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Looking at PenPie's position in the Pendle ecosystem is indeed interesting. Controlling 25% of the voting rights in Pendle with a market cap of $14 million raises quite a few questions.
Then, consider the yield data for vLPNP holders—just in Q4 alone, they received $450k in incentives, which translates to a quarterly return of 12.7%, not including subsequent buybacks and protocol fee sharing. This number is indeed not low in DeFi liquidity staking.
Comparing this to Pendle itself: a market cap of $323 million generates $26 million in annual revenue. Meanwhile, PenPie is capturing this value stream at a 23x discount rate—simply put, with the same revenue source, PenPie's valuation is effectively deeply discounted. From a capital efficiency perspective, there is indeed an interesting relative valuation relationship here.
1. Wait, 14m market cap controls 25% voting rights? That’s pretty outrageous, feels like Pendle’s power structure is a bit shaky.
2. A 12.7% quarterly return is indeed not low, but how long this high yield can last is really uncertain.
3. 23x discount? Isn’t that directly bottom-fishing PenPie? Seems like a good time to jump in and try.
4. Quite interesting, it's like buying the same cash flow at a cheaper price, I can understand this logic.
5. The problem is, such arbitrage opportunities usually don’t stay cheap for long, gotta jump on it quickly.
6. The yield on vLPNP looks quite tempting, but the key is how long it can sustain.
7. Looking at it this way, PenPie is indeed undervalued, why hasn’t the market reacted yet?
8. Such concentrated power, isn’t there a risk? Feels a bit dangerous.
9. 25% voting rights with a 14m market cap, this pricing is indeed a bit outrageous.
10. Such relative pricing relationships are rare in DeFi, but once caught, the risk is quite high.
Q4 quarterly return of 12.7% sounds good, but can historical data backtest to achieve this performance? I'm worried this might be a survivor bias trick.
23x discount rate capturing revenue streams, in plain terms, betting that Pendle can continue to generate value. But on-chain data shows that large addresses have been acting quite frequently recently... be cautious.
The exaggerated discount rate actually makes me more hesitant. The eye of the storm is the most vulnerable to being cut, but since we've seen it, we can't pretend we don't notice.