On June 16, DeFi analysts Keno and Cheezzyy co-authored a report stating that with the GENIUS Bill promoting clear stablecoin regulation, the sector is entering a rapid growth period. Citigroup predicts that the stablecoin track will have a compound annual growth rate of 45%.
In this context, DeFi protocol Pendle stands out as a key asset capturing the stablecoin yield trend. Currently, Pendle occupies about 30% of the stablecoin yield market, with stablecoins accounting for over 80% of its TVL. Its core mechanism of "yield tokenization" splits yield-generating assets into principal tokens (PT) and yield tokens (YT), allowing users to lock in fixed yields and hedge against interest rate fluctuations.
Pendle has also become an important channel for project collaboration and user incentives. With the advancement of new plans like Boros and Citadel, its serviceable market and monetization capabilities are expected to continue expanding. The current expectation of Pendle's annual revenue approaching $100 million is gradually taking shape, though market attention remains relatively insufficient.
Based on a valuation model using vePENDLE yield, with an estimated 80% of projected revenue, a price-to-earnings (P/E) ratio of 25, and an expected circulating supply of approximately 170 million tokens, the target price for PENDLE is $11. According to the football field valuation model, Pendle's reasonable valuation range is $8 to $12, representing a 2-3 times increase from its current price.
