Another beta bet on ETH is $PENDLE

🎯 It hits many narratives: yield, defi, restaking, RWA, POINTS!

The valuation is appropriate for both market capitalization and FDV. All the big token unlocks are over. What's left are incentives.

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If you want to fuck the sky, you must teach your penis fly / $ENA $PENDLE $ETH $EIGEN maxi

You can buy it at a discount through Penpie's liquid wrapper, mPENDLE. It trades at a 50% discount to the original. Usually the discount held around 70-80%.

Penpie owns 35% of all vePENDLE tokens.

I'm betting the discount will converge to 80-90% over time benefiting from the proposal that was passed about 1 month ago by PIP 10. Half of Penpie's income from vePENDLE will go towards buying back and burning mPENDLE and over time mPENDLE will own more than 1 PENDLE in a lock.

You can see PIP 10 from Penpie here 
https://snapshot.org/#/penpiexyz.eth/proposal/0x9d0134ab2d2f105507d27b885a719735af4f449a6eca5791c10a350e08dc4004

mPENDLE is trading on Pancake Arbitrum
0xB688BA096b7Bb75d7841e47163Cd12D18B36A5bF