waitlists: @machines_cash @interspace_fi team: @alexanderchopan @ardaerturk @hennadios token: $machines

base wins when apps on base win

$CLANKER Investment thesis @clanker_world is a token launchpad that in simplest terms is the Pump fun of @base. As a user of both, Clanker has a much better UX and better fee structures for both token creators and holders. Recently, Clanker was acquired by @farcaster_xyz (x.com/farcaster_xyz/status/1…) a decentralized social media, and made some pretty attractive changes to the value accrual to $CLANKER token holders. 1) 2/3 of all protocol fees will be used to buyback $CLANKER 2) Locked 7% of the $CLANKER supply into a one sided-LP to boost liquidity and shrink circulating supply So why do I think this is undervalued? When we start to look at the revenue and fees Clanker is generating, we see the market is clearly mispricing this protocol. Since the announcement of the Farcaster acquisition (~1 month) and the implementation of the buyback flywheel, Clanker has done on average roughly $160k in daily fees in a very dead market. This equates to an annualized revenue of $58.4 million With 2/3 of these fees going to buy back and hold the token, Roughly $39 million of $CLANKER will be bought back this year and held at current revenue rates. At the current market cap of $61 million, this is 64% of the total market cap being bought back if either fees don't go down or market cap doesn't go up. Given how Clanker has generated fees even before there was a flywheel in place over the past year, it seems pretty evident to me that the revenue floor is not much lower if not already in. Similarly, crypto sentiment is as low as I can remember and I believe new launches and onchain activity will only trend up over the coming months. Now for some comps: $VIRTUAL (Ai agent launchpad on Base)- $765 million market cap, $56.2 million annualized revenue (trailing 30 day annualized), 13.6x multiple $PUMP (Launch pad market leader) - $450 million annualized revenue, $2 billion market cap, 4.6x multiple. Also on pace to buy back $400,000,000 of supply annually (20% of market cap) $HYPE (Market Leader in buyback and burn) - $10 billion market cap, $938 million annualized revenue, 10.5x multiple Also on pace to buy back and burn $960 million of supply annually (9.6% of market cap) $CLANKER - $58.4 million annualized revenue, $61 million market cap, 0.95x multiple Also on pace to buy back $39 million of of supply (64% of market cap) To me Clanker seems like a clear mispricing and a jump to match the current multiple of pump fun would leave $CLANKER at a market cap of $295 million, ~ a 5x at current prices. Biggest risk is obviously revenue not maintaining the current pace but like I mentioned earlier, given how down bad the entire market is, I think revenue will simply be sideways in the bear case. $CLANKER to $500

I don't think CT realizes how much momentum Base has right now - Sports Fun - Zora - Farcaster - Fantasy Top - Virtuals Coinbase has $10B in cash and can outspend virtually any other ecosystem Base app $BASE catalyst feels incredibly serious No-brainer to get exposure imo