Pendle price

Should you hold the token of the protocol you use the most? Say you are super bullish on AAVE. Your stables and collateral are deposited there. You trust it, you believe it is the best, so you also buy $AAVE to get exposure. It feels like using Apple products and then buying Apple stock. But crypto is different. If AAVE gets hacked you lose deposits and $AAVE dumps. Double risk. That is not diversification. So maybe if you are a heavy user of a protocol, you should not hold its token. And if you are bullish on growth, maybe better to hold the token instead of depositing. Same logic for AAVE, Hyperliquid, Pendle, Fluid, Lido and many others.

I think there are many opportunities in managing stablecoins to some extent recently. Usually, during times like now when people dislike managing stablecoins and are only interested in trending projects, there tend to be a lot of sweet spots. (You can just buy coins and yap, so why do more? The mindset is prevalent) --- I started depositing in Strata today. It's a protocol built on Ethena USDe, currently securing a TVL of 165 million dollars in Season 0. In particular, it is a protocol officially supported by Ethena Labs, and it plans to distribute 7.5% of the future token supply to sENA holders. (If you think positively about the ENA ecosystem, you have to do it, right?) The period is particularly short. The mainnet is scheduled to launch by the end of 2025, and looking at the fan LP, I thought the TGE might happen soon, probably by 10/25. ---- I have been a $ENA staker for a while (I did take some profits recently), and I have been expecting the rapid rise of the Ethena ecosystem since the Genius Act. Fortunately, the price of ENA and the ecosystem's TVL are showing tremendous growth. And I believe that this TVL growth will provide opportunities for dAPPs that will be part of the ENA ecosystem in the future. For now, rather than pursuing the risk packaging yield of the Strata protocol, (the stable type offers 4-18%, while the leveraged type provides over 20% profitability) I plan to focus on point farming. (Since not only Strata but also Ethena and Ethereal points will be farmed together, the potential for additional income is high) ---- 1. Connect your Strata wallet (it would be good to use the same wallet if you are staking ENA?) 2. Deposit USDe 3. The end (4). If you want to earn through $ENA staking, stake $ENA directly on Ethena (Don't be foolish and leave it on the exchange)

Looping yield-bearing assets is now extremely prevalent in DeFi, with Pendle PTs accounting for $5.8b in money market collateral. But what is it about PTs that make them so attractive? Today your boy looks at the ability of PTs to create structurally superior yield-bearing stablecoins and how it drives protocol growth. I. Leveraged Looping Leveraged looping works on a very simple principle: leveraging the spread between a collateral's underlying yield and its cost to borrow. A reasonable user would be willing to loop until (or close to) the point where Collateral APY ~= Borrow APY since it's essentially risk-free yield. Looping is beneficial to users AND protocols alike: - Users get amplified yields - Protocols source liquidity from debt II. Collateral Yield Not every stablecoin has the same capacity to generate yield - for example, @OpenEden_X's cUSDO earns ~4% APY while @FalconStable's sUSDf earns ~8% APY. With the market pricing USDC debt at 5-10% APY, cUSDO is effectively locked out of looping. This is a set-back for cUSDO scalability as it isn't able to take advantage of leveraged liquidity. III. Intangible Yield What cUSDO's 4% APY does not reflect, however, is Open Eden's ongoing point program. This is essentially an APY injection on top of cUSDO's base yield. The challenge here, however, is this point APY is impossible to price. This ultimately means that cUSDO remains an unlikely choice for looping since its yield composition is intangible. IV. Pendle Pendle's yield-stripping layer lets the market 'price-in' the value of points into the fixed yield of PT-cUSDO. Instead of cUSDO points being worth an arbitrary amount, the market can price it directly by trading its Implied Yield. The outcome is PT-cUSDO has ~10.5% APY vs. the 4% APY of its underlying. This makes it an EXTREMELY attractive yield-bearing stablecoin that is very much able to be looped with every loop driving additional TVL to Open Eden! Pendle