Pendle Intern's Notes
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Random ramblings of a cartoon character. Usually before his morning coffee too.
Needless to say - NFA.
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Pendle Trade Roundup (4 May 2024) πŸ”₯

1. Long-dated LRTs

While all eyes are now on the June-July short-dated pools, the long-dated ezETH + eETH pools have quietly become one of the best places to farm up ETH.

eETH (Dec 2024) LP APY is up to ~40% APY.

And though raw APY numbers aren't what they were, these long-dated pools like ezETH (Dec 2024) are offering up to ~13.5% in absolute return for your ETH - still one of the the best places to stack up ETH across DeFi.


2. Ethena ENA

YT-ENA trades are gathering steam now (64% β†’ 82% Implied APY in the past day) thanks to this bullish moonsheet by Thor and changes to the ENA boosting structure.

If you're bullish ENA β†’ ENA is still below the moonsheet's prediction of $1 and YT could be a good buy

If you're on the fence/have some doubts β†’ PT-ENA's offering 82% of Fixed APY now, one of the highest on Pendle

Link - https://twitter.com/ThorHartvigsen/status/1785614502760739271
Link - https://twitter.com/ethena_labs/status/1786432427407347941


3. 1124 ETH for vePENDLE

It's been a great haul of voting rewards for vePENDLE in April, and as some of users have shown, it turns out that vePENDLE voting can be pretty profitable after all...

With certain users earning up to >100 ETH and >300% APY πŸ‘€

Link - https://twitter.com/PendleIntern/status/1785997572458619208
Pendle Trade Roundup (10 May 2024) πŸ”₯

1. Can't get ENA-ugh

The PT whales are in. Thanks to the influx, ENA Implied APY has been pushed down from recent high of 87% β†’ 68%.

Good news for airdrop hunters - YTs are cheaper than ever now, and updated projections are giving even better returns vs. last week.

Link - https://twitter.com/PendleIntern/status/1788807234463633704


2. Ahhhh...the comforting stability of PTs

In a similar vein, recent attention has shifted to PTs, with many whales hunkering down in ETH/stable fixed yields in this market. Particularly for users already sitting on a stockpile of ETH and stables, PT's one of CT's favourite ways to grow your stack.

Just to give you an idea, a 100 ETH buy for PT-eETH (Dec 2024) will yield ~8.8% in absolute profit in 229 days (at time of writing).

Link - https://twitter.com/DeHausDemon/status/1787451774607011959
Link -
https://twitter.com/zerototom/status/1787836771889217891
Link -
https://twitter.com/Defi_Maestro/status/1787913681394921500
GM everyone, kickstarting this packed week with a double Renzo ezETH launch:

- ezETH (26 Sep) on Ethereum
- ezETH (26 Sep) on Arbitrum

Double the pools, double the fun, quadruple the points (4x ezPoints) πŸŽ‰

For those in the ezETH June maturity pools, here's your chance to rollover your strategies when the time comes... or even ahead of time.

Reminder that vePENDLE voting is already live.

More to come soon!

Like and RT: https://twitter.com/pendle_fi/status/1790562956788498444
Pendle Trade Roundup (15 May 2024) πŸ”₯

1. Make your cake and eat it too

Pendle LPs are getting the long end of the stick here. ENA and sUSDe holders (or any other assets supported on Pendle really) can just LP for more points, more yield.

Link - https://twitter.com/PendleIntern/status/1790647094782681580


2. Not just the highest Fixed APY, the highest APY


It's official (according to DefiLlama at least). Pendle offers the highest APYs for ETH, with decent TVL and no IL.

Plus, a lot of what you see are here PT Fixed Yields too. So predictable, outsized returns?

Link - https://twitter.com/pendle_fi/status/1790233940646846740


3. And the best Ethena YT goes to...

Numbers are looking good for all the Ethena YTs but let's just say that there are good pools, and there are even better pools

Link - https://twitter.com/PendleIntern/status/1789873513584865592


4. Going $NUTS with PT-USDe

Juice up your PT-USDe with some $NUTS airdrop and options vaults, courtesy of Thetanuts Finance. Don't know how? Intern got you covered with this thread:

Link - https://twitter.com/PendleIntern/status/1789954175830528418
Channel name was changed to Β«Pendle Intern's NotesΒ»
Channel photo updated
GM again everyone, it's an LRT galore today πŸŒ…

This time it's a triple launch for EtherFi eETH:

- eETH (26 Sep) on Ethereum
- eETH (26 Sep) on Arbitrum
- eETH (26 Sep) on BNB Chain

For Pendies who are already in the eETH (27 June 2024) pool, here's the chance for you to keep the yield party rolling as and when you desire πŸŽ‰

You know the drill - vePENDLE voting is already live!

Like and RT: https://twitter.com/pendle_fi/status/1790727673586893228
Swell rswETH (Swell L2) is now live on Pendle!

With this, you'll be able to earn all the usual yields from rswETH - 4x Pearls, EigenLayer Points, Restaking + Staking Yield, and all the Swell L2 pre-launch goodies, such as Swell airdrops and airdrops from Swell L2 projects (and yes this goes for all the YT leveragooors too) πŸš€

P.S. Don't forget to vote for the pool for the subsequent epoch(s)

Like and RT: https://twitter.com/pendle_fi/status/1791090079349543319
Ladies and gents, new sUSDe (26 Sep maturity) pool is out.

Lots of pent up FOMO from those who couldn't get into capped sUSDe (25 Jul) market so there should be quite a lot of trades right out of the gate.

- LP early to capture these swap fees + decent Sats exposure (Use ZPI if needed to get around price impact)
- Watch that Implied/Fixed Yield for a good PT entry

Link - https://x.com/pendle_fi/status/1792554600660435122
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Trades be bussin' in this new sUSDe pool

Early LPs have been able to capture all the pent up trades and even now, LP APY is still decently high.

And this is before PENDLE incentives are even activated (coming on Thursday, 00:00 UTC).

- Same as yesterday, LP to capture these fees
- For those of you eyeing Fixed Yield, current numbers give ~12% absolute return now in 4 months
Update on Ethena YTs:

sUSDe (26 Sep), USDe (25 Jul) and Zircuit USDe (27 Jun) still offer decent potential returns, even when you factor in the slightly higher Sats inflation + Implied APY these days.

Bullish ETH sentiments could also be in favour of higher USDe staking yield for sUSDe this week.

But even if this were to drop to 15%, current YT-sUSDe buyers are still expected to yield ~76.5% profit based on Intern's projections (NFA).

β€”-

YT-sUSDe for pure returns, YT-USDe for the highest $ENA airdrop exposure, and YT-USDe (Zircuit) for the X factor of Zircuit airdrop, which could outperform the former 2

Link - https://x.com/PendleIntern/status/1792807014529482844
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Naked sUSDe:
πŸ”ΉUSDe underlying APY (7DMA is ~20% now)
πŸ”Ή2x Sats/day

sUSDe Pendle LP:
βœ… 71.33% APY (and $PENDLE incentives aren't even live yet)
βœ… ~9.73 Sats/day based on current ratio of sUSDe/PT-USDe in LP

Pendies, you'll basically be getting more yield on all fronts by LP-ing into sUSDe Pendle pool vs. just naked sUSDe.
GM everyone!

KelpDAO rsETH (26 Sep) is now live on Ethereum + Arbitrum with 3x Kelp Miles.

We're also looking to announce Bedrock uniETH (26 Sep) and Puffer pufETH (26 Sep) tomorrow too.

Meanwhile, all 3 of these pools are already available for vePENDLE voting.

P.S. Happy Bitcoin Pizza Day πŸ•

Like and RT: https://x.com/pendle_fi/status/1793263738826653720
Double LRTs are now live with PENDLE incentives :

πŸ’Ž Bedrock uniETH (26 Sep) with 5x Diamonds
🐑 Puffer pufETH (26 Sep) with 1.25 Puffer Points

Together, these longer-dated Sep pools offer yield continuity for those looking to rollover from the June pools, as well as more flexibility and choices in your LRT exposure πŸš€

Like and RT: https://x.com/pendle_fi/status/1793627788811157606
Opportunity to "win" in sUSDe (26 Sep) now, no matter what you do:

1) PT-sUSDe gives 38% Fixed APY with size, perfect for whales looking to grow your USD stash reliably onchain ala DeFi Fixed Deposit

2) Ethena just announced another banger week for sUSDe yield, and YT-sUSDe is still projecting juicy numbers based on today's update (61% profit based on conservative projections of 15% average sUSDe yield)

3) LP is basically just "sUSDe, but more". More yield (54% Base APY), more Sats (~9.88x Sats/day vs. only 2x Sats/day)

Win-win-win but also NFA-NFA-NFA 🀝

Link - https://x.com/PendleIntern/status/1793826796808589804

P.S GM Ethereum
🚨 Whale Alert 🚨

Whales have been spotted hunting for PT-eETH (27 June) on Pendle grounds.

2 whales in particular have accumulated 62,505 PT-eETH in the past 3 months, and are still actively accumulating at the current APY.

Once again, these "short tenure, high APY term deposits for ETH" are attracting large capital flows.

For those looking to grow your ETH stack, June maturity pools are perhaps a good place to start but NFA of course 🫑

Link - https://x.com/PendleIntern/status/1795359927994827011
The FIRST Karak pool is now LIVE on Pendle - Ethena USDe (Karak)!

FYI - Karak is a restaking infra layer just like EigenLayer.

With this, Pendies will have the chance to earn 2x Karak XP (the highest available) + 20x Sats/day. Also first instance where you can get leveraged exposure to Karak XP via YT-USDe (Karak).

If you're anticipating many swaps just like our other Ethena pools, you can LP to ride on the fees early (PENDLE incentives coming on Thursday, 00:00 UTC)

More to come soon πŸ˜‰

Tweet Link - https://x.com/pendle_fi/status/1795787060378530263
The SECOND Karak pool is now LIVE on Pendle - EtherFi eETH (Karak)!

It's a yield + points bonanza with this one:

🍊 1.5x Karak XP
🍊 2x EtherFi Points
🍊 1x EigenLayer Points
🍊 All the staking/restaking goodies

Some numbers that jump out to Intern:

- PT-eETH (Karak) has one of the highest ETH fixed yield now at ~24.3% APY. For comparison, naked PT-eETH with the same Sep maturity is now ~13.9%
- Pool APY is 48%-94% now. Anticipating more trade flows once the PT whales + Karak YT apes start coming in β†’ more fees for LP πŸ˜‹

Link - https://x.com/pendle_fi/status/1796163722127564951
GM, woke up and decided to cook some Karak sheets for YT-USDe (Karak)

> Current Pendle market valuing Karak at ~$250M FDV only based on current Implied APY and projections

> At $2B FDV with 5% airdrop, YT could be getting ~98% profit / 728% APY

> Don't agree with this? PT-USDe (Karak) is also offering some pretty hefty fixed APY (36%) with ~11% absolute return in just ~4 months

Link - https://x.com/PendleIntern/status/1796370233030217887