💠DePinFi may be a more valuable form of DeFi
In the Web3 industry, everything can be Fi, and DePin is no exception.
Compared with other types of Fi, #DePinFi may be more realistic, because other similar Fi are mostly limited to the financial ecosystem, while the underlying layer of DePinFi is thousands of physical devices that continuously complete various infrastructure tasks.
The logic of DePinFi is similar to POW. POS vs POW, POS is questioned, while POW is more supported.
The essence of DeFi is finance, and the essence of finance is to facilitate funds between various industries, institutions, and individuals in society. However, most of the DeFi in the Web3 industry is the capital circulation within the Web3 industry.
As an AI and cloud computing DePin, Aethir mainly serves enterprise-level customers, so it has relatively stable and continuous income from outside of Web3.
In contrast, Aethir's DePinFi has relatively stronger cost support and better-quality capital circulation.
💠Aethir's DePinFi Evolution
🔹First generation DePinFi: Aethir native staking pool
$ATH holders can participate in the native staking pool on the Aethir official website, including the game pool and the AI pool. The total reward of the native staking pool is fixed, of which the total reward of the game pool is 70 million $ATH , and the total reward of the AI pool is about 434 million $ATH . The staking period of the native pool is optional from 1 week to 4 years. The longer the lock-up period, the higher the reward multiplier.
The native staking pool can obtain veATH, which has the right to govern the Aethir ecosystem and can participate in voting on ecosystem resolutions. However, veATH cannot be transferred or traded.
🔹Second generation DePinFi: Aethir+EigenLayer
Aethir, in partnership with EigenLayer, is the second generation of DePinFi.
Aethir's GPU computing network will be integrated into the EigenLayer ecosystem as an AVS (Autonomous Verification Service).
EigenLayer users can obtain income from AVS by staking $ATH . The staking period is fixed to June 13, 2026, and the rate of return is uncertain. However, staking $ATH can obtain e $ATH at a 1:1 ratio , and e $ATH can be transferred and traded.
Currently, a total of 823 million $ATH are staked on EigenLayer, which is approximately equivalent to TVL$23 million.
🔹The third generation of DePinFi: Aethir+Pendle
Just recently, Aethir partnered with Pendle to bring DePinFi to the third generation of financial derivatives.
The third generation of DePinFi is further developed based on the second generation.
Users stake $ATH on EigenLayer to obtain $eATH. On the Pendle platform, users can convert $eATH into $SY-eATH, and then split it into $PT-eATH and $YT-eATH.
Among them, $PT-eATH is the principal token, and its price will be lower than the value of $eATH redeemed at maturity, which implies a stable rate of return.
YT-eATH is a standardized income token, and its income comes from the market's expectations of the future income of $eATH. It also has certain risks and corresponding risk returns.
PT-eATH is equivalent to the shovel itself, and its fixed annualized rate of return is 21.98%.
The value of $YT-eATH comes from the mining income of the shovel, specifically from AVS.
Aethir+Pendle has formed many DepinFi gameplays.
✦Risk Play
Split $eATH into PT and YT, sell PT for $eATH and split it into PT and YT again... In this way, you can hold more $YT-eATH and have the opportunity to get more risk-return.
✦ Conservative Play
The conservative approach is the opposite of the risky approach. Split $eATH into PT and YT, sell YT for $eATH, and split it into PT and YT again... In this way, you can hold more $PT-eATH and get steady returns with low risk.
✦ Hedging gameplay
Hedging is a method of adjusting the proportion of PT and YT. When the expected yield to maturity decreases, the proportion of YT is reduced and the proportion of PT is increased, thereby reducing the loss caused by the decline in yield. Conversely, when the expected yield increases, the proportion of YT is increased and the proportion of PT is reduced, thereby better capturing the additional returns brought by the increase in yield and maximizing the return of the investment portfolio.
✦Liquidity gameplay
Use $eATH to add liquidity and earn transaction fees. $eATH's YT and PT cannot be traded directly, but can only be traded with $eATH or $SY-eATH.
✦Arbitrage gameplay
There may be arbitrage opportunities between the relative price fluctuations of PT/YT.
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According to Pendle data, after only one month of launch, $eATH's TVL was nearly $480,000 and its 24-hour trading volume was $173,000.
YT has no yield yet because Aethir's AVS on EigenLayer is still under construction. After AVS goes online, YT will have real-time yield.
💠Written at the end
In Web3, two projects can establish a cooperative relationship by simply releasing a poster with their logo x logo, but most of them do not have real cooperation.
Aethir is different. Every cooperation is a real cooperation in technology, products or ecology.
Aethir+Layerzero technically transforms $ATH into a full-chain asset, and node rewards transition from Arbitrum to a multi-chain ecosystem, which is very important for Aethir's nodes.
Aethir+Filecoin integrates distributed GPU infrastructure with decentralized storage to create a new decentralized computing and storage solution.
Token terminal+Token terminal connects the data on the DePin ecological chain to the platform, providing a blueprint for the acquisition and statistics of data on the Depin chain.
Aethir+Avalanche/Solana/... introduces AI computing resources into various public chains.
Aethir+Reality/Beamable/... provides cloud gaming infrastructure for various gaming ecosystems.
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Aethir+EigenLayer jointly launched EigenLayer ATH staking in the ecosystem. Aethir's GPU computing verification infrastructure is integrated into EigenLayer as AVS. Users stake $ATH on the EigenLayer platform and receive AVS rewards.
Aethir+Pendle further deepens DepinFi products by splitting ATH staking tokens into low-risk principal tokens and standardized yield tokens, providing ATH investors with more on-chain financial products that can avoid risks and increase returns without increasing financial leverage.
Aethir can be said to have opened a new chapter in the history of DePinFi and established a leading model for the development of DePinFi.
However, not all DePin products can imitate Aethir. Truly valuable infrastructure with customers, demand and revenue sources is the key to DePinFi.
