if you had to pick one Solana DEX token to hold for the next 6-12 months, which would you choose? solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN, $RAY or $MET? personally, i'd go with $MET i've been comparing their onchain data, valuations and revenue models recently, and i think $MET offers a pretty interesting risk/reward at current levels. here's why. first, let's look at the 30D numbers. [1] solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN | @JupiterExchange – mc: ~$983M – revenue: $4.82M – holder revenue: $2.41M – aggregator vol: $12.76B [2] $RAY | @Raydium – mc: ~$507M – revenue: $4.64M – holder revenue: $2.77M – dex vol: $7.32B [3] $MET | @MeteoraAG – mc: ~$186M – revenue: $5.48M – holder revenue: $688K – dex vol: $5.58B [1] the valuation gap is quite significant over the past 30D, Meteora generated more protocol revenue than both Jupiter and Raydium. yet its mc is around 5.3x smaller than solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN and 2.7x smaller than $RAY. if we compare mc / annualized 30D revenue: – solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN: ~17x – $RAY: ~9.1x – $MET: ~2.8x ofc, these aren't earnings multiples, and revenue doesn't translate directly into token value. but at these valuations, i think $MET deserves more attention. [2] Meteora could benefit from another Solana onchain season Meteora has built liquidity infrastructure around DLMM, DAMM and dynamic bonding curves. these products are used across trading, liquidity provision and token launches. if we see another wave of memecoin trading and onchain activity on Solana, demand for liquidity infrastructure could increase significantly. and Meteora doesn't need to dominate the trading frontend to benefit from that growth. more trading volume could translate into higher fees and protocol revenue. [3] token value capture still has room to improve $RAY is currently doing better here. over the last 30D: – $RAY: ~$2.77M holder revenue – $MET: ~$688K holder revenue Meteora already has buyback and staking mechanisms, but the amount of revenue flowing back to holders is still relatively small. if this improves, it could become another catalyst for $MET. there are still risks worth considering. – future token unlocks could create selling pressure – fdv is higher than circulating mc – revenue depends heavily on Solana onchain activity – current token value capture is weaker than $RAY so i wouldn't call $MET undervalued based on revenue alone. personally, i still prefer $MET over solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN and $RAY at current valuations. solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN has a broader ecosystem, while $RAY has a stronger buyback model. but for the next 6-12 months, i think $MET has an interesting opportunity for valuation re-rating if revenue remains strong and token value capture improves. that's why i'd choose $MET. NFA!