The YT-USDe <> Sats trade is largely figured out, meaning its Implied APY is one of the most accurate ways of valuing Sats. This makes USDe's Implied APY a strong benchmark for valuing other @convergeonchain-related YTs which are NOT so figured out. Today I'll be look at @strata_money's YT-pUSDe and why it COULD be criminally undervalued (NFA) _____________________________ YT-USDe's 15.03% Implied APY is what the market deems 60x Sats to be worth - you can call this the 'Anchor Rate' By extension, this means YT-pUSDe's 50x Sats SHOULD be worth ~12.53% APY (50/60 * 15.03%) The remaining 3.09% is how the market is pricing 60x Strata points. _____________________________ Intern's best guess for total Strata Points is ~600m based on: - 🪂 @ 16 Oct 25 (aligning with S0 intended run duration) - TVL @ 🪂 is $200m - Linear TVL growth from now til 🪂 - Pendle retains ~86% pUSDe capture Total Points defines how the final Strata 🪂 ends up being distributed. _____________________________ By buying YT-pUSDe today we get 41,778 pUSDe exposure (earning 60x Strata Points) for $1,000. Assuming Sats break even with their Implied APY (which is intended as our 'Anchor Rate'), our 152m Strata Points only need to make up the remaining 3.09% APY. That's a 🪂 of $215 for 152m Strata Points. _____________________________ Assuming my end points are accurate, my 152m Strata Points is 0.0257% of ALL points. If my only goal is to Breakeven on my initial, this implies the Total Strata 🪂 to be worth ~$840k. We can then extrapolate this 🪂 value to various Allocation %'s to determine the required FDV: - 5% 🪂 -> $16.7m - 7.5% 🪂 -> $11.2m - 10% 🪂 -> $8.4m _____________________________ Now the question of the day is whether or not a protocol that is: - Natively deployed on the premier TradFi <> DeFi chain - Supported by the world's fastest growing stablecoin - Building its own financial primitive - Has over $100m in PRE-DEPOSIT TVL Can justify an $8.4m valuation 🤷‍♂️ Now I'm not gonna tell you whether to ape or not ape. I will tell you to use my referral link to give us both free money haHA. BOOST POINTS: GET POINTS: NFA NLA NMA MDMA Pendiddler