1d ago
The driving factor in big RoIs on YTs is understanding your edge.
With @capmoney_’s YT-cUSD, this means understanding:
👉 Double point efficiency (exclusive to Pendle)
👉 33x leverage
Sound like a print?
I’ll let you decide.
Before jumping into calculations, here are potential RoIs at various FDVs.
These are PRETTY conservative numbers given Cap has:
📌 Raised $11m from @FTI_Global, @Nomura et al
📌 ~$250m stable supply
I present 3 cases:
🐻 Bear Case
🎪 Base Case
🐮 Cow (read: bull) Case
$1k starting capital gives us $32.8k worth of cUSD exposure...
...but since 1 YT-cUSD earns TWICE as many points as cUSD...
...$1k in YT-cUSD is equivalent to $65.4k in cUSD 👀
TL;DR No better way to get Cap'd up
Before jumping into my $CAP valuation, intern has taken a look at the FDV:TVL ratio of various yield-bearing stablecoins.
This ghetto analysis has found ratios ranging between ~23-105% FDV:TVL.
I'll be using 33%/66%/100% FDV:TVL to project potential $CAP FDVs.
I then combine the assumed 33%/66%/100% with a peak $750m TVL (vs. current ~$248m TVL)
From this, we get an implied $/point to push out the rest of his numbers!
Points are intentionally projected higher than actual rates to make numbers more conservative 🤫
Putting this all together, YT-cUSD offers an interesting R/R profile ASSUMING FDV:TVL ratios we see in related stablecoin protocols hold.
Indeed, if $CAP can maintain a dominant ratio, the potential 🪂 could be VERY attractive indeed.
Value flow to stablecoin protocols come down to the problems they are trying to solve.
If Cap can solve uncollateralized lending, that's potentially a multi-TRILLION $$$ market.
That's big - I explore their design here.
While intern’s not gonna press the ‘buy’ button for you, he WILL make sure you have a grasp on YT-cUSD’s potential.
Please do read and understand @capmoney_'s design, their point system, and YTs before making any decisions!
NFA NLA NMA MDMA
Pendiddler
20.32K
85
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