真正的回报率和Pendle yt杠杆点策略的风险

在上一篇文章中，我们解释了使用AAVE使用PT PT杠杆收入策略的表现率风险，而我们的朋友给出了很多积极的反馈。

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，我们解释了使用AAVE使用PT PT杠杆收入策略的表现率风险，而我们的朋友给出了很多积极的反馈。谢谢您的支持。由于我已经研究了Pendle生态系统的市场机会一段时间，因此我希望本周能够继续对Pendle生态系统的观察，也就是说，即YT利用点策略的实际回报率和风险。总的来说，以Ethena为例，Pendle YT杠杆点战略的当前潜在回报率可以达到393％，但您仍然需要注意投资风险。

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

利用YT资产的杠杆特性来赌博点的潜在产量

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，我们需要简要介绍此收入策略。实际上，在2024年初，正如Eigenlayer代表的LRT项目选择使用点机制来确定随后的Airdrop Rewards的分布，该策略引起了市场的关注。用户可以使用Pendle YT的购买来增加资本杠杆作用，获得更多积分，然后在分发奖励时获得更大的奖励。

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.

购买YT资产具有增加资本杠杆作用的影响仍然是由于Pendle的机制。我们知道，Pendle通过合成资产将带有利息的令牌证书转换为主令牌（PT）和产量令牌（YT）。带有利息令牌可以转换为PT和YT，其中PT是零息键，当成熟日到期时，可以以1：1的比例将本机资产交换。它的固定利率取决于当前的pendलेक=AMM以及剩余持续时间的二级市场中PT相对于本地资产的折扣比确定的。 YT代表了锁定利息资产在其持续时间内积累收入的能力。

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:

由于持有YT仅赋予您收入的权利，但不能兑换本金的能力（随着到期日期的临近，该部分由PT携带），因此YT的剩余价值将变得越来越小，直到到期时价值为零。当然，这并不意味着价值已经降低，但是部分价值已被兑换为奖励并分发给YT持有人。也就是说，在您持有YT一段时间后，您会发现两个现象：

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

1。您拥有的YT的价值越来越低；

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

2。在Pendle仪表板页面上，您将看到一些可宣称的奖励；

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，奖励是锁定利息资产产生的收入，该资产通常以项目令牌或其他加密货币的形式分配。其中，YT的资本杠杆能力是从中得出的。由于只有收入权，因此YT的价格远低于1个带有利息的资产。因此，购买YT意味着您可以使用少量资金来利用大规模的带有利益的资产来为您捕获收入。以上图为例，YT的市场价格为0.0161usde，这意味着如果您的资本为1usde，您可以购买62 yt，这意味着在接下来的66天中，您将获得62 USDE的收入，这是资本量的本质。

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.

当然，由于没有能力赎回本金，因此只有在未来收入至少高于YT投资的原理时才能建立此策略。在这里，我们首先进行简单的计算。如上图所示，当前的SUSDE年度年利率约为7％（筹资利率股息）。假设将来的利率水平保持不变，则持有66天的用户的利率约为1.26％。但是，购买YT的资本杠杆作用仅为62倍，这意味着，在成熟度时，投资于YT只能获得62 * 1.26％，约78％的收益率。这基本上意味着投资于YT没有额外的收入，甚至没有一些损失。从图中可以看到，隐含的利率和实际利率最近显示了收敛的趋势。但是，在此之前的大多数情况下，利率的利差仍然很大，这意味着在此期间，YT的价格可能更低，这意味着该策略处于损失状态。这也是作者一年前没有选择在这种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，情况并非如此，因为在上述粗略计算中，我们忽略了另一个来源