jawor

jawor argues SKY is the most mispriced asset in crypto. The protocol generated $46M surplus in Q1 2026 (annualized $184M profit on $2B market cap), yielding 9% on valuation versus 4.5% on 10-year Treasuries, yet trades at 11x P/E—half typical bull-market DeFi multiples. Governance is building a $150M capital buffer before unlocking 72% revenue distribution to stakers mid-June 2026, when buybacks jump from $37.6K to $300K daily; USDS (third-largest stablecoin at $11B+) continues growing through migrations and Privy integration while 72.87% of SKY supply remains staked.

jawor argues DeFi yield has been broken for two years, but STRC's 11.5% dividend changes the equation. Pendle is the only scaled protocol tokenizing yield-bearing assets into tradeable PT and YT, capturing a $500T+ TradFi derivatives market. At $320M market cap with 41% fee growth, 80% revenue buybacks, and STRC as a new structural yield source, the market hasn't priced in Pendle's monopoly position and the protocol flywheel it enables.