Buy-the-dip Value Tokens? In-depth Analysis of "Real Yield" DeFi TokensWe examined DeFi star projects with "real yield"—Ethena (ENA), Pendle (PENDLE), and Hyperliquid (HYPE)—and raised a core question: as their token prices decline, do their fundamentals remain strong, or is the yield itself under pressure?
The answer is mixed:
ENA generates massive fees, but almost all fees are recycled as subsidies to maintain TVL, so the protocol's actual "surplus" is minimal.
PENDLE's fundamentals have deteriorated along with its price. As TVL has plunged to around $3.6 billion, the current sell-off is not a divergence between price and value, but rather a rational market response to a shrinking business.
HYPE is a huge money printer, generating over $1.2 billion in annualized revenue, almost all of which is used for token buybacks—but
PANews·2025-12-03 06:10