sends 35% of its fees to drv buybacks and already lists options on tether's tokenized gold. at 89x, drv's value depends much more on large future fee growth.
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