$CHIP is a D-tier token imo. CHIP holders have no claims on yields from lending. All of it is captured by the sUSDAI depositors. Loan book is small. The product is real, there's a lot of demand for AI credit to fund GPU acquisitions but underwriting them is both art and skill. I'm not sure they've proven they can get in on the biggest deals. The other thing is they're operating in the fringes. The long tail. Its kinda like loaning to the unloanable or entities w/ lack of efficient credit ratings to warrant a nice loan. If you're part of the Nvidia neocloud cluster, you can already get capital. The 10,000 neoclouds line on their X-profile doesn't make much sense to me. Not a bad business, lots of overhead and unclear how the AI credit cycle plays out. Would lenders even be interested to fund more riskier bets is again unclear. I have a bad feeling, CHIP could go down a further 50-60% from here.