Summary

• TVL growth outpaces token appreciation — TVL grew 200x ($10M → $2.3B) in last 9 months while token market cap only grew 4x ($50M → $200M)
• Attractive financial metrics like 52% borrow efficiency (ranking highest among peers) and trades at a 14x FDV/Fees ratio
• EulerSwap launch creates new revenue streams beyond traditional lending and early traction ($700M cumulative volume in 2 weeks) shows strong PMF