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hot take: most "mainnet launches" are just empty chains with a token.
@RaylsLabs is doing the opposite.
→ $28M FDV
→ $2M (.approx) 2025 revenue
→ 14x revenue multiple
→ peer average: 225x
revenue is already flowing. pre-mainnet. real institutional capital moving through the rails, not TVL theater.
what mainnet actually does here:
- activates tokenomics (burns, incentives, utility)
- turns on validator participation
- puts institutional flows onchain
- sets up retail vaults (AmFi / XP) later this year
the loop:
institutional activity → onchain activation → broader access
the market is great at pricing narratives.
it's slow at pricing systems that already work.
that's the part i can't stop thinking about. your thoughts on Rayls?
this is my take on why their Mainnet actually matters. partnered with Rayls on this one.