In just a few weeks, @infinifilabs broke through $50M in TVL. This reinforces my belief the YTs are being undervalued on @pendle_fi. I did some math 🧵👇

We know Season 1 will be six months. We also have a good idea of what points will look like then, since we have multipliers and weighting. • Hold iUSD: 2x 10% • Stake iUSD 1x 25% • Lock iUSD 1x 15% • LP Fluid/Curve 3x 10% • LP Bal: 5% • Pendle: 4.5x 30%

We can then extrapolate total points using an average TVL estimate. Previously, I was estimating 50M average (linear climb to $100M), but I was clearly way too bearish. Now I'm assuming $100M average. That would mean 8.7M points generated. The lion's share going to @pendle_fi

Now we can estimate the airdrop value (%FDV) and divide it by that 8.7M. We get IY by multiplying point value by 4.5 (multiplier), then dividing it by 1,000. We divide by 1,000 since 1,000 gets a "point per day" (times any multiplier), annualizing by multiplying by 365.

Right now, the YT would be a 300% ROI at a very conservative 50M FDV. At my assumed 200-300M TVL, that would be an insane 1:4 to 1:6 FDV to TVL ratio. Most stablecoin protocols are 1:1 to 1:3. Those would generate anywhere from a 5x to a 15x on the YT.

And that's why the YT iUSD was the first YT I've purchased since EtherFi S2. What was that, like a year ago? It's so hard to remember time in DeFi.

I should also note, I just actually like the infinifi product. The senior tranche is a slightly better lending aggregator yield plus points. It's USDC in / USDC out and 6-9% APR. liUSD is basically a Pendle PT aggregator with way more flexibility.

Anywho, please feel free to audit my math! I love when people add to the points speculation conversation. One thing to note is that just because S1 is six months doesn't mean TGE will be exactly after S1. I hope it is, but I know how DeFi works, delays should be expected.