1/ I'm short on $COMP, the fundamentals of the 'governance', given the public information, don't make too much sense today.

Won't be surprised to see it fall below $100 unless a revenue model is proposed soon. - Read full thread..

2/ Yes there is a spread between supply and borrow and hence the reserve which has grown from 12-50 million over the past week. But you have to understand that this money is insurance and will not (and should not) be paid out to $COMP holders, but to safeguard to loans.

3/ The value of the Protocol is an AUM business and AUM businesses are normally valued at less than 1/3 or 1/4 of the companies' AUM. E.g. @realblockfi is valued at around 200M when their AUM was 650M. (This is generous as Goldman Sachs is valued at less than 1/50 of their AUM)

4/ Given that the $COMP market cap is at $2 B when there's 1 Bn of AUM. IMHO, the fair value of the token, (assuming similar long term profitability as other crypto AUM businesses) should be at around $50 today.

If you feel angry after reading this, I suggest you unfollow me

5/ Last but not least, if you wanna short $COMP, do head to @FTX_Official, usage of my referral code is highly appreciated https://ftx.com/#a=thetaseek