Saturn is putting another $22,000 into Pendle $USDAT markets for the first period. The new incentives run weekly through the end of Season 2. First projected distribution (Sept 9–17): - Monad: $12,800 - Ethereum: $9,200 The distribution scales with USDat supply: $5M → ~$2,900/week $25M → ~$14,400/week $100M → ~$57,500/week These Saturn distributions are separate from existing incentives: - Monad: separate from $MON incentives - Ethereum: separate from existing YT-only incentives Eligible rewards can stack. There are 3 ways to approach the market: PT-USDat: Buy PT at a discount and hold to maturity, focusing on implied fixed yield. PT does not qualify for the new Saturn incentives. YT-USDat: A more capital-efficient approach with exposure to yield, points and applicable incentives. YT expires at maturity. LP-USDat: Provide liquidity to earn trading fees, applicable incentives and points. LP and YT are eligible for the new Saturn incentives. One more thing to watch with YT is the gap between implied APY and underlying APY + Campaign Boost. Monad: 7.15% implied vs 5.95% underlying, a 1.20% gap. Ethereum: 6.97% implied vs 6.04% underlying, a 0.93% gap. For YT buyers, the ideal setup is underlying APY > implied APY. The smaller the gap, the more interesting the setup becomes. The displayed APY already includes the Campaign Boost. The new Saturn distributions are separate incentives. This also doesn't include potential future airdrop value, where YT provides leveraged exposure to points. Saturn x $PENDLE . NFA. Just sharing project information. Not targeted at a U.S. audience (sorry bros).