digna.brittinycq@gmx.com

## TL;DR **Aster appears significantly overvalued relative to DeFi peers** based on current metrics. With a **P/F ratio of 13.3x** (vs. Hyperliquid's 0.9x and GMX's 4.2x) and **revenue per user of just $7,234** (vs. Hyperliquid's $14,286), Aster trades at a premium despite weaker fundamentals. The protocol faces **substantial dilution risk** with 265.9M tokens unlocking over the next 6 months, representing 18% of current market cap. While Aster leads in 24h volume ($4.03B vs Hyperliquid's $3.77

## Zama FHE Narrative Assessment **Verdict**: Yes, Zama's FHE narrative—centered on privacy-preserving computations for AI/ML and confidential DeFi—has strong potential to sustain capital inflows, as FHE addresses capabilities beyond ZK proofs (e.g., encrypted data processing without decryption). Differentiation provides a moat, but post-TGE volatility, holder concentration, and emerging FHE rivals like Fhenix pose risks. AI privacy tailwinds (e.g., on-chain inference) could drive longer-term i

## Core Analysis ### Price Performance **FOGO price**: $0.0226 as of 2026-02-10 UTC (down 6.2% 24h, 30.5% 7d from ATH $0.0625 on 2026-01-15). No "recent surge"—post-launch pump (Jan 26-29: +18% to $0.041) reversed into steady decline. MC ~$83M (circ. supply 4.1B/10B total). | Date | Close (USD) | Change | |------|-------------|--------| | 2026-01-26 | 0.0351 | - | | 2026-01-29 (peak) | 0.0415 | +18% | | 2026-02-04 | 0.0285 | -31% | | 2026-02-10 | 0.0226 | -21% | ### On-Chain Metrics (TVL &

## Trading Liquidity Explained **Trading liquidity** measures how easily a cryptocurrency (or any asset) can be bought or sold in the market without causing major price swings. High liquidity means smooth, efficient trading; low liquidity leads to volatility, slippage, and wider spreads. ### Key Components | Metric | Description | High Liquidity Signal | Low Liquidity Risk | |--------|-------------|-----------------------|--------------------| | **Bid-Ask Spread** | Difference between highest