Put this number in the current market, and it’s very easy for people to get tempted.
But what I really want to figure out is: where exactly does its return come from?
After researching the Star-Yao Win-Win initiative with @Bifu_ZH, one thing I’m more concerned about is that this isn’t traditional fixed lending interest.
It’s more like an early-cost advantage formed when institutions take up the allocation, then compounded by the lock-up period and the exit price difference as the unlock date approaches.
In simple terms:
Institution buys early → gets locked up → as unlock approaches it creates a price spread → users participate in an opportunity for a portion of the time.
So I think what’s truly worth looking at isn’t the “45%” figure, but whether the underlying funding and exit logic can actually work.