FDV
Federated Hermes U.S. Strategic Dividend ETF
stock NYSE ETF

Not like the FDV matters

Well it's true...none of them have made a new high since their 2021 peaks - altcoins are shit outside ETH for the most part - just an over saturated market where fools attempt to get rich - every cycle there are new L1s that are over hyped and tout the usual scam bs ''faster/cheaper and more scalable(wow high tps)'' and then fast forward they're all down in the dumps - it's a vc's game they seed fund these projects for peanuts in private and have a slick marketing campaign to sucker in noobs who rush in to buy said projects once public at much higher prices as they think it's going to be the ''ETH killer'' or probably now the ''Solana Killer'' - not to mention the tokenomics on most of these L1 projects are total shit with like 20% of the supply out and a huge FDV - so all that happens is Vc's dump their cheaply bought bags to retail for years lol - I swear people in crypto legit get fooled by the same tricks every cycle - do yourself a favor and go look at every L1 chart till it's ingrained in your brain - you will quickly realize the paths they all follow are predictable.

FDV is already $17 billion. $hype FDV is $45 billion.
I don't see it going much higher, especially considering it does a tiny fraction of the revenue and OI that Hyperliquid does.

Short:
The strats really kick in during Season 1 but its up to the Operator on how they run them, expect cross-chain yielding and the list of chains growing. And yes, non EVM is on the table, exploring at the moment.

Long:
So let's break it down to **Season 0** and **Season 1**:

**Season 0** is the bootstrapping phase.
It lasts four weeks and is designed to get liquidity into the system before full Machines go live.

Users can buy (swap on Makina's front end) Machine Tokens and earn three things.
* **Base yield** from Morpho vaults for USDC, ETH, and BTC (Steakhouse USDC, MEV Capital WETH, Gauntlet WBTC Core).
* **Tickets**, which secure access to the $MAK ICO at the same $35M FDV valuation as the seed round. Tickets accrue per dollar per block and give guaranteed entry to the Priority ICO.
* **Points**, which convert into $MAK tokens at TGE and also rank users for things like the NFT snapshot (more news on that later but its going to be really fun). Points accrue per dollar per block and are boosted by when you enter (time-weighted) and how you use your Machine Tokens (hold in your wallet, Curve). Early deposits earn higher multipliers. Season 0 has no lockup, you can withdraw at any time but if you transfer or sell your Machine Tokens, you forfeit your Tickets and Points.
**Season 1** is where the Dialectic strategies kick in.
According to the talk at ETHCC by Dialectic’s CTO, three index-style strategies will be deployed at launch: \*subject to change
* A **USD Yield Index**, built on top of stablecoin lending markets.
* An **ETH Yield Index**, which combines staked ETH with structured hedging and basis trades.
* A **BTC Yield Index**, designed around liquid BTC wrappers with lending and derivatives.

That would put CRO at FDV of $400B... Oh well, some people calling for $5000 XRP so yeah.

Not like the FDV matters

Well it's true...none of them have made a new high since their 2021 peaks - altcoins are shit outside ETH for the most part - just an over saturated market where fools attempt to get rich - every cycle there are new L1s that are over hyped and tout the usual scam bs ''faster/cheaper and more scalable(wow high tps)'' and then fast forward they're all down in the dumps - it's a vc's game they seed fund these projects for peanuts in private and have a slick marketing campaign to sucker in noobs who rush in to buy said projects once public at much higher prices as they think it's going to be the ''ETH killer'' or probably now the ''Solana Killer'' - not to mention the tokenomics on most of these L1 projects are total shit with like 20% of the supply out and a huge FDV - so all that happens is Vc's dump their cheaply bought bags to retail for years lol - I swear people in crypto legit get fooled by the same tricks every cycle - do yourself a favor and go look at every L1 chart till it's ingrained in your brain - you will quickly realize the paths they all follow are predictable.

FDV is already $17 billion. $hype FDV is $45 billion.
I don't see it going much higher, especially considering it does a tiny fraction of the revenue and OI that Hyperliquid does.

Short:
The strats really kick in during Season 1 but its up to the Operator on how they run them, expect cross-chain yielding and the list of chains growing. And yes, non EVM is on the table, exploring at the moment.

Long:
So let's break it down to **Season 0** and **Season 1**:

**Season 0** is the bootstrapping phase.
It lasts four weeks and is designed to get liquidity into the system before full Machines go live.

Users can buy (swap on Makina's front end) Machine Tokens and earn three things.
* **Base yield** from Morpho vaults for USDC, ETH, and BTC (Steakhouse USDC, MEV Capital WETH, Gauntlet WBTC Core).
* **Tickets**, which secure access to the $MAK ICO at the same $35M FDV valuation as the seed round. Tickets accrue per dollar per block and give guaranteed entry to the Priority ICO.
* **Points**, which convert into $MAK tokens at TGE and also rank users for things like the NFT snapshot (more news on that later but its going to be really fun). Points accrue per dollar per block and are boosted by when you enter (time-weighted) and how you use your Machine Tokens (hold in your wallet, Curve). Early deposits earn higher multipliers. Season 0 has no lockup, you can withdraw at any time but if you transfer or sell your Machine Tokens, you forfeit your Tickets and Points.
**Season 1** is where the Dialectic strategies kick in.
According to the talk at ETHCC by Dialectic’s CTO, three index-style strategies will be deployed at launch: \*subject to change
* A **USD Yield Index**, built on top of stablecoin lending markets.
* An **ETH Yield Index**, which combines staked ETH with structured hedging and basis trades.
* A **BTC Yield Index**, designed around liquid BTC wrappers with lending and derivatives.

That would put CRO at FDV of $400B... Oh well, some people calling for $5000 XRP so yeah.