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Pentalab.io, as the world’s first research institute of AI and self -developed ten -dimensional encryption asset valuation system, was launched early in 24 years.Since the first release of PENDLE Finance on January 17, PENDLE’s price has risen from $ 1.98 to $ 2.8, achieving amazing increases.Pentalab.io is committed to providing global investors with the cutting -edge market insights to help everyone make more wise investment decisions.Welcome to pentalab.io to get a complete report.
The following sections are selected from Penta Lab Research Report“PENDLE Finance -Investigation token Circuit Last” “token economics, data verification, code assessment, competition comparison (part), valuation (part)”, “Introduction, track analysis, product income,Media community, team background, financing situation, route planningRisk analysisPlease refer to the complete report.
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Token economics
Introduction
PENDLE uses a mixed -inflation VE token economy model.The VE model was initially proposed by Cruve that the holder must lock the token for a period of time in exchange for VE-TOKEN with voting rights and other rights.This model can inspire users to participate for a long time and reduce the circulation of tokens on the market.
The issued 270 million PENDLE tokens are mainly used for liquidity incentives, about 110 million, accounting for 41%.The remaining tokens are mainly distributed in teams (21%), ecosystem funds (17%) and investors (14%). Team and ecosystem fund tokens account for relatively high proportion.The tokens assigned to investors and consultants were gradually unlocked in the first year on a quarterly on a basis of the team.The tokens planned to be assigned to teams, investors, advisers, and ecosystem funds have been unlocked in April 2023. The supply of tokens has stabilized. The PENDLE currency price has been in February 2023 (the last team tokenUnlock, about 7 million) quickly fluctuated.
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Source: Pendle official website, Mediumpendleteam, Pentalab
2 Lobricity Incentive Unlock Mode
PENDLE token issuance uses a hybrid inflation model. According to the current token economic model, the token supply has no upper limit.The official website and team MEDIUM shows that the tokens for liquidityINCENTIVES are divided into three stages: 3 stages:
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The initial 26 weeks (April 26, 2021 to October 2021): 1.2 million PENDLE is released every week;
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Week 27 to Week 260 (until April 2026): Weekly liquidity incentive decreases by 1.1%;
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Week 261 starts: Based on the amount of circulating token 2%per year, it is used to motivate users (currently planned).
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Vependle voters have the right to obtain 80 % of the transaction fee of the voting pool, and allocate with all the voters of the pool in proportion to constitute the annualized return of the voter.
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All YT charges constitute a basic annualized yield (Baseapy).
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The fixed interest rate income generated by PT in the liquidity pool;
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The underlying asset income generated by SY in the liquidity pool;
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20%of the transaction fee incurred by the liquidity pool;
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PENDLE tokens: According to the VEpendle ticket obtained by the liquidity pool, the token incentive released by weekly is distributed in proportion.
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Gygp
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ERC-5115
3 Revenue distribution
3.1 Vependle income distribution
PENDLE holders can get VEPENDLE through locking tokens, thereby participating in voting and governance, and obtaining agreement revenue.The lock -up period does not wait from 1 week to 2 years. As the locking time increases, the number of VEPENDLE quantitatives exchanged by PENDLE in 1 unit increases linearly. When the locking is 2 years, the maximum exchange ratio is 1: 1.As the expiration date approaches, VEPENDLE’s quantitative quantity is reduced to 0. Each wallet can only choose one vetendle lock period, but you can choose to extend the lock time.
At the current stage, only the holders of Vependle enjoy the distribution of agreement charges, and the Pendle treasury has not been allocated.VEPENDLE holders can directly get the allocation of the following two protocol charges:
3.2 LP income composition and VEPENDLE governance
PENDLE encourages to inject assets to the liquidity pool to increase the tvL of the pool. LiquidityProvider (LP) will be distributed in proportion to all LPs of the pool during the pool.LP’s income composition includes the following 4 aspects:
VEPENDLE holders can throw the votes in their hands to different liquidity pools in an autonomous proportion to guide the tokens to incentive to the pool, thereby effectively guiding the direction of asset injection and forming governance.In addition, when Vependle holders are LP, they can choose to accelerate their LP positions (Boost) to amplify their PENDLE token to up to 2.5 times. This governance model can greatly encourage injecting liquidity.
Figure 06: Vependle holder gets more than 80 % of the income distribution
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Data source: Pendle official website, penta lab
3.3 circulation ratio
According to the aforementioned release method, as of January 17, 2024, the total supply of PENDLE tokens is expected to be about 270 million pieces. By the end of the second stage, it is expected to be about 290 million.Continue to attract user growth during the year.According to official website data, the number of PENDLE in circulation is 154 million pieces. Assuming that the supply as of the end of the second stage is the total supply, the market value of circulation only accounts for 58%of the fully diluted valuation (FullydilutemValuation).The lock is exchanged to VEPENDLE or is held by insiders, and it is expected to have a subsequent or throw pressure.
Figure 07: At this stage, the weekly supply volume is stable and decreasing
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Data source: Pendle official website, pentalab
3.4 Dynamic Economic model advantages
Make a need to reduce confession and support currency prices.The VEENDLE governance model encourages lock -to -to -beings by distributed agreement revenue. The longer the locking time, the greater the reward.This model has stimulated the demand of Pendle tokens, reduced the supply of circulating tokens, and thus supports currency prices.
Attract LP to increase the scale of the platform and improve trading slippery points.Vependle voters can get more tokens from the corresponding liquidity pool when they are LP, which attracts more people to become liquidity providers, expand the size of Pendle’s TVL, and improve transaction slippery points.
Improve user loyalty and protocol stability.”Whales” seeking short -term returns generally monopolize voting rights by temporarily acquiring tokens, and the distribution of left and right incentives will be sold after obtaining token incentives.The VEPENDLE governance mechanism has long locked tokens for a long time (the average lock -up period is 427 days), which hinders the short -term realization of the “digging and selling” process to a certain extent, avoid damage to the interests of small holders, increase user loyalty, and increase token to token.The stability and the overall intensity of the protocol.
Data verification
Multi -chain deployment and distribution situation
As of January 2024, Pendle has been deployed on Ethereum, Arbitrum, BSC and Optimism chains.From August 2023 to January 2023, the transaction volume that occurred in Ethereum and Optimism accounted for 97%of Pendle’s total transaction volume.
Figure 08: The trading volume of Arbitrum and Ethereum occupies a dominant position
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Data source: Pendle official website, Defillama, Pentalab
From August 12, 2024 to January 12, 2024, Pendle’s TVL increased from $ 140 million to $ 310 million, with a compound growth rate of 18.6%.
Figure 09: Pendle’s changes in TVL in the past 6 months
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Source: Pendle official website, defillama, Penta lab
Figure 10: PENDLE’s circulation market value/TVL
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Source: Pendle official website, defillama, Penta lab
As of January 18, 2024, the average proportion of market value/TVL in PENDLE circulation was 0.66, which was located in the historical average in the past 12 months and has growth potential.
Code assessment
1 code update frequency
The submission records of GitHub charts and code show that the PENDLE project has updated frequency more than 7 submitters per week in the past year. The average number of codes increased and deleted by about 1,000 lines and -500 lines per week.It can be seen that the total amount of the project code is considerable and the code update frequency is higher.
Figure 11: PENDLE’s code submission in the past year
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Source: github
2 code and route diagram matching
In terms of matchmaking with the roadmap, Pendle hopes to increase the community leverage effect through the integration with other protocols (whether decentralization or centralization), and provide users with better interest rates.In PENDLEV2 recently released, Pendle has achieved better compatibility. Through ERC-5115, the token function expansion, and the PENDLE interest rate token mechanism is opened to all the trend currencies in DEFI, creating a oneNo need to permit an ecosystem.
3 Technical Innovation
PENDLE uses the ERC-5115 standard, which is developed from the expansion of ERC-20 from the Ethereum token standard ERC-20, providing PENDLE provides more powerful use scenarios.
ERC-5115 is a token standard for packaging any income generation mechanism that complies with the GYGP model.Each ERC-5115 tokens represent a share of GYGP and allows interaction with GYGP through a standard interface.In the ERC-5115 protocol code, the general-purpose income generation pool (GYGP) is defined. In each mechanism that generates the income, a capital pool that is measured by assets is generated.EssenceOver time, the value of the asset pool increases and receives rewardtokens, and then assigned to users according to the corresponding rules.
ERC-5115, as an extension of ERC-4626 and ERC-20, can cover most of the revenue generation mechanisms in DEFI, including tokens established on the ERC-4626 standard.In the ERC-5115 protocol code, the general-purpose income generation pool (GYGP) is defined. In each mechanism that generates the income, a capital pool that is measured by assets is generated.EssenceOver time, the value of the asset pool increases and receives rewardtokens, and then assigned to users according to the corresponding rules.
Chart 12: GYGP code definition
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Data source: EthereumiMPROVEMENTPROPOSALS
Figure 13: GYGP code definition 2
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Data source: EthereumiMPROVEMENTPROPOSALS
The innovative definition of various fields in the agreement is convenient for users to perform asset operations.maxWithdraw字段返回提现调用中的最大份额；previewWithdraw、previewRedeem字段允许用户在当前区块模拟提现、赎回效果；withdraw字段定义提取资金库中份额并发送给接收者的行为；redeem字段定义资产赎回行为EssenceThese fields increase the flexibility of the fund library, allowing users to directly use assets or share for access to withdrawal operations.
Because the tokens that meet the GYGP model can be defined by SY standards, the ERC-5115 standard can be relatively capable of supporting more use scenarios.In PENDLE Finance, Pendle took the lead in using the SY standard and opened the PENDLE interest rate tokens to all the Terminal currencies in Defi, creating an ecosystem that does not need to be accessed.For details of competitive analysis with the comparison of the same track products.
4 Development team and contributor
According to PENDLEFINANCE’s code submission records on Github, PENDLE has a development team with a total of 7 people, including two stable two code contributors.Line, the scale of the development team is slightly less than the current market value of the development team (more than 300 million US dollars).
Comparison
1 market share
PENDLE is the fastest TVL growth rate on the LSDFI track in 2023. In mid -2023, TVL was only 1/3 of Lybra, and was tied at about 50 million US dollars with INSTADAPP and RAFT.It has expanded six times to a scale of nearly $ 300 million, the same volume as Lybra. In addition, although InstadApp is as high as US $ 2.5 billion, it has transformed a digital financial service platform and has no clear income path.YieldProtocol’s TVL scale, which is also operated by the operating interest votes, is still struggling near one million US dollars. Sensefinance announced in October 2023 to stop operation, and the team focused on the development of the new agreement.
Figure 14: Comparison of LSDFI track protocol market share
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Source: Defillama, Pentalab
2 Competitive comparison
2.1 financing scale
PENDLE’s total financing scale is three rounds, and the amount of public financing is 3.7 million US dollars. YieldProtocol received a $ 10 million financing in 2021, led by Paradigm, a blue chip crypto investment company.The seed wheel financing carried out by Sensefinance in August 2021 raised $ 5.2 million. PENDLE has no obvious advantages in the scale of financing, but it is stronger in financing rounds and continuously attracting investment.
2.2 Under -level token protocol
The team has developed an ERC-5115 protocol on the basis of ERC-4626. Compared with Yieldprotocol and Sensefinance, it has stronger scalability.
Figure 15: The number of products launched by Pendle is significantly ahead of Yield Protocol and Sense Finance
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Data source: Pendle official website, yieldprotocol official website, Sensefinance official website, penta lab
2.3 Developer configuration
According to PENDLEFINANCE’s code submission records on GitHub, PENDLE has a development team with a total of 7 people, including two stable two code contributors, the number of code submission is 746 and 437, respectively, involving the number of rows 243981 and 93512, respectively.Line, the scale of the development team is slightly less than the current market value of the development team (more than 300 million US dollars).
Figure 16: Comparison of code submission records, from top to bottom are Pendlefinance, YieldProtocol, Sensefinance
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Source: github
Valuation
We compare the PENDLE price with the amount of PENL, the weekly release, the price of Ethereum and the 10 -year US debt yield. It can issue PENDLE prices to the positive correlation of TV and Ethereum.U.S. debt correlation is not great.
Further analysis compares the average supply of market value to TVL in the past year. The average value of 1.59 is found. At present, the valuation level of 1.85 is similar to the average year.The valuation of 2.5 times in March 2023 is relatively rational.
Figure 25: PENDLE fully supply market value and comparison with TVL
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Source: Defillama, Pentalab
We assume the growth rate according to the existing tracks of PENDLE’s existing tracks. Among them, USDC monthly ruling can reach 40%in six months, which is expected to reach 130 million US dollars. CDAI is expected to reach 110 million US dollars in six months.After six months, the overall TVL is expected to reach $ 670 million.Further use the current average supply market value of 1.59 to the valuation of TVL on the top of TVL, and the estimated supply of 274 million pieces in six months later. At present, the existing currency is obtained from the market value of US $ 1.04 billion in six months, which is 97% compared to the current price of 97%.Rising space.
Figure 26: Pendletvl’s main assumption
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Data source: duneanalytics, Pentalab
