GM GMX Loading... : Bullish and Bearish Analyst Opinions

The tweet analyzes a new perpetual DEX protocol using synthetic LP exposure and martingale mechanisms, increasing insolvency risk but enabling growth from zero TVL.

The author outlines a bullish fundamental case for GMX, citing recent DAO-approved changes that improve tokenomics through revenue-funded buybacks and structural supply constraints.

Rule notes a valuation disconnect: Large royalty cos (FNV/WPM) trade at ~2x NAV, mid-caps at 1.4x, and juniors (Elemental Altus, Altius, Globex) at ~1x NAV. Either valuation arbitrage closes the gap, or the big companies will acquire the small ones. Specifically, Altius (ALS) is praised as a "natural resources merchant bank" that buys counter-cyclically (e.g., buying lithium royalties when hated). LONG junior royalty companies for M&A potential and repricing. Lower liquidity and higher cost of capital for smaller firms.

1. THE FACT: The speaker lists several perpetual DEXs and claims that "nobody would actually use" them if there were no future airdrops. 2. THE BRIDGE: This suggests that the current usage, valuation, and token prices of these platforms are artificially inflated by airdrop farming incentives, not by genuine product-market fit or organic demand. 3. THE VERDICT: The speaker holds a bearish long-term view on this basket of tokens, believing their value will collapse once incentive programs cease, revealing a lack of a sustainable user base.