Recently in the BNB chain DeFi ecosystem, there's a project whose performance has been quite impressive. It's not the type of protocol that hypes itself up every day, but rather one that speaks with data——annual revenue reached $15 million USD, a 1.5x increase year-over-year, with total locked value approaching $6.2 billion USD. In this overall bear market environment, these results are quite noteworthy.
Speaking of the revenue model, I've analyzed it and the path is actually quite clear. Half of the revenue (50%) comes from their proprietary stablecoin lending business. Stablecoins themselves are the foundational infrastructure of DeFi, the demand is there, and users are willing to pay interest to borrow, which shows the product genuinely has appeal. Another 30% of revenue comes from liquid staking fees, where users stake assets to earn yields, and the project takes a service fee——this is a model the market accepts. The remaining 20% comes from ecosystem partnerships and cross-protocol integrations.
This diversified revenue source is actually an advantage. Rather than relying solely on one business line, the risk resistance is much stronger when market conditions change.
What's even more worth noting is the tokenomics design. Recently, the project directly burned 200 million tokens, accounting for one-fifth of total supply. This isn't just talk——they actually sent the coins to a black hole address. The circulating market supply dropped significantly all at once, with deflationary pressure at maximum. Compared to projects that constantly talk about value attribution but take no real action, this operation shows genuine sincerity.
If you hold tokens in staking form, the current APR yield is also quite attractive. Overall, this project's financial model and token mechanism design are both relatively sound, which explains how it's managed to maintain growth through this market cycle.
Recently in the BNB chain DeFi ecosystem, there's a project whose performance has been quite impressive. It's not the type of protocol that hypes itself up every day, but rather one that speaks with data——annual revenue reached $15 million USD, a 1.5x increase year-over-year, with total locked value approaching $6.2 billion USD. In this overall bear market environment, these results are quite noteworthy.
Speaking of the revenue model, I've analyzed it and the path is actually quite clear. Half of the revenue (50%) comes from their proprietary stablecoin lending business. Stablecoins themselves are the foundational infrastructure of DeFi, the demand is there, and users are willing to pay interest to borrow, which shows the product genuinely has appeal. Another 30% of revenue comes from liquid staking fees, where users stake assets to earn yields, and the project takes a service fee——this is a model the market accepts. The remaining 20% comes from ecosystem partnerships and cross-protocol integrations.
This diversified revenue source is actually an advantage. Rather than relying solely on one business line, the risk resistance is much stronger when market conditions change.
What's even more worth noting is the tokenomics design. Recently, the project directly burned 200 million tokens, accounting for one-fifth of total supply. This isn't just talk——they actually sent the coins to a black hole address. The circulating market supply dropped significantly all at once, with deflationary pressure at maximum. Compared to projects that constantly talk about value attribution but take no real action, this operation shows genuine sincerity.
If you hold tokens in staking form, the current APR yield is also quite attractive. Overall, this project's financial model and token mechanism design are both relatively sound, which explains how it's managed to maintain growth through this market cycle.