🚨 Three assets that are said to be undervalued—but the logic behind them is completely different
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There’s an analysis that lists ONDO, ENA, and AAVE as three undervalued assets. But the reasons they’re undervalued are fundamentally not the same.📊
First, look at the line represented by ONDO: it puts U.S. Treasuries on-chain. It tokenizes government bonds and real-world assets. Its flagship product, OUSG, gives eligible investors exposure to a Treasury fund. USDY offers non-US investors a yield-bearing “digital dollar.” It’s also the first protocol to use the BlackRock BUIDL fund as collateral. The key question it hinges on is whether real institutional demand can truly materialize.
Next is ENA, which follows the synthetic dollar route. Ethena uses USDe and achieves delta-neutrality via spot plus centralized exchange perpetual shorts. Users stake to receive sUSDe; the yield comes from funding rates and staking rewards. USDe supply at one point exceeded $14.5 billion by the end of 2025. Later, funding rates normalized and DeFi activity cooled off, so supply fell as well—but cumulative protocol revenue still topped $290 million.⚖️
Third is AAVE, the old-school lending platform. It has been operating continuously for six years, handling over $1 trillion in total, with a locked value of roughly $42 billion, and it still holds a large share of the DeFi lending market. But today AAVE is around $89—far below its prior high of $661. Even Standard Chartered provided long-term target prices back in June this year.
Of course, some people argue that undervaluation often comes with valid reasons. Tokenization, synthetic dollars, and lending each must deal with regulation, competition, and smart-contract risk. A good narrative doesn’t necessarily mean the price will come back. I agree.💡
But when you put the three together, what’s interesting is that they belong to three different tracks—on-chain Treasuries, stablecoins, and DeFi lending. If institutional capital really flows in, the benefit won’t come from only one narrative. What’s truly worth watching isn’t who is “undervalued,” but whether revenue in these tracks can keep growing. One camp says this is just self-comfort during a bear market. The other says fundamentals are already diverging from price—which side are you on?
Click the avatar to watch the livestream + join the 99玖 chat group to get daily strategy 🚀
#RWA #稳定币 #DeFi
Group: 点击进入玖玖的粉丝群
There’s an analysis that lists ONDO, ENA, and AAVE as three undervalued assets. But the reasons they’re undervalued are fundamentally not the same.📊
First, look at the line represented by ONDO: it puts U.S. Treasuries on-chain. It tokenizes government bonds and real-world assets. Its flagship product, OUSG, gives eligible investors exposure to a Treasury fund. USDY offers non-US investors a yield-bearing “digital dollar.” It’s also the first protocol to use the BlackRock BUIDL fund as collateral. The key question it hinges on is whether real institutional demand can truly materialize.
Next is ENA, which follows the synthetic dollar route. Ethena uses USDe and achieves delta-neutrality via spot plus centralized exchange perpetual shorts. Users stake to receive sUSDe; the yield comes from funding rates and staking rewards. USDe supply at one point exceeded $14.5 billion by the end of 2025. Later, funding rates normalized and DeFi activity cooled off, so supply fell as well—but cumulative protocol revenue still topped $290 million.⚖️
Third is AAVE, the old-school lending platform. It has been operating continuously for six years, handling over $1 trillion in total, with a locked value of roughly $42 billion, and it still holds a large share of the DeFi lending market. But today AAVE is around $89—far below its prior high of $661. Even Standard Chartered provided long-term target prices back in June this year.
Of course, some people argue that undervaluation often comes with valid reasons. Tokenization, synthetic dollars, and lending each must deal with regulation, competition, and smart-contract risk. A good narrative doesn’t necessarily mean the price will come back. I agree.💡
But when you put the three together, what’s interesting is that they belong to three different tracks—on-chain Treasuries, stablecoins, and DeFi lending. If institutional capital really flows in, the benefit won’t come from only one narrative. What’s truly worth watching isn’t who is “undervalued,” but whether revenue in these tracks can keep growing. One camp says this is just self-comfort during a bear market. The other says fundamentals are already diverging from price—which side are you on?
Click the avatar to watch the livestream + join the 99玖 chat group to get daily strategy 🚀
#RWA #稳定币 #DeFi
