Report: Pendle's annual revenue may exceed $100 million, benefiting from the rapid growth of the stablecoin market
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最新报道：Background information: As the GENIUS Act promotes the clarification of stablecoin regulation, the stablecoin market has entered a stage of rapid growth. Citi expects its compound annual growth rate to reach 45%. Main content: DeFi protocol Pendle has become an important asset to capture the trend of stablecoin returns, accounting for about 30% of the stablecoin return market, and more than 80% of its total locked value (TVL) is stablecoins. Pendle's core mechanism "return tokenization" splits the return assets into principal tokens (PT) and return tokens (YT), helping users lock in fixed returns and hedge against interest rate fluctuations. Pendle has also become an important channel for attracting and motivating users for cooperative projects. With the advancement of new projects such as Boros and Citadel, its market space and revenue potential continue to expand. Pendle's annualized revenue is expected to reach US$100 million, but market attention is still relatively low. Valuation analysis: Based on the vePENDLE revenue valuation model, assuming 80% of expected revenue is achieved, the price-earnings ratio is 25, and the circulating supply is about 170 million tokens. The target price of PENDLE is about US$11, and the reasonable valuation range is US$8 to US$12, which has 2-3 times the current price. Special note: The content mentions Bijie.com.
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