Their platform volume/revenue isn't declining as a whole, only the SHFL NGR
(non-SHFL NGR still meaningfully high and growing). I think ideas like the VIP
Sportsbetting offering which ties better prices/odds behind staking SHFL and
wagering in SHFL can improve SHFL NGR & token utility/demand.
As for CEX listings, I think there is a chance because all CEXes are looking to
list low cap gems instead of high FDV bleed outs. Shuffle has KYC & a license,
while so many other CEX listed tokens do not (i.e. dYdX is definitely breaking
more laws than Shuffle is). Plus they can go the Hyperliquid spot route and get
a wider audience while bypassing the crooked CEX listing teams.
As for what can drive rerating, the most powerful lever is increasing rev share
further. Its already objectively cheap with >50% dividend yield in USDC. So if
they crank up rev share more then more fundamental investors will step in.
