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Do you think the ratio of fxs/frax can be applied

to other stable coin projects as well such as spell/mim and tribe/fei?

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Ya I don’t see why not. It’s just that certain projects do not actually make much more money from more stablecoin issuance like FEI. The amount of FEI earning them revenue is tiny compared to their massive ETH treasury. The price of ETH is a much better indication on TRIBE’s value than FEI currently.

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