vi_cky

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Big D has updated the Pendle anti-pit video～

This video specifically reminds: PT assets can also incur losses.

Many friends may still have the impression of PT as "fixed-income financial products", but Big D gave two examples to show that the situation is not so simple:

1️⃣ USDai Case:

Recently, the PT APY for USDai was extremely high, and many friends invested blindly, but the reality is that even if held to maturity, it is highly likely to incur losses.

The reason is: USDai's Mint has an official limit, and to obtain USDai, one can only buy it on the market, which drives up the price.

However, the PT rule for USDai is — after 1 PT matures, it redeems for 1 USDai, making it very difficult for the PT APY to compensate for the premium cost of buying USDai.

According to community feedback, the only ones who can make money on USDai, aside from those who obtained Mint quotas, are basically the "Wave Rider" playing PT/YT, especially YT.

2️⃣ WHLP Case:

Next, look at the Perp treasury product WHLP, which is influenced by market conditions, or the treasury's counterparty.

WHLP is a liquidity-staked packaged asset for Hyperliquid HLP. If HLP's yield is negative, then WHLP PT holders will also incur losses.

Pendle's risk warning for WHLP is only one sentence: "When traders (i.e., counterparties) continue to profit, the fund pool will generate negative returns". It's concise and to the point, but to explain the underlying logic clearly, it would probably take several long articles.

The key is this "negative return".

Referring to Big D's insightful explanation, in Pendle's mechanism, PT's counterparty is YT. PT earns money from YT, which means that after YT matures, the token value goes to zero (YT's points and underlying earnings are still there).

But the problem is that YT can only go to zero at most; if the underlying asset's yield is negative, any risk below 0 must be borne by PT.

Well, that's roughly these two examples. I hope I haven't made any mistakes; if I did, don't blame me.

—— After all, humanity has only developed about 1% of Pendle, haha～

Big D's video: https://www.youtube.com/watch?v=8QK0KhCJHkI

Note: The above is for information sharing only, not investment advice; please do your own research!

DeFi Enthusiast: BitHappy

{future}(PENDLEUSDT)

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