Pendle price

🚀 Lido V3: Bridging Institutional Capital into DeFi and Restaking This month, @LidoFinance will deploy its V3 upgrade, focusing on customizable configurations and institutional adoption At the core of Lido V3 is stVaults modular smart contracts that let users and institutions build custom staking environments 🔹 Key Highlights 1⃣ Customizable Setup: Choose Node Operators, set fees, define risk profiles, and integrate tools like restaking sidecars 2⃣ Institutional Tools: Dedicated vaults with access controls, compliance layers, and both custodial & non-custodial options 3⃣ Advanced Staking: Enable looped strategies (e.g., borrow against stETH) and opt-in restaking to maximize yield 4⃣ Reserve Ratio (RR): Keeps ETH overcollateralized to reduce slashing risks and ensure safety 5⃣ Dynamic Fees: Adjusts with validator performance to promote fairness and decentralization 6⃣ Voluntary Upgrades: “Safety hatch” lets vault owners opt out of updates, maintaining user sovereignty 🔹 Institutional Catalyst: ETFs Capital -> Lido The synergy between Lido V3 and ETH staking ETFs could unlock massive inflows: - VanEck’s proposed Lido Staked ETH ETF may channel billions of institutional capital by holding stETH as the underlying asset directly bridging TradFi and DeFi - Enhanced Yield: Restaking and DeFi integrations can boost returns, making ETFs more attractive - Liquidity & Efficiency: stETH’s liquidity supports smooth ETF operations without redemption delays - Trust & Scale: With $50B+ TVL and $100M+ monthly revenue, Lido’s dominance and multi-chain expansion position it as a prime gateway for institutional inflows

Theo FDV Projection Theo is currently an RWA protocol using U.S. Treasury Bills (T-Bills) as its revenue source. While it plans to handle various RWA assets beyond government bonds, we've projected its FDV based on T-Bills for comparison with other projects at this stage. [Comparison Based on Investment Funds] The T-Bill RWA projects include Ondo, Usual, and the recently listed OpenEden. Expectations for the RWA sector are high. While Ondo had a high FDV at its TGE, it has continued to rise, currently reaching $8B. Consequently, Usual and OpenEden also formed very high initial FDVs. Therefore, the average FDV at TGE for these three projects is calculated as $2.5B. Even excluding OpenEden due to recent frenzy, it still calculates to $1B. [Comparison by TVL] By TVL, it feels a bit more subdued. Based on TGE, it calculates to approximately $330M. Theo's Variation Theo's current TVL is $117M. Theo's full-scale staking began this August after converting to T-Bills. Since it uses a points-per-dollar system rather than an epoch-based one, points inflation is also expected to be low. From this perspective, even if only 5% of $330M is airdropped, it amounts to $16.5M, yielding roughly a 14% ROI. The APR will likely vary depending on deposit duration and strategy (Yield Farming, Lending leverage). Even considering just the 14% APR, it shows quite decent YF/Leverage efficiency alongside the base rate. I'll cover this in more detail in a future post.

Theo FDV Estimate Theo is currently an RWA protocol that uses T-Bills, which are U.S. Treasury bonds, as its source of income. Of course, it is said that various RWA assets will be handled in addition to government bonds, but for now, I have estimated the FDV based on T-Bills compared to other projects. [Investment Amount Comparison] Currently, the T-Bill RWA projects include Ondo, Usual, and the recently listed OpenEden. Expectations for the RWA sector are high, and particularly, Ondo had a high FDV at the time of TGE, which has continued to rise, reaching $8B now. This has led to Usual and OpenEden also forming very high initial FDVs. Therefore, the average FDV for these three projects is calculated to be $2.5B at TGE. Even excluding OpenEden due to the recent frenzy, it is calculated to be $1B. [TVL Comparison] In terms of TVL, it feels a bit calmer. Based on TGE, it is calculated to be about $330M. [Changes in the Situation] Theo's current TVL is $117M. The transition to T-Bills and the full-scale staking began this August, and since it is a point system per dollar rather than an Epoch system, point inflation is also expected to be low. From this perspective, even if only 5% of $330M is airdropped, it results in $16.5M, which yields about 14% ROI. The APR will likely vary depending on the staking duration and strategy (YT, windmill, etc.). Even looking at just the 14% APR, it shows quite a decent YT/windmill efficiency along with the base interest rate. I will summarize this in the next post. A couple of disappointing points are: 1. The lack of separation between $1 pegged assets and interest-accumulating assets (Yield Bearing Assets), resulting in a low internal interest rate. 2. Not adopting a strategy to secure liquidity and boost TVL through Pendle by differentiating points for DEX LP and Pendle YT/LP. That's about it.