$fluid generating $88m annualized fees with $13.4m revenue at only $171m market cap. managing $1.36b tvl which is nearly 8x their valuation while earning $7.65m annually. $13.6b in dex volume last 30 days shows real usage not just parked capital. tvl chart went from sub $500m mid-2024 to $1.36b now. clean vertical growth with $1.08b borrowed showing actual lending demand. treasury holding $55m while price sits at $2.21 against $221m fdv. if this tvl growth continues and revenue scales with it the valuation gap is massive. if tvl bleeds back under $1b the market is saying defi fundamentals don't matter in this cycle.