Houdini Swap (LOCK)
Heavily undervalued and exponentially growing its market dominance
A new report by Vestun outlines the investment thesis in Houdini Swap and its utility token LOCK, highlighting its impressive growth rate and value accrual to its token which makes it heavily undervalued compared to its peers. Houdini Swap is positioned as the market leader in offering compliant privacy swaps, and has the potential to become the de facto crosschain bridge for exotic tokens.
Key Highlights
The Market Leader
- Houdini Swap is the market leader in compliant privacy and cross-chain swap aggregation, offering unique banking level transactional privacy as well as cross-chain swaps for over 4,000 tokens.
- The recent Tornado Cash decision is uplifting for the entire privacy sector, with the court suggesting that developers must design their products with mechanisms to reduce or prevent illicit use, which is exactly what Houdini does and fundamental to its UVP, opening them up to a far wider market.
Protocol Growth Metrics
- Houdini Swap has been growing swaps week on week for over a year with growth accelerating markedly in recent months, indicating users and usage of the protocol are also consistently growing.
- Houdini Swap is also exponentially growing its trading volumes, and takes the highest percentage of fees compared to FDV of any other project, and is a top 20 Holders Revenue project on DefiLlama, where its immediate peers are valued at 10x to 100x higher.
- Houdini Swap is on track for an annualized revenue of $6M+ and has a FDV of $40M, giving it a p/e ratio of 6.5x making it vastly undervalued compared to its peers, which have an average p/e ratio of 53.6x.
Token Utility and Value Accrual
- LOCK is the utility token of Houdini Swap, and offers high staking yield, 66% APY at time of printing, entirely funded by Houdini’s protocol revenue with deflationary mechanics reducing total token supply.
- Houdini Swap is launching the LOCK token shortly on Solana, supported by leading Solana ecosystem partners, and with it is driving its utility narrative via its MUGA (Make Utility Great Again) campaign.