Theo FDV Estimate Theo is currently an RWA protocol that uses T-Bills, which are U.S. Treasury bonds, as its source of income. Of course, it is said that various RWA assets will be handled in addition to government bonds, but for now, I have estimated the FDV based on T-Bills compared to other projects. [Investment Amount Comparison] Currently, the T-Bill RWA projects include Ondo, Usual, and the recently listed OpenEden. Expectations for the RWA sector are high, and particularly, Ondo had a high FDV at the time of TGE, which has continued to rise, reaching $8B now. This has led to Usual and OpenEden also forming very high initial FDVs. Therefore, the average FDV for these three projects is calculated to be $2.5B at TGE. Even excluding OpenEden due to the recent frenzy, it is calculated to be $1B. [TVL Comparison] In terms of TVL, it feels a bit calmer. Based on TGE, it is calculated to be about $330M. [Changes in the Situation] Theo's current TVL is $117M. The transition to T-Bills and the full-scale staking began this August, and since it is a point system per dollar rather than an Epoch system, point inflation is also expected to be low. From this perspective, even if only 5% of $330M is airdropped, it results in $16.5M, which yields about 14% ROI. The APR will likely vary depending on the staking duration and strategy (YT, windmill, etc.). Even looking at just the 14% APR, it shows quite a decent YT/windmill efficiency along with the base interest rate. I will summarize this in the next post. A couple of disappointing points are: 1. The lack of separation between $1 pegged assets and interest-accumulating assets (Yield Bearing Assets), resulting in a low internal interest rate. 2. Not adopting a strategy to secure liquidity and boost TVL through Pendle by differentiating points for DEX LP and Pendle YT/LP. That's about it.

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