While chatting with friends, I realized that quite a few people haven't got this straight.
Points earned from yield-bearing assets usually go to YT holders, while PT holders don't receive them.
YT's price reflects the market's valuation of future yield: if the actual yield received before maturity is lower than the level implied when buying, YT buyers will lose money.
$PENDLE is the token of Pendle, a yield-tokenization protocol.
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#PENDLE This is not investment advice. You are responsible for your own gains and losses.