| CONSERVATIVE | BULLISH | MOON | |
|---|---|---|---|
| ENGAGEMENT | |||
| Competitions/Month | 8 | 12 | 20 |
| Passive:Active Mix | 65:35 | 60:40 | 50:40 |
| Activity Rate (Yr 1) | 22% | 25% | 30% |
| Activity Rate (Yr 3) | 30% | 35% | 45% |
| UNIT ECONOMICS | |||
| Revenue per User/Year | $460 | $695 | $1,100 |
| Entry Fee Revenue | $305 | $405 | $660 |
| Builder Fees Revenue | $135 | $270 | $410 |
| Referral Revenue | $20 | $20 | $30 |
| YEAR 1 | |||
| Penetration | 7% | 10% | 15% |
| Active Users | 13,090 | 21,250 | 38,250 |
| Revenue | $6.9M | $14.8M | $35.1M |
| YEAR 3 | |||
| Penetration | 15% | 20% | 30% |
| Active Users | 101,370 | 101,150 | 195,255 |
| Revenue | $46.6M | $70.3M | $190.8M |
$208M
20M Competitive CEX Traders
5% market capture
$198M
9.5M DEX Perp Traders
10% market capture
$14.8M → $70.3M
850K Hyperliquid Traders
5% → 10% market capture