For similar lending projects (even without utility for the token), the ratio of TVL to the circulating market cap of the gov token is 0.185. See AAVE, Compound, Venus, Justlend, Benqi, Maple.
With 15M BRRR rewards in the first month and $140M current TVL, the potential $BRRR price gets around $1.72 per token.
We can now compute the farming reward in BRRR per $1000 of folded value per asset (borrowed and resupplied back into collateral) and subtract the APY paid
The rewards per 1000$ are the following (at the time of the post):
Now we can multiply BRRR by estimated price and divide by 1000$ to get farming APY and then add supply APY and subtract borrow APY.
DAI -> 3.99 BRRR -> 250% APY
USDT -> 3.65 -> 228% APY
USDC -> 3.31 -> 208% APY
WBTC -> 8.33 -> 523% APY
NEAR -> 7.96 -> 501% APY
STNEAR -> 9.11 -> 574% APY
ETH -> 7.76 -> 487% APY
The only thing left to fold it a few times
Social network for NEAR ecosystem