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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New RWA additions from Saturn:

- USDat (Aug 2026): non-yield bearing stable backed by US Treasuries

15x Points for LP | 30x for YT

- sUSDat (Aug 2026): yield-bearing, backed by STRC, yield is composed mainly of dividends

5x Points for LP | 10x for YT

Like and RT: https://x.com/pendle_fi/status/2043690781278605806
Quick analysis of the Saturn PTs, including a brief explanation of their source of yield + key risks to take note of.

sUSDat: 13% Fixed APY
USDat: 8% Fixed APY

XOXO,
https://x.com/PendleIntern/status/2043879207751831641
USDG incentives have been bumped up from $30k/week to $40k/week.

This will last all the way till maturity. Currently:

- 400% Effective APY
- 18% ROI

Enjoy πŸ˜‰

XOXO,
https://x.com/pendle_fi/status/2044621149292917217
NFA but Sierra YT and their airdrop design is an interesting one.

- Maximum points is known
- Points allocated to Pendle market is known (and very generous)
- Airdrop % is known (and very generous)
- TGE date of Sep 2026 is known

Makes things easier to project ROI for YTs: https://x.com/PendleIntern/status/2047152449350414840
Boros just got a sexy level up.

Henceforth, Position Value and Leverage shalt be removed, replaced by Rate Sensitivity and Daily Volatility.

Don't worry - All open positions and orders are unaffected, the only thing that's changed is how we present information/positions.

Read more about the changes here πŸ‘‡πŸ»

Medium: https://medium.com/p/01064edbb506?postPublishedType=initial
X article: https://x.com/boros_fi/status/2049013276068180112
Borrow rates on Aave are already recovering thanks to the extraordinary efforts of DeFi United.

Still high at 3.9%-4.5% APY, but PT-USDG is already profitable at this rate (~28% APY).

If rates recover to pre-hack levels of ~2.4%, then we'd be looking at 50+% APY

XOXO,
https://x.com/PendleIntern/status/2049709566762557559
New STRC markets on Pendle! This time we're introducing tranched products by Strata:

- srUSDat (Aug 2026) - Senior capital. Protected until Junior is fully drained. Yield is lower, but your principal is insulated from STRC price swings.
- jrUSDat (Aug 2026) - Junior capital. You're the buffer. You earn more, but you absorb STRC depegs before anyone else does.

You can learn more from our post below.

Like and RT: https://x.com/pendle_fi/status/2052010621286441008
What did you think that was it? MORE STRC markets on Pendle LMAO.

Royco's Junior tranche for apyUSD:

- jrRoyAPYUSD (Nov 2026)

30+% APY risk premium for being the first line of defense.

Senior tranche to come soon 🫑

Like and RT: https://x.com/pendle_fi/status/2052071056480051456
That's it. That's the message.

πŸ’…πŸ»