- UP is a liquidity-layer bet on Robinhood Chain: $890k of seven-day fees on $13.9m TVL, with emissions capped by pool fees and dynamic fees.
- At $0.85, author calculates ~0.4x liquid market cap/annualized fees, ~1x including user veUP, and 5.6x protocol FDV; the discount depends on fee durability.
- Fees are concentrated in RHC memecoins, with 36% from UP pairs; UP captures ~4.5% of chain DEX volume while Uniswap handles ~77%.
- Author is long at venture sizing and watches the September 29 subsidy expiry, share, fee mix and dilution; exits include fees below $400k for three epochs or emissions exceeding fees.
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