$260M vs $15M in trailing revenue — the 94.5/5.5 split prices Velodrome's Optimism origination and ve(3,3) pioneering at zero premium. This is an acquisition wearing a merger's clothing. Embedded MEV auctions in METADEX03 are what to watch: if Dromos can internalize searcher flow when they hit Ethereum mainnet, they'll have a structural fee edge against Uniswap's $4.9B TVL moat where most MEV still bleeds to block builders.

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