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%

"Oh, intern, I've always wanted to masquerade as 15th century Spanish Royalty."

Say less, brothers and sisters - with our brand new King Karak Pool you can now do just that.

Let's put you where you belong, kings and queens 👇 👑 King Karak Pool

This brand new King Karak LRT is a threesome special between @Karak_Network, @ether_fi, and @veda_labs.

With 2.2% base APY, standard depositors also receive 3x Karak, EtherFi, and Veda Points.

Pendle's here to turn this threesome into a... fourgy 🤓

Symbiotic x Mellow x Pendle YTs 🍡

Projected ROI = 113%-145%
Projected APR = 1538%-1961%

Before you ape in with no regards, please understand that these numbers were conceived between an intense gym session and lunch on an empty stomach.

In other words, there is no world where these should ever be construed as financial advice.

Lots of assumptions were made, so please DYOR and take the time to understand them 👇🏻

@symbioticfi Point

• Symbiotic Points are NOT being accrued by YTs at the moment, not until a cap increase by Symbiotic is able to accommodate them. For now, assumption is that you'll only be getting Symbiotic points for ~50% of the days (from now until maturity)

• Current points are derived based on Daily TVL record from @DefiLlama, multiplied by the base rate of Symbiotic Points (0.00025 point/day per $)

• Daily Points Growth have a 10x multiplier, meaning the number shown here is 10x more than the current estimated rate. In other words, numbers are more conservative.

• FDV of $10B assumed + 5% airdrop allocation + snapshot on 30 Sep 2024

@mellowprotocol Points

• Mellow LRTs are earning 3x boosted rate at the moment on @pendle_fi. Once SYMBIOTIC caps are lifted, this reverts to 2x boosted rate (for Pendle only). Assumption here is that you'll get the boosted 3x rate for 50% of the days only.

• Daily Points Growth also have a 10x multiplier, meaning the number shown here is 10x more than the current estimated rate. In other words, numbers are more conservative.

• FDV of $750M assumed + 5% airdrop allocation + snapshot on 30 Sep 2024

Remember - Mellow YTs have no yield and are points only. ROI is estimated based on these assumptions and numbers, which may or may not be correct. How much are points worth? Are they enough to recover your YT costs? No one knows for sure, please DYOR and of course, NFA 🫡

Don't agree with Intern? That's alright, PTs are looking mighty juicy too with 20+% APY 👇🏻

https://x.com/PendleIntern/status/1806538935948148794

If you saw the brand new weETHs AKA Super Symbiotics LRT market on @pendle_fi and are scratching your head on "what the hell does this even mean"

𝐖𝐄𝐋𝐂𝐎𝐌𝐄 𝐓𝐎 𝐓𝐇𝐄 𝐂𝐋𝐔𝐁

Today your favourite intern is going to break it down REAL SIMPLE 👇 🤔 What is weETHs

weETHs is @ether_fi's collaborative LRT built with frens from @symbioticfi and @veda_labs.

For reference:
- Symbiotic is a restaking protocol similar to Eigenlayer
- Veda is a strategy protocol that deploys deposits to maximize yield

New: YT-sUSDe Karak 🪂 Highlight

By popular request, here's the sUSDe version of @Karak_Network YT on Pendle:

Estimated Total APY = 730%
Estimated Profit = +98%

TLDR:

• Figures based on 1,000 USDe buy of YT-sUSDe (Karak) at time of writing (31.3% Implied APY)

• Daily Karak XP Growth is overestimated at approximately +50% more than current

• End of September snapshot assumption for Karak

• FDV of $2B for Karak + 5% airdrop assumed vs. FDV of ~$15B versus EigenLayer

• Ethena TVL growth trajectory based on last ~17 days

• A more conservative sUSDe staking yield is used here (15%) vs. current Underlying APY of ~21% shown on Pendle

• Assuming all else equal as per the projections here, current Pendle is projecting Karak to be ~$300M FDV only based on current trading price of YT-sUSDe

• The advantage of YT-sUSDe vs. the other YTs is the substantial staking yield, which helps to cushion the cost of YT and gives you more wriggle room, even in the case when airdrops don't work out.

------------

Disclaimer: NFA, just waffles 🧇 How much will points be worth? Will the airdrops be able to recover your YT costs? We can only guess. No one knows for sure. Please DYOR and understand the risks before aping 🫡 More scenarios

✨$1B valuation + 15% sUSDe staking yield

You've probably noticed Pendiddle now has two pools for @ether_fi $eETH for all your point-y goodness.

But what's the difference?
Which one's better?

This, as with many questions, is down to what 𝐲𝐨𝐮 want to get out of the point game.

Let the intern walk you through it 👇 Exhibit 🅰️ - eETH (27 June)

YT-eETH (27 June) can be purchased for 0.051 $eETH, giving you 19.8 $ETH in point exposure per $eETH for 64 days.

That's a cost of $𝟐.𝟒𝟗 per $eETH exposure per day.

This YT receives a 𝟐𝐱 EF Point bonus.

This is probably the most capital efficient way to farm #restaking points.

Now that the Arbitrum eETH pool (boosted version by @Penpiexyz_io) is available on on @stellaxyz_, we can now loop this LP position at 0% borrow cost.

In other words, you're stacking points for FREE 🚀

https://twitter.com/1260105245033558022/status/1759862477427466591

@ether_fi @arbitrum_intern Now of course, it was already free to begin with, albeit at a less potent level.

Recap: Pendle LP pairs PT against the underlying asset (weETH in this case).

This gives you a balanced exposure to points + yield, but in terms of former, you're only exposed via the weETH portion: