Recently, there has been frequent discussion about Lighter's FDV valuation, with the market generally talking about the $1B or $2B range. But have you noticed that rarely do people report higher figures? There's an interesting behind-the-scenes phenomenon here.

On one hand, the odds in certain prediction markets may have informational biases; on the other hand, many investors may not yet fully understand the project's backers' backgrounds and technical implementation pathways. From a fundamental perspective, the project's positioning within the industry, the profile of the funding parties, and the competitiveness of the core product—all point to a possible systemic undervaluation in the market.

Looking at it from another angle, if more people recognized the capabilities of the participating institutions and the development team, the discussion about the valuation ceiling could be entirely rewritten. The current consensus price might just be a temporary market valuation rather than a true reflection of the fundamental value.