[Serenity Premium] Match Finance and its 36-Second IDO [Initial Review Dec 2023]

Match Finance is a yield aggregator to be launched for Lybra Finance. Lybra Finance is one of the largest LSDfi protocols now.

(Frontend is not displaying data on 26 Dec, the above screenshot was from an internet search. For actual numbers, please read article below.)

Basic Concept

For Lybra users to earn LBR rewards, there's a 2.5% platform token LP (ETH-LBR, aka dLP) staking requirement. For example, if you mint $10,000 eUSD and wishes to receive esLBR rewards, then you need to hold $250.

Match Finance seeks to address this issue by pooling dLP from users and providing staking as a service, similar to Convex, Aura or Magpie.

In a simplified version, Match Finance basically allows users to provide ETH (or stETH) to Lybra via Match Finance without providing the 2.5% dLP required above and earn everything, except for 20% of esLBR rewards.

A full explanation of Match Finance is available in its official docs.

IDO

What is appealing is Match Finance's IDO - which was gone in seconds for both whitelist and public rounds, roughly 2 Ethereum blocks for each.

Whilst the market is indeed hot, Match Finance has a relatively low valuation number as well. Its IDO is 15% of the total circulation, priced at 375 ETH in total, making the fully diluted valuation of Match Finance approximately $5.6m.

The initial supply of token 9.3% includes 30% IDO (30% of 15%, 4.5%), 4% dex liquidity and 0.8% marketing. It's not clear how much ETH raised will be used to provide liquidity in DEX.

Valuation

Is this $5.6m a fair valuation? Currently, Match Finance has a TVL of $10.8m.