PerpMath

$\displaystyle \text{NetSize} = \sqrt{\text{Vol}_{7d} \times \text{OI}}$

$\displaystyle \text{NetFactor} = \left(\frac{\text{NetSize}}{N_{\text{med}}}\right)^{\!0.5}$

$\displaystyle \text{BaseValue} = \text{Rev}_{7d} \times 52 \times 15$

$\displaystyle \text{ModelFDV} = \text{BaseValue} \times \text{NetFactor}$

$\displaystyle \text{Ratio} = \frac{\text{ModelFDV}}{\text{FDV}_{\text{live}}}$ (launched tokens, Paradex & Lighter ×3)

$\displaystyle \text{FDV}_{\text{est}} = A \cdot \text{NetSize}^{b} \times 0.35$ (no token; $A, b$ fitted via OLS on launched peers in log-log; 0.35 = pre-TGE discount)