PENDLE IS NOW LIVE ON HYPEREVM
Time to do some points math.
We're 1.5 weeks into the 6-week pre-deposit campaign for beHYPE.
That means there's 75% left (~31 days).
Here's what that means for liquidHYPE🧵👇
I'm assuming that after the beHYPE pre-deposit campaign ends, the only yield on liquidHYPE will be the native staking yield (2%).
The current IY is 13.6%. SO, we can find out how the points campaign is valued by using a weighted average.
13.6% = (25% * X) + (75% * 2%)
In this case, X = 48.4%
To reiterate, what I'm suggesting is the pre-deposit campaign (25% of the duration of the Pendle market) is being valued at 48.4% IY.
And the rest of the duration (75% of the time) is being valued at 2% IY.
(25% * 48.4%) + (75% * 2%) = 13.6%
That's actually pretty dang good.
That's roughly an extrapolated $100M FDV.
That said, the IY is super volatile this morning, so let's see where it lands.
There's also a good chance the Pendle position continues to be incentivized after the campaign with either a S2 or with token incentives.
SO efficient markets will build in that speculative IY.
Note: Pendle Maxi and Ambassador, Hyperbeat Enjoyer
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