真正的回報率和Pendle yt槓桿點策略的風險

在上一篇文章中，我們解釋了使用AAVE使用PT PT槓桿收入策略的表現率風險，而我們的朋友給出了很多積極的反饋。

Author: @Web3Mario (https://x.com/web3_mario)

作者： @web3mario（https://x.com/web3_mario）

In the previous article, we explained the manifestation rate risk of the Pendle PT leveraged income strategy using AAVE, and our friends gave a lot of positive feedback. Thank you for your support. Since I have been studying the market opportunities of the Pendle ecosystem for some time, I hope to continue to share an observation on the Pendle ecosystem this week, that is, the real rate of return and risk of the YT leveraged points strategy. In general, taking Ethena as an example, the current potential return rate of the Pendle YT leveraged points strategy can reach 393%, but you still need to pay attention to the investment risks.

在上一篇文章中，我們解釋了使用AAVE使用PT PT槓桿收入策略的表現率風險，而我們的朋友給出了很多積極的反饋。謝謝您的支持。由於我已經研究了Pendle生態系統的市場機會一段時間，因此我希望本週能夠繼續對Pendle生態系統的觀察，也就是說，即YT利用點策略的實際回報率和風險。總的來說，以Ethena為例，Pendle YT槓桿點戰略的當前潛在回報率可以達到393％，但您仍然需要注意投資風險。

Utilize the leveraged properties of YT assets to gamble on the potential yield of Points

利用YT資產的槓桿特性來賭博點的潛在產量

First of all, we need to briefly introduce this income strategy. In fact, at the beginning of 2024, as LRT projects represented by Eigenlayer chose to use the point mechanism to determine the distribution of subsequent airdrop rewards, this strategy has attracted market attention. Users can use the purchase of Pendle YT to increase capital leverage, obtain more points, and then obtain a larger share of rewards when the rewards are distributed.

首先，我們需要簡要介紹此收入策略。實際上，在2024年初，正如Eigenlayer代表的LRT項目選擇使用點機制來確定隨後的Airdrop Rewards的分佈，該策略引起了市場的關注。用戶可以使用Pendle YT的購買來增加資本槓桿作用，獲得更多積分，然後在分發獎勵時獲得更大的獎勵。

The reason why buying YT assets has the effect of increasing capital leverage is still due to the mechanism of Pendle. We know that Pendle converts interest-bearing token certificates into Principal Token (PT) and Yield Token (YT) by means of synthetic assets. An interest-bearing token can be converted into a PT and a YT, where PT is a zero-interest bond and can be exchanged for the native asset at a 1:1 ratio when the maturity date comes. Its fixed interest rate is determined by the discount ratio of PT relative to the native asset in the secondary market created by the current Pendलेक्स AMM, as well as the remaining duration. YT represents the ability of a locked interest-bearing asset to accumulate income during its duration.

購買YT資產具有增加資本槓桿作用的影響仍然是由於Pendle的機制。我們知道，Pendle通過合成資產將帶有利息的令牌證書轉換為主令牌（PT）和產量令牌（YT）。帶有利息令牌可以轉換為PT和YT，其中PT是零息鍵，當成熟日到期時，可以以1：1的比例將本機資產交換。它的固定利率取決於當前的pendलेक=AMM以及剩餘持續時間的二級市場中PT相對於本地資產的折扣比確定的。 YT代表了鎖定利息資產在其持續時間內積累收入的能力。

Since holding YT only gives you the right to income, but not the ability to redeem the principal (this part is carried by PT), as the expiration date approaches, the residual value of YT will become smaller and smaller until the value is zero at expiration. Of course, this does not mean that the value has been reduced, but part of the value has been redeemed as a reward and distributed to YT holders. That is to say, after you hold YT for a period of time, you will find two phenomena:

由於持有YT僅賦予您收入的權利，但不能兌換本金的能力（隨著到期日期的臨近，該部分由PT攜帶），因此YT的剩餘價值將變得越來越小，直到到期時價值為零。當然，這並不意味著價值已經降低，但是部分價值已被兌換為獎勵並分發給YT持有人。也就是說，在您持有YT一段時間後，您會發現兩個現象：

1. The value of the YT you hold is getting lower and lower;

1。您擁有的YT的價值越來越低；

2. On the Pendle Dashboard page, you will see some claimable rewards;

2。在Pendle儀表板頁面上，您將看到一些可宣稱的獎勵；

Among them, the reward is the income generated by the locked interest-bearing asset, which is usually distributed in the form of a project token or another cryptocurrency. Among them, the capital leverage capability of YT is derived from this. Since there is only the right to income, the price of YT is much lower than 1 interest-bearing asset. Therefore, buying YT means that you can use a small amount of funds to leverage a larger scale of interest-bearing assets to capture income for you. Taking the above figure YT sUSDe Jul 25 as an example, the market price of YT is 0.0161USDe, which means that without considering the transaction slippage, assuming that your capital is 1USDe, you can buy 62 YT, which means that in the next 66 days, you will obtain the right to income of 62 USDe, which is the essence of capital leverage.

其中，獎勵是鎖定利息資產產生的收入，該資產通常以項目令牌或其他加密貨幣的形式分配。其中，YT的資本槓桿能力是從中得出的。由於只有收入權，因此YT的價格遠低於1個帶有利息的資產。因此，購買YT意味著您可以使用少量資金來利用大規模的帶有利益的資產來為您捕獲收入。以上圖為例，YT的市場價格為0.0161usde，這意味著如果您的資本為1usde，您可以購買62 yt，這意味著在接下來的66天中，您將獲得62 USDE的收入，這是資本量的本質。

Of course, since there is no ability to redeem the principal, this strategy can only be established when the future income is at least higher than the principal of the investment in YT. Here we first do a simple calculation. As shown in the figure above, the current official annual interest rate of sUSDe is about 7% (funding rate dividend). Assuming that the rate level remains unchanged for a period of time in the future, the interest rate for users holding for 66 days is about 1.26%. However, the capital leverage for purchasing YT is only 62 times, which means that investing in YT can only get a yield of 62 * 1.26%, about 78%, at maturity. This basically means that investing in YT has no additional income and even some losses. As we can see from the figure, the implied interest rate and the real interest rate have recently shown a trend of convergence. However, most of the time before that, the interest rate spread was still large, which means that during that period, the price of YT may be lower, which means that the strategy is in a loss state. This is also the reason why the author did not choose to work hard on this strategy a year ago.

當然，由於沒有能力贖回本金，因此只有在未來收入至少高於YT投資的原理時才能建立此策略。在這裡，我們首先進行簡單的計算。如上圖所示，當前的SUSDE年度年利率約為7％（籌資利率股息）。假設將來的利率水平保持不變，則持有66天的用戶的利率約為1.26％。但是，購買YT的資本槓桿作用僅為62倍，這意味著，在成熟度時，投資於YT只能獲得62 * 1.26％，約78％的收益率。這基本上意味著投資於YT沒有額外的收入，甚至沒有一些損失。從圖中可以看到，隱含的利率和實際利率最近顯示了收斂的趨勢。但是，在此之前的大多數情況下，利率的利差仍然很大，這意味著在此期間，YT的價格可能更低，這意味著該策略處於損失狀態。這也是作者一年前沒有選擇在這種策略上努力工作的原因。

However, this is not the case, because in the above rough calculation, we ignored another source of

但是，情況並非如此，因為在上述粗略計算中，我們忽略了另一個來源