$EDGE is one of those projects that's hard to ignore once you start looking at the numbers.
At roughly $150M market cap, the protocol is generating around $140M annualized fees and roughly $82M annualized revenue, putting it among some of the strongest cash-flow-generating assets in crypto relative to its size.
For a market that spends most of its time chasing narratives, that's not something you see very often.
The problem is that revenue alone doesn't automatically create a great business.
What matters is whether that revenue can actually survive.
That's where I think the investment case becomes much more complicated.
EdgeX has managed to build a profitable onchain perpetual exchange, but the perpetual DEX market is already one of the most competitive sectors in crypto.
Today, traders can choose between #Hyperliquid, #dYdX, #Binance, #Bybit, and dozens of other venues offering similar products.
The real question isn't whether @edgeX_exchange can generate volume during a favorable market environment
