YT tUSDe from @Terminal_fi just got a lot better on @pendle_fi offering sUSDe yield on top of the current points Before: ✅ 50x Ethena Sats ✅ 60x Terminal Roots ❌ No underlying sUSDe yield Now: ✅ 50x Ethena Sats ✅ 60x Terminal Roots ✅ Underlying sUSDe yield The sUSDe yield will be distributed to YT tUSDe holders or Pendle LPs (SY portion) Currently sUSDe yield is 5.5% (7 day avg) but with BTC going to new ATH and ETH rising again i expect this yield to quickly increase up towards 8-10% APY And if we dig into the math we can see that you actually get paid to earn leveraged Terminal Points 👀 👇

IY = What you pay (Yield) UY = What you get (Yield) Burn Rate = How much of your deposit do you lose if IY and UY stays constant ✅ YT-USDe We use YT-USDe as the "Anchor Rate" of 60x Sats. This is currently priced at 6.6% IY, and only earns points and no UY ✅ YT-sUSDe For comparison, YT-SUSDe is at 7.28% IY while paying out 5.47% UY (7 day average). We can calculate that you are paying 2.2% IY for Ethena Sats which is 1/3 of the Anchor Rate (also a good deal imo) ✅ YT-pUSDe For YT-pUSDe (NB short expiry) you are paying 14% IY for high leverage. If we subtract the earnings of 50x sats you are paying 8.49% IY for the Strata and Ethereal points ✅ YT-tUSDe For YT-tUSDe, you are now paying 10.83% IY, and getting 5.47% UY back. By calculating the value of 50x Sats based on the Anchor rate (50sats/60sats), you are paying 5.5% for Ethena Sats. If we subtract both UY and Price for Ethena Sats from the IY, we can see that you are actually getting PAID 0.14% APY to earn Termnial points And that is using the low UY from the previous 7 days, which can be expected to rise with the current BTC and ETH price action

If you buy YT-tUSDe at the current rates, and Underlying Yield of sUSDe were to rise to 8%, you would earn 2.67% yield while still earning 50x leveraged points Yeah, I'd call that a bargain

YT calculations always include a lot of estimates, and there are no guarantees that this will play out the way my comic sans spreadsheets predict This is as always not financial advice Note: Slapp is holding a ton of YT tUSDe