Pendle x Plasma seems pretty good...
Especially the syrupUSDT pool.
1. Plasma gives rewards to Pendle, and LP is based on the number of SY tokens, while YT gives 'more than expected'.
2. I bought 2.7M YT for $130K and it's now worth $85K...
Even if I buy it for $130K now, I'm getting it cheaper than the 3.3M YT from the market...
3. The syrupUSDT rewards from Pendle are worth $906 / Merkl XPL rewards are about $1.4K.
Hmm... I bought it at 3 AM four days ago, so this... seems pretty good.
Pendle x Plasma Launch
Plasma has started distributing XPL rewards to Pendle YT/LP holders as well.
In fact, the announcement was in the previous Plasma launch notice, but it wasn't reflected on the Pendle front until now.
First, regarding YT:
- Currently, it is possible to recover more than 100% of the principal at maturity (= Underlying APY > Implied APY) with sUSDe and syrupUSDT.
- The recovery rate for USDe is 73% / syrupUSDai is relatively high at 63%.
- syrupUSDT does not yet have Drip points attached.
Looking at LP, even without vePENDLE boost:
- syrupUSDT has a 34.54% APY.
Claims can be made at @merkl_xyz.
It is mentioned that there might be a delay of a day or two, so it should be possible to claim right away.
I need to check how long this will last, but for now, they say they will give 'weekly $900K', so if you manage to take advantage of it, it should be good.
For USDe/sUSDe, you can farm Sats points cheaper than anywhere else, and syrupUSDT still doesn't have Drip points connected, but if retroactive application happens, the yield will increase.
As for USDai, well... I'm not sure, but YT shouldn't be too inefficient.
Many people are asking if there are only 4 days left, but if you look at the other reward pools of Plasma, as shown in the picture, rewards are refilled or added intermittently for weekly adjustments or reward changes.
Of course, we need to see how it will be refilled in 4 days, but if it gets refilled like this, it should be quite good.
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