The APY you earn on PTs is a composite of an asset's:
1. Underlying yield
2. Expected point yield
In a sense, this means your 'enhanced' APY from PTs comes from forward-selling your future points.
But what if you think your points are worth MORE than what you're getting?
LP'ing is a fantastic way of getting access to both yield AND points without needing to run the risk of YT.
Observe here you would earn 12% APR by depositing srUSDe on Pendle.
That's ~2.5x more yield than holding srUSDe alone!
Since Pendle has a higher base multiplier for @strata_money and @ethena_labs points, you're also earning a highly competitive rate vs. standard srUSDe.
👉 39x on Strata Points (+30%)
👉 26x on Sats (-14%)
All without a SINGLE shekel of IL if you're holding til maturity 😌
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