Meteora's valuation of only $521 million, based on annual fee revenue of $136 million, may be severely undervalued.

Uniswap generated $104.2 million in fees and approximately $8.5 billion in FDV over the past year; PancakeSwap generated $51.6 million in fees and approximately $900 million in FDV; Jupiter generated $95.2 million in fees and approximately $2.4 billion in FDV; and Raydium generated $79.6 million in fees and approximately $880 million in FDV.