Strongly disagree. market will price it based on a plethora of factors.
Virtually ALL protocol tokens dumped along with BTC/Eth recently. Heaps of tokens that in theory get their value from the value generated by the underlying protocol dumped recently.
To say the price would be “purely” determined by the performance of the protocol is just absurd.
I support a protocol token for Cowswap specifically, but any assumption as to how the market will price it or what price will be achieved is hopium. There are countless factors at play when it comes to how the market will price the token, not the least of which is the wider crypto market’s health, over which gnosis community has no control.