Jonah
@_Jonahw
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Onchain investing @skycatcher_xyz. In it for the freedom. Opinions my own / Not a solicitation / Not an offer for investment advisory services
Joined September 2011
RSOV measures the total value captured by L1 tokens . Thank you @BanklessHQ for having me on to discuss!.
LIVE NOW - Why Analysts Are Valuing ETH All Wrong. How should we value L1 tokens in crypto? . Today’s guest, @_Jonahw of @skycatcher_xyz, introduces RSOV—“Realized Store of Value”—a new metric designed to fundamentally rethink how we evaluate Layer 1 assets like ETH, SOL, and
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RT @tn_pendle: It’s been exactly one month since @boros_fi went live, and I wanted to share a quick update on how things are shaping up. E….
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We just leveled up. Perpetual futures are no longer capped at 20x — say hello to 50x leverage.
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p.s. We've heard liquid access to PENDLE cash flow is a pain point. Cooking up a cheeky fix w/ @CupOJoseph.
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++ lots of sharp investors and builders for viz. Ty for continued collaboration!. @08ird @jamesjho_ @vincentjow_ @TheiaResearch @TraderNoah @johnfromtheia @seanlippel @john_tv_locke @arthur_0x @cosmo_jiang @gonsenheim @0xOpiner. @pendle_fi @imkenchia.
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We’ve owned Pendle since late ’23, and it's now our top position (again). Crux of our thesis is that demand for fixed yields will be core part of mainstream adoption of onchain finance; and Pendle is best positioned. Today we're more confident in that thesis than ever before.
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We made 2 different projections for Pendle's deposits by EOY:. 1) using the long-term annualized growth rate.2) using the last 6-month annualized growth rate. The long-term rate projects deposits reach $13.3B, and the 6-month rate projects $18.1B. At 20x P/E, these projections
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At 20x P/E, $7.5-10m of annualized earnings for every $1B of deposits implies that Pendle’s market cap should trade at 15-20% of deposits. Today it trades at just 8%—the lowest ever despite now growing faster than ever.
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But the market hasn’t caught up this recent growth 👇. Pendle generates ~$7.5–10M annualized earnings for every $1B of deposits. So market cap usually tracks deposits closely. But recently as deposits surged to new ATHs, market cap has lagged. Price is now deeply disconnected.
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Today @Pendle_fi offers a rare combination of deep value & accelerating growth 🧵👇. In August deposits surged past $10B (+39% m/m).
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Good tool for DATs.
Introducing Lido Earn. stETH powered vaults for advanced DeFi strategies. ↓
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RT @GammaSwapLabs: gBTC is now live on Base. Earn yield on synthetic spot exposure while providing onchain liquidity to decentralized excha….
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Hyperliquid.
[🌲] CFTC TO CREATE PATHWAY FOR US CITIZENS TO TRADE ON OFFSHORE EXCHANGES SUCH AS BINANCE, BYBiT, OKX.
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What happens when more assets are tokenized ?. This is not bullish banks . This is bullish AAVE . @fundstrat.
Leverage in crypto continues to expand. From DeFi to CeFi, futures to treasury strategies, @glxyresearch tracks where risk is building and how it’s shifting. Our Q2 2025 State of Crypto Leverage report is out now.
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It’s not a legit L1 until AAVE deploys there . Hyperliquid.
Well, if Rabby adds support, I guess we should consider going there too seriously. What do you think?.
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