Just finished smart guy @phtevenstrong clip on $CAP . Agree with him that cUSD YT at 11% looks cheap. Some reason: Yield bearing stablecoins usually trade at FDV - TVL ratios between 25–50% (@PendleIntern has a chart) Now, let’s assume💡: 1. $CAP launches at a 50% FDV/TVL ratio with a 5% airdrop , meaning a $168M FDV (likely higher). 2. If total points end near 150B, that gives a base APR of roughly 2.05% for $CAP at $168M FDV. Under these assumption 👈: Pendle cUSD YT is giving 20x multiplier, which mean you can get 2.05*20 = 41% as a cUSD YT holder. But cUSD YT on pendle is only at 11%. Even being conservative, say points end up 1.5–2x higher than expected, we are still looking at ~20% APR, even before factoring in any future TVL growth. So the r/r to ape cUSD YT is not bad. The only risk is points dilution, since we don’t yet have exact totals. Anyway, the clip below should explain well. (My math might be wrong so feel free to correct me)