The driving factor in big RoIs on YTs is understanding your edge....
Pendle Intern@PendleIntern
14 views
Oct 17, 2025
~2 min read
Advertisement
1
The driving factor in big RoIs on YTs is understanding your edge.
With @capappโs YT-cUSD, this means understanding:
๐ Double point efficiency (exclusive to Pendle)
๐ 33x leverage
Sound like a print?
Iโll let you decide.
With @capappโs YT-cUSD, this means understanding:
๐ Double point efficiency (exclusive to Pendle)
๐ 33x leverage
Sound like a print?
Iโll let you decide.
2
Before jumping into calculations, here are potential RoIs at various FDVs.
These are PRETTY conservative numbers given Cap has:
๐ Raised $11m from @FTI_Global, @Nomura et al
๐ ~$250m stable supply
I present 3 cases:
๐ป Bear Case
๐ช Base Case
๐ฎ Cow (read: bull) Case
These are PRETTY conservative numbers given Cap has:
๐ Raised $11m from @FTI_Global, @Nomura et al
๐ ~$250m stable supply
I present 3 cases:
๐ป Bear Case
๐ช Base Case
๐ฎ Cow (read: bull) Case
3
$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 ๐
TL;DR No better way to get Cap'd up
...but since 1 YT-cUSD earns TWICE as many points as cUSD...
...$1k in YT-cUSD is equivalent to $65.4k in cUSD ๐
TL;DR No better way to get Cap'd up
4
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.
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.
5
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 ๐คซ
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 ๐คซ
6
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 ๐ช could be VERY attractive indeed.
Indeed, if $CAP can maintain a dominant ratio, the potential ๐ช could be VERY attractive indeed.
7
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 $$$ market.
That's big - I explore their design here.
If Cap can solve uncollateralized lending, that's potentially a multi-TRILLION $$$ market.
That's big - I explore their design here.
Pendle Intern@PendleIntern
Since Pendle's entry into stablecoins, a multitude of designs have graced our fine green pastures.
CDPs to funding rate arbitrage, tokenized yield strategies to T-bills - we've seen it all.
But what about ๐ข๐๐๐๐๐๐๐ก๐๐๐๐๐๐ง๐๐ lending?
What about @capapp?
๐
CDPs to funding rate arbitrage, tokenized yield strategies to T-bills - we've seen it all.
But what about ๐ข๐๐๐๐๐๐๐ก๐๐๐๐๐๐ง๐๐ lending?
What about @capapp?
๐
8
While internโs not gonna press the โbuyโ button for you, he WILL make sure you have a grasp on YT-cUSDโs potential.
Please do read and understand @capapp's design, their point system, and YTs before making any decisions!
NFA NLA NMA MDMA
Pendiddler
Please do read and understand @capapp's design, their point system, and YTs before making any decisions!
NFA NLA NMA MDMA
Pendiddler