1/ According to the statistics of tokenterminal (estimated in the past month), #uni's annual agreement revenue is $536.84m, and ldo's annual agreement revenue is $419.43m. The P/F (Price to fees, market value agreement fee revenue multiple) is 5.26x and 13.43x respectively. However, 50% of ldo's actual revenue is allocated to node suppliers, so its actual P/F should be 10.52x. It can only be said that uni is relatively overestimated but not much.

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2/ Currently, uni is 2.5% of the market value of ETH, and#ldois 1%. From the perspective of income capacity, with the approach of Shanghai upgrade and the increase of main network pledge rate (less than 20% → potential 50+%), ldo's income capacity will exceed uni. Therefore, it is not excessive for ldo's market value to account for 1% of Ethereum's market value, and there is still a lot of room for growth;

3/Similarly, when DVT is indispensable, if 2-5% of the original 10% fee of the third-party pledge service is allocated to the DVT market, then this is also a huge market. If SSV can obtain 1/2 of the share, referring to LDO's 10x P/F, SSV's market value will reach 1/5-1/2 of LDO, which has 2-5 times of appreciation space relative to the current market value. Multiplying it by the upgraded beta income of Shanghai, there will be a lot of room for imagination.

4/ Finding alpha in the LSD sector requires more focus on the upstream and downstream of third-party staking service providers (such as machine gun pools, DVT service providers, etc.). The liquidity staking track itself is already very competitive, so there is no need to bite the bullet and dive in. It does not mean that it will not rise, but the verification of the logic of this track is based on a substantial increase in the Ethereum staking rate. At the same time, there will be a game between the same yields on the Ethereum demand side, which will also generate greater demand.

5/Therefore, relative to the potential yield of Ethereum price, LDO may not have much alpha return when it has become the leader, the market expectations are sufficient, and the P/F valuation is reasonable relative to UNI;

6/ The economic model introduces SSV as the subject of settlement of protocol fees. Compared with the current LDO, it has a good value capture capability. The fees are settled in SSV, which can enable the token economy.

7/ a&t estimates that under the condition of good staking rate and market conditions, the annual income of ETH staking market will exceed 35 billion US dollars. If ssv's DVT can share 10%, according to 10x F/P (refer to uini), its market value can also reach 35 billion US dollars. The current market value of#SSVis 200 million US dollars, and there is even room for a hundred times growth.

8/The potential ten-fold or hundred-fold alpha coins in the staking track may be more concentrated in the upstream and downstream of third-party staking. This is the same gameplay as mid-to-late-stage DeFi. As a project with DVT first-mover advantage in the upstream and downstream, SSV’s value and narrative have not been fully priced in the market. Whether it can become the most eye-catching one still needs to pay attention to the subsequent mainnet launch and its team’s BD capabilities for node service providers.

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