Whenever our brothers in the orderbooks start getting liquidated, I run to @boros_fi to short YUs, adding fuel to the fire. That is not irrational.
- George Boros

Pendle Intern presents... "The Alchemy of Boros"

a quick thread 🧵 If there's one thing guaranteed in crypto, it's volatility.

With YUs, you remove the price asset volatility... and just trade a perp market's funding rate.

So why run to Boros to short YUs during market dumps?

Far maturity markets generally have lower IY since future yields are unpredictable.

The April Maturity sUSDe market on Plasma flips this on its head, offering 32% more yield than its February equivalent.

But there's even MORE to look forward to and I'll explain why.
👇 PT-sUSDe's price is inversely related to its IY.

This means as IY decreases, you lock in a profit since PT-sUSDe's price increases.

So what makes intern think this market's IY can be expected to decrease?

🤔🤔🤔

Thanks to points, Pendies have grown numb to seeing “-100% Long Yield APY.”

But with @Plasma Parade, the tides have turned. Long Yield APYs are back in the green, and you can buy/sell YT & PT based on REAL numbers you can actually see again.

So 300% APY - to YT or not to YT? 🤔 @pendle_fi First, let's have a look at what kinda yields you're reaping from Plasma YTs.

Using @Aave aUSDT0 as an example, yields include:
🔹Lending APY
🔹XPL rewards for lending
🔹XPL rewards for Pendle

The latter 2 are displayed together under "Off-chain Yield"

If you bought @USDai_Official YT-sUSDai early, there's an extremely high chance that you walk away with PROFIT + FREE AIRDROPS now

Here's how 🪂 @pendle_fi As an example, here's a user who bought YTs just ~2 weeks ago.

Average entry = 20.9% Implied APY

Total cost = $6198.77

It's been a long time since we've seen an @ethena_labs PT breaking 15% APY.

We now have PT-tUSDe at 15% APY AND a decent amount of time til maturity.

That means HIGHER YIELD for LONGER...

...AND a suite of lending market integrations to boot.
👇 💡 Fixed Yield BABY

Fixed yield to me means getting $1 in exchange for <$1.

In the case of PT-tUSDe, I can pay $97,778 and get back $100,001.

That's:
📌 $2,223 pure profit
📌 2.27% RoI in 58 days
📌 ~15.2% APY

ENA running means YT-USDe running and YT-USDe meanings I ape LP-USDe.

"Wait... LP-USDe? Why LP-USDe?", I hear you ask.

Here's 30% APY on stablecoins and a lil' lesson on risk and yield management by your favourite intern. 🔢 The Numbers

Now what financial criminal would your boy be without a no context LP APY image.

Here we're looking at :
📌 Liquid yield in USDe and PENDLE: ~19.6% APY
📌 Future yield in ENA: ~9.3% APY

29% APY on stablecoins is very cool - but why intern do this INSTEAD of YT?

Being an effective yield trader means understanding where the yield comes from but more importantly where the yield is going.

The new $USDC markets with @eulerfinance is a VERY interesting case for YT speculators.

Lemme show you how I'm playing this.
👇 📈 $USDC (Euler Yield)

Euler's $USDC yield vault provides liquidity to a range of tokens.

Our first part of research - how is their interest rate model set up?

As shown below, optimal utilization offers:
👉 7.5% Borrow APY
👉 6.75% Supply APY

While point systems are shrouded in mystery, my job as a spreadsheet CRIMINAL is to lay down the FACTS.

How does this sound over 71 days:
📌 235% RoI on USD
📌 91% RoI on ETH
📌 329-505% RoI on S

It's @SonicLabs moonsheet time.

(TL;DR Use Pendle Sonic)
👇 📊 The Numbers

Based on current YT cost, underlying yield and Sonic Point multipliers, we can derive a $/point for each Sonic YT.

Yes, that's a 91-505% RoI range from your favourite YTs...

...in 71 days lmao.

Don't believe me? Let me break down my model.

WELLCUM BACK to another episode of INTERN GIBBERISH

Today we will be exposing our speerun method on how YOU can get rich with the FASTEST GROWING L1 @SonicLabs...

And how to leverage your Sonic points using $stS @beets_fi and $OS @OriginProtocol

MONEY MONEY MONEY 👇 🗒️ Quick recap on what's $stS

- Liquid-staked $S by @beets_fi that earns staking yield;

- 8x Sonic points on @pendle_fi;

- Winner of Sonic Boom = extra 8750 Gems that will be distributed to users.

- Points and Gems will be convertible to $S at end of S1.

Are you unfamiliar with @SonicLabs ecosystem?

Are you intimidated by the long ASSet names such as $stkscUSD and $stkscETH?

Welcome back to another episode of INTERN EXPLAINS where we tap into good ASSets for our pendidilers

Here we go ⬇️ What is $scUSD and $scETH?

▶️ scUSD/scETH = yield-bearing assets created by @Rings_Protocol on Sonic;

▶️ They're minted by depositing assets on Veda's BoringVaults, which generates yield from various farming strategies.

So you're a @SonicLabs enjoyooor who's knee deep in the trenches.
You saw that @pendle_fi has launched but you don't know what to do.

Whether you want yield, points, or both, there's something for everyone!

Here's interns quickfire walkthrough on what you can do with us.
👇 💡 The Scene

The first thing to understand is HOW Pendle works:
1. We take an underlying token (let's say wstkscUSD)
2. We create a liquidity pool (LP-wstkscUSD)
3. We let users trade either:
a) Principal (PT-wstkscUSD)
b) Yield (YT-wststkscUSD)

...now what?

Honestly a tremendous thread by our friend @ViNc2453 here 💙

All vePENDLE holders should give this a read, that is if you care about earning a buttload of $ETH from voting alone

Translation below 👇
------------------------------------------------------------------------

Pendle broke the record in Jan 2025 and issued 1012.8 $ETH of fees to vePENDLE

The APR of the Top 20 holders have been is ~57.7% 👈 This is a LIE. It's actually higher. More on this later

In the past 8 months, @ViNc2453 ranked in the Top 20 of vePENDLE annual rankings 6 times

Here are Top 5 secret tips for optimizing voting ROIs + an alpha of future vePENDLE improvements His January performance was ~50% APR

However, the actual return should be higher because the rewards from the Bera pool will only be distributed in May (since the funds in the Bera pool are locked).

Mr. Vinc allocated part of his funds to the Bera Chain pool, so the real APR should be higher than what's currently displayed here.

That said, February's APR doesn't look as promising as January's—crypto markets have been extremely quiet lately. Something like ~20% would be considered pretty good in this month.

Ever wondered how a Pendle x @berachain x @ethena_labs threesome looks like?

Wonder no more, darlings 🐻

𝒀𝑻-𝒄𝒕𝒔𝑼𝑺𝑫𝒆

How good is it? How much should you ape? Intern will let you be the judge 😋 @pendle_fi 💡 Points

First up, an overview of what you're getting.

TLDR: A buttload of points. And yields.

ELI5: sUSDe, BUT MORE.

https://twitter.com/pendle_fi/status/1877534251144589611

In the next episode of absolutely ludicrous Pendle x @berachain yields, intern presents the next long-awaited moonsheet:

𝐘𝐓-𝐥𝐢𝐪𝐮𝐢𝐝𝐛𝐞𝐫𝐚𝐁𝐓𝐂

If you thought YT-liquidberaETH was ludicrous, how does another 4 digit APY (NFA) strategy sound?
👇 @ether_fi @veda_labs 💡 The Points

You know you're in for a good time when the UI needs to be redesigned to fit in more points

2 new points on top of yday's liquidberaETH:
📌 2x @Lombard_Finance points
📌 1x @babylonlabs_io points

...that's 8 layers of points.

We run the strategy with $1k initial

1 token, 6 layers of points and a dream.

Of course, intern is talking about NONE other than the new YT-liquidberaETH powered by @ether_fi and @berachain.

If you don't know how to read (i.e. 🐻 community member), number big good.

For others, let intern break it down.
👇 💡 YT-liquidberaETH

YT-liquidberaETH is a yield-bearing ETH derivative by @ether_fi.

It earns:
1⃣ 1x @berachain points
2⃣ 3x @KodiakFi points
3⃣ 1x @Dolomite_io points
4⃣ 1x @goldilocksmoney points
5⃣ 4x ETHFI points
6⃣ 3x @veda_labs points

...and share of $2m ETHFI!

USUALx on @usualmoney = 781% APY

YT-USUALx on Pendle = 17,151% APY

How...where...who...𝒏𝒂𝒏𝒊?!

Here's all you need to know and how you can take your USUALx yields to 𝒖𝒏𝒖𝒔𝒖𝒂𝒍 levels

USUALx Megathread 🧵👇🏻 The Basics 🎓

USUALx is what you get when you stake USUAL.

By doing so, you'll get to earn various rewards (see below).

This works out to ~781% APY at time of writing

With all eyes on BTC, there's never been a better time to get involved.

And what better way to get involved than hyper-leveraged exposure to the TOP BTCfi protocol by TVL?

Time for another look at the Pendle x @SolvProtocol YT-solvBTC.bbn (Corn) and a cheeky 1,571% APY (NFA)
👇 🧐 SolvBTC

Solv's 14,860 in BTC deposits makes it the SINGLE largest BTCfi protocol by TVL.

With no native token (yet), their XP program is the ONLY way to get exposure to their ecosystem.

And what better way for exposure than LEVERAGED exposure through Pendle YTs.

On the topic of PT looping, thanks to Pendiddler Lending Partners there's now MULTIPLE PTs supported across MULTIPLE lending markets.

Here's how you can get:
📌 22% APY on ETH
📌 24% APY on BTC
📌 140% APY on USD(!!!)

Let's fookehn GOOOOO.
👇 1⃣ PT-rsETH with @SiloFinance

A clean easy 22% APY on a PT-rsETH/ETH loop.

See that 8% APY paid in SILO? You'll be able to put that sucker back to work on @pendle_fi 😎

PT-rsETH market: app.silo.finance/silo/0x00b7BBD…

(Intern uses silo.contango.xyz for laziness)

If you're sick and tired of the point game, you're probably already balls deep in PTs.

If you're balls deep in PTs and don't want just a "measly" 12.73% APR, why not take it to the next level?

Here's how to get 55.5% APR on stables (!!!) with our frens from Morpho. 💡 PT-sUSDe/DAI Morpho Vault

@MorphoLabs's PT-sUSDe/DAI vault lets you deposit PT-sUSDe to borrow DAI.

This is our leverage source which we'll use to increase exposure to PT-sUSDe's fix yield.

Now let's run a quick comparison.

Crypto's a dangerous world, fraught with scams, frauds, and unscrupulous characters.

Here's the Ultimate Opsec Guide that EVERYONE needs to protect your magic internet money 👇🏻

1/69 2/ Never reuse passwords

"Don't put all your eggs in one basket"

This old adage applies to passwords too. You don't want ALL of your accounts and wallets going down in flames just because of ONE password.

Always use long, complex, alphanumeric + special characters passwords

𝐈𝐦𝐩𝐥𝐢𝐞𝐝 𝐀𝐏𝐘 🔽

Yields contracting across the boards means the price of @pendle_fi YT has dropped.

𝐑𝐞𝐚𝐥 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 🔼

However, what each YT gives you remains 𝑒𝑥𝑎𝑐𝑡𝑙𝑦 the same.

Let's dive back into YT-uniETH and put things in perspective 👇 @Bedrock_DeFi 🧑‍🌾 YT-uniETH: Yield

While everyone knows YTs for their yield, recall that standard YTs 𝑎𝑙𝑠𝑜 pass through yield from its underlying.

With current implied APYs low, YT-uniETH buyer are projected to recoup ~48% of initial from passed through yield, assuming it averages 3.7%