In the BNB Chain's LSDFi sector, a project’s recent performance has been truly eye-catching. In just two weeks since launch, the locked-in amount has surpassed $2 billion, firmly ranking fourth on the BSC chain. To understand how impressive this is, just look at the entire LSDFi sector — the total locked value has exceeded $45 billion, nearly half of the entire DeFi ecosystem. This project’s positioning within that space is indeed remarkable.

But there’s an interesting point here. The project’s token valuation seems to be significantly undervalued. Compared to industry leaders, the market cap gap is astonishing — the leader has a market cap of $217 million, while this project only has $45 million, less than one-fifth of theirs.

It may seem unequal, but a look at the fundamentals makes it clear. The capital utilization rate reaches 30%, even higher than the industry leader’s 25%. This indicates that the project’s capital efficiency performance is actually better. Backed by the Binance ecosystem, as a core project within the ecosystem, it maximizes synergistic advantages. The data also shows sincerity — protocol fees are projected to double to $9.5 million in 2025, supported by solid profitability metrics.

The project’s operational mechanism is also worth noting. The dual-driven model of lending and DEX has established a positive feedback loop: low-interest borrowing attracts funds, driving trading liquidity growth, which increases transaction fees, further boosting lending yields. Once this closed loop starts, it can reinforce itself.

As the LSDFi sector gains popularity in 2025, this undervalued + ecosystem-backed asset is indeed worth close attention.