Pretty interesting analysis. Token values on Berachain are insanely depressed.
Personally, I think the $BULLA token is undervalued for presale, and I bought some. Any DEX that’s not Kodiak is ngmi and probably going to zero. But so what? I don’t think it will 20x; I’m looking to make a quick flip of 2-3x based on the mechanics.
30% of the supply will be airdropped, but not for 30 days. This makes the circulating market cap <$400k. This is similar to Burrbear, but Bulla does 20x the volumes.
The presale itself runs on a bonding curve, between 1M-2.5M FDV. Someone entering first could make a free 2-2.5x by betting that the sale completes. Currently, 80-90% is sold, around $25k remains in presale per my calculations.
Hello @BullaExchange Native AMM on
@berachain
1/ Kodiak vs Bulla – The Valuation Story 🦬🐻
Kodiak is the #1 DEX on Berachain, capturing the majority of liquidity.
Let’s assume Kodiak is valued at ~$100M FDV. Is that expensive? And what does this mean for $BULLA (currently in pre-sale at just $1–2.5M FDV)?
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2/ On-chain metrics (30d)
• Kodiak: ~$340M volume
• Bulla: ~$67M volume
➡️ Bulla processes ~20% of Kodiak’s trading volume.
Daily average:
• Kodiak ~$15M
• Bulla ~$3.5M
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3/ The valuation gap
• If Kodiak ≈ $100M FDV (reasonable for a top infra DEX).
• Then Bulla’s “fair value” (20% market share) ≈ $20M FDV.
• Yet… Bulla’s pre-sale is only $1–2.5M FDV 🤯
That’s 10–20x cheaper relative to its on-chain activity.
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4/ Is $100M FDV for Kodiak expensive?
Actually, NO 👇
• Trader Joe (AVAX) peaked >$500M FDV.
• Quickswap (Polygon) ~300M.
• Velodrome (Optimism) >200M.
With ~$340M in 30d volume, Kodiak at 100M FDV is still cheap vs sector benchmarks.
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5/ $BULLA’s positioning
• Already ~20% of Kodiak’s volume.
• If it maintains this share, fair FDV ≈ $20M.
• Pre-sale at $1–2.5M FDV = X10+ potential if Berachain attracts significant liquidity.
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$BULLA is one of the cheapest infra bets on Berachain.
Kodiak at 100M FDV is fair, even conservative.
If you believe in Berachain’s PoL ecosystem, an early bet on Bulla = high risk, high reward. DYOR.
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