#KAITO @Theo_Network #Crypto @KaitoAI

In fact, the core of the Theo project is to tokenize U.S. Treasury bonds into thBILL, and then use them as collateral for lending in DeFi. In simple terms, it is a "on-chain Treasury bond fund" that allows global users to bypass traditional financial barriers and directly purchase U.S. Treasury bonds to earn interest.

Technically, there's nothing special; it's just the ERC-20 standard with oracle price feeds to ensure that thBILL is pegged 1:1 with real government bonds. Collaborating with Pendle to create PT-thBILL allows for the splitting of yield rights for trading, which is a decent design.

In terms of data, a TVL of 500M sounds good, but many numbers in the Pre-TGE phase are estimates. The real test is whether liquidity can be maintained after the token goes live, as government bonds provide stable returns but not much more than that.

The market positioning is actually quite clear: to provide users who want stable returns but also want to participate in DeFi with an option. It is more stable than pure cryptocurrency speculation and more flexible than traditional financial management. However, saying "the key to the global door" is a bit exaggerated; RWA tracks like Ondo and Centrifuge are doing similar things.

I think it can be worth paying attention to, but don't expect too much. The value of such infrastructure projects lies in long-term stable growth, not as a get-rich-quick tool. If you want to participate, wait until it officially launches to see the actual performance.