- $RAM is framed as a mispriced revenue story: Ramses’ fees rose from ~$18.6K/day on August 1–29 to $1.45M in August, while the market treats the acceleration as temporary.
- Robinhood generated $794K of August fees with gauges and emissions off, sending 95% to LPs; after published thresholds, Phase 2 would route 100% of gauged-pool fees to xRAM voters.
- The usage case rests on 8.4x volume/TVL and rising Robinhood activity; the author argues betting fees fall is effectively betting the broader Robinhood ecosystem stalls.
- Counterweights: a 1.30% effective fee rate suggests RAM-pool churn, while Epoch 41’s net emissions imply roughly 23% annual dilution if sustained.
Investment pitches
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