In just a few weeks, @infinifilabs broke through $50M in TVL.
This reinforces my belief the YTs are being undervalued on @pendle_fi.
I did some math 🧵👇
We know Season 1 will be six months.
We also have a good idea of what points will look like then, since we have multipliers and weighting.
• Hold iUSD: 2x 10%
• Stake iUSD 1x 25%
• Lock iUSD 1x 15%
• LP Fluid/Curve 3x 10%
• LP Bal: 5%
• Pendle: 4.5x 30%
We can then extrapolate total points using an average TVL estimate.
Previously, I was estimating 50M average (linear climb to $100M), but I was clearly way too bearish.
Now I'm assuming $100M average.
That would mean 8.7M points generated. The lion's share going to @pendle_fi
Now we can estimate the airdrop value (%FDV) and divide it by that 8.7M.
We get IY by multiplying point value by 4.5 (multiplier), then dividing it by 1,000.
We divide by 1,000 since 1,000 gets a "point per day" (times any multiplier), annualizing by multiplying by 365.
Right now, the YT would be a 300% ROI at a very conservative 50M FDV.
At my assumed 200-300M TVL, that would be an insane 1:4 to 1:6 FDV to TVL ratio.
Most stablecoin protocols are 1:1 to 1:3.
Those would generate anywhere from a 5x to a 15x on the YT.
And that's why the YT iUSD was the first YT I've purchased since EtherFi S2.
What was that, like a year ago? It's so hard to remember time in DeFi.
I should also note, I just actually like the infinifi product.
The senior tranche is a slightly better lending aggregator yield plus points.
It's USDC in / USDC out and 6-9% APR.
liUSD is basically a Pendle PT aggregator with way more flexibility.
Anywho, please feel free to audit my math!
I love when people add to the points speculation conversation.
One thing to note is that just because S1 is six months doesn't mean TGE will be exactly after S1.
I hope it is, but I know how DeFi works, delays should be expected.
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