Pendle price

🧐 FN Exclusive | The Evolution of Altcoin Investment from HYPE 🎯 Key Points 📍 The success of a token depends on three main factors: narrative, product-market fit (PMF), and value capture. 📍 Most tokens stop at the "two-thirds" stage: narratives are easy to construct, product-market fit is challenging but not a binary outcome; however, value capture is more complex — the interplay between stakeholders, legal compliance requirements, and considerations at the listing level can make the design and timing of value capture mechanisms tricky. 📍 Only a few tokens (like HYPE) can satisfy all three factors simultaneously. Many protocols that perform strongly in other areas still encounter bottlenecks in value capture, which can limit the upside potential of the token even if the fundamentals are solid; in some cases, there may even be a phenomenon where the fundamentals are weak but the token performs contrary to expectations. 📍 The investment triangle model is easy to understand but difficult to implement in practice. Metrics can be manipulated, protocol documents often obscure key details, and token economic mechanisms may change unexpectedly as projects progress; market narratives iterate rapidly, and tokens that are either completely failing or fully meeting the three factors may have drastically different future trajectories. 🧭 Case Analysis 🔹 $HYPE: All Three Factors Met ▪️ Narrative: As a unique "Binance-level" decentralized exchange, its cumulative trading volume has surpassed $2.4 trillion, positioning itself as a "Layer 1 (underlying blockchain) that can support all types of financial services in the future." ▪️ Product-Market Fit: Daily clearing volume of $10-20 billion, open contracts around $15 billion, holding over 60% market share in the decentralized perpetual contract market, with over 640,000 users and daily revenue reaching millions of dollars. ▪️ Value Capture: 99% of transaction fees (1% goes to the HLP fund) are used to buy back HYPE, with every transaction's revenue flowing back into the token's value system. Hyperliquid (HYPE) is a model of the "trinity," perfectly covering all three dimensions. 🔹 $LDO: Two Factors Met 🔹 $PENDLE: Two Factors Met Click to see the complete case analysis and understand the direction of altcoin investment:

Just based on the concept of the Trump family, @worldlibertyfi has reached a circulating market value of $7B. There are almost no reliable ecological projects supporting it, yet its market expectations exceed those of AAVE, Uniswap, Ethena, Pendle, and other Crypto Native blue-chip protocols. Tell Me Why? The answer is clear: the current trend in the Crypto industry has completely shifted, and here are several observations: 1) For Wall Street institutions, the new narrative of Wall Street DATs has overshadowed previous technical narratives like layer2, BTCFi, ZK, etc. It has been proven that adoption from institutions will truly bring incremental growth, even if most of the operators among them have ulterior motives; 2) Emphasis on capital efficiency: the market is no longer focused on the TPS arms race and superficial TVL shows, but rather on how to generate more Yield from limited funds. For example, @Dolomite_io's liquidity reuse, @MitosisOrg's programmable liquidity innovation, @apr_labs' MEV value capture, and high-frequency trading flywheel all tell stories about enhancing capital efficiency; 3) Financial engineering > technical concepts: the expansion of Crypto from financial to non-financial fields seems to be a vicious cycle. Every cycle talks about expanding for Mass Adoption, but in the end, it always returns to the most fundamental financial trading scenarios. The allure of complex cryptography and consensus mechanisms has long faded, replaced by structured product design that deeply understands financial business. For instance, @HyperliquidX's on-chain order book depth and CEX-level trading experience make everyone almost forget about Decentralized, while @pendle_fi's Boros protocol innovation seems to have opened Pandora's box of traditional finance. It has been proven that precise financial engineering design is far superior to complex technical concepts; 4) B2B2C model replaces pure C-end narratives: it has long been proven that the business model that can serve retail investors well and drive them is only one in the crypto space: exchanges, which are both centralized and monopolistic, not so cool local tyrant models. A typical builder wanting to innovate around Onchain should wisely choose to first serve institutions and then let institutions serve retail investors. Thus, under the product positioning of TradFi, services tailored for institutions such as Vaults, whitelist pools, KYC thresholds, and AMM optimization will become innovative directions. 5) Compliance has become the entry barrier for innovation: once upon a time, compliance in Crypto innovation was not a first principle; it was mostly a post-facto ticket. However, under the new trend, obtaining a license before developing a product is more effective than developing a product first and then seeking compliance. In other words, compliance has become a new unfair competitive advantage, such as the Trump family's dimensionality reduction impact on the crypto space due to their government resource advantages. Coinbase's @base, Circle's USDC expansion path, and even the market expectations and valuation logic behind the Trump family's WLFI have validated the efficiency of this path. In summary: In one sentence: The next decade of Crypto may no longer belong to the geeks who change the world, but to those who understand how to package the on-chain world into financial products that Wall Street can comprehend. Do you agree? Note: Recently, some products and protocols focused on financial business and capital efficiency will be shared from time to time, and if friends notice similar protocols, feel free to share and interact in the comments.