⚡️Resolv Project Research Report: Buyback Mechanism Drives Value Reassessment, overall $Resolv is worth paying attention to @ResolvCore Recently, I came across the Resolv project. Despite its TVL exceeding $549 million, its market cap is only around $43 million, significantly undervalued compared to similar projects Usual ($USD0) / Ethena ($ENA). Resolv has secured $10 million in seed funding, supported by top VCs like Coinbase Ventures and Delphi Labs. With a TVL exceeding $549 million, it is integrated into mainstream DeFi platforms such as Morpho, Pendle, Euler, and Uniswap. It has already distributed over $20 million in real returns to users, with a total minting/redemption amount exceeding $1.7 billion. 1. Buyback Mechanism On August 26, the Resolv Foundation announced the initiation of a buyback program, initially allocating 75% of core protocol fees for weekly buybacks of $RESOLV tokens on the open market, with subsequent buyback ratios to be dynamically adjusted based on circumstances. This mechanism is similar to Usual's buyback announcement, but Resolv's initial ratio is higher. Even if only a portion of the income is used for buybacks, at the current market cap of $43 million, it will provide strong support for $RESOLV. Resolv's low valuation multiple (0.078x) indicates that the market has not fully recognized its cash flow generation capabilities and structural advantages. 2. Fee Switch and Revenue Model On July 24, Resolv announced the activation of the fee switch, converting protocol earnings into long-term value creation. This mechanism was launched on July 31 and gradually increased to 10% by August 21. With the current TVL of $549 million and assuming a 10% APR, the annualized earnings are approximately $54.9 million, and a 10% fee could generate about $5.49 million in protocol revenue. The actual annualized revenue has reached $3.29 million, with cumulative revenue of $351,800. If TVL continues to grow, the revenue potential will significantly expand. Protocol revenue will be used for: - Promoting adoption: DeFi/TradFi integration incentives, ecosystem grants, and product development. - Supporting buybacks: Aligning with token holder interests. 3. Key Growth Signals 1. TVL Growth Momentum Resolv's TVL has nearly doubled from its initial level after TGE, currently reaching $549 million. This growth is attributed to organic user adoption and strong yield dynamics, with over 50% growth in just the past two weeks. 2. Best Yield Even after the fee switch activation, Resolv still offers market-leading real yields, all generated organically. Current data: - stUSR 7D APR: 10.03% - RLP 7D APR: 16.57% These yields are quite enticing! The protocol's lifetime return is approximately 9.5%, more than double the leading RWA benchmark. 4. Conclusion Through the fee switch and buyback mechanism, Resolv is transitioning from pure yield distribution to a sustainable value cycle. Despite leading TVL and yields, the current market cap reflects significant undervaluation. Resolv has advantages in organic growth and risk management, and as TVL expands and buybacks are executed, the value of $RESOLV is expected to be reassessed. Everyone can keep an eye on $RESOLV.