asUSDF on Pendle
Last updated
Last updated
Note: Those who split asUSDF into PT and YT without further activity on Pendle are exploiting the Au points reward system. Astherus prioritizes real activity like providing liquidity or trading PT and YT on Pendle. To protect the interests of genuine DeFi holders and encourage healthy activity, exploiters may lose all Au points.
asUSDF is the innovative yield-bearing token of stablecoin USDF. On Astherus, you will stake USDF to mint asUSDF. The delta neutral positions that back USDF also generate asUSDF yields (neutral arbitrage APY and funding rates reflected in asUSDF’s net asset value). You also earn 10x Au points when you mint asUSDF on Astherus. Read more about asUSDF and USDF:
SY:
A token standard on Pendle for wrapping yield-bearing tokens. For example, when you deposit asUSDF, asUSDF is automatically wrapped into SY-asUSDF. This happens on the backend, so you don’t have to deal with conversion between SY and asUSDF.
SY is then split into PT and YT.
PT:
Represents the principal of the underlying yield-bearing token. For example, PT-asUSDF represents the principal of asUSDF (i.e. does not include asUSDF yield or Au points)
YT:
Represents all the yield of the asset. For example, YT-asUSDF represents the yield and Au points you can get from asUSDF.
LP:
The LP token you get after adding liquidity. For example, you get LP-asUSDF when you after adding asUSDF liquidity.
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When you provide asUSDF liquidity, you get LP-asUSDF. LP-asUSDF is perfect for those who want to earn both yield and Au points.
LP yield includes 25x Au points, Underlying Yield, PT fixed yield, $PENDLE incentives and Pendle swap fees. Note: Pendle states Underlying Yield from USDF because USDF is the underlying stablecoin of yield-bearing token asUSDF.
Formula: Au multiplier*(SY held in LP*User LP/Total LP)
Au multiplier refers to the 25x Au multiplier
SY held in LP*User LP/Total LP refers to the SY attributable to you in the pool
Scenario using wallet 0xd6…995b:
1. First, query the activeBalance and the pool’s totalActiveSupply.
Go to the LP-asUSDF contract > Read Contract > Query the wallet address in 2. activeBalance and 19. totalActiveSupply. Use https://bscscan.com/unitconverter if you need help converting units.
For the wallet 0xd6…995b, the activeBalance is 209.11 and the totalActiveSupply is 2,488,522.
Hence, this user’s percentage proportion of the LP pool = (209.11/2,488,522)*100 = 0.0084%.
2. Next, derive the SY attributable to the wallet. Go to the LP-asUSDF contract and look at the total SY sitting in the LP contract.
The total SY in the LP-asUSDF contract is 4,052,238. Thus, for the wallet 0xd6…995b, the SY attributable to the user is 4,052,238*0.0084% = 340.38 SY.
Putting it all together, this user earns 25*340.38 = 8,509 Au points/hour.
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PT-asUSDF represents the principal portion of asUSDF. Thus, 1 PT-asUSDF is equivalent to the value of 1 asUSDF excluding asUSDF yields and Au points.
If you're bullish on asUSDF, PT-asUSDF lets you buy in at a fixed rate discount as it is traded at a discount to asUSDF.
Fixed APY: The value of PT-asUSDF will gradually increase and become equal to the value of the asUSDF at maturity. This process creates a fixed guaranteed return ('fixed APY'). For example, let's say PT-asUSDF offers a fixed APY of 18.39% with maturity on 29 May 2025. This means that PT-asUSDF holders get a guaranteed return of 18.39% APY if held till maturity. You DO NOT earn asUSDF underlying yield or Au points.
What you can do: Hold till maturity OR trade PT-asUSDF on Pendle anytime.
Note: Pendle states that 1 PT-asUSDF is equal to 1 USDF deposited in Astherus. This is a nod to USDF as the underlying stablecoin of yield-bearing token asUSDF. At maturity, you can redeem PT-asUSDF for asUSDF at a 1:1 ratio.
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YT-asUSDF represents the yield portion of the underlying asset asUSDF. Thus, 1 YT-asUSDF represents the yield and Au points you can earn from 1 asUSDF.
If you are a yield-maxi, YT-asUSDF helps to leverage your yield exposure. Buying YT-asUSDF means that you are 'longing the yield' of asUSDF.
YT yield: YT-asUSDF lets you earn asUSDF yield and 25x Au points till maturity. asUSDF yield is reflected in NAV. Au points accumulate hourly and you can check Au points on the Astherus Airdrop dashboard. The value of YT-asUSDF will naturally trend towards $0 as there is less remaining yield the closer we get to maturity. Holders profit when the total yield collected up to that point ends up being higher than their cost of buying YT-asUSDF.
What you can do: Hold till maturity OR trade YT-asUSDF on Pendle anytime.
Formula = Au multiplier*(SY*YT/Total YT)
Au multiplier refers to the 25x Au multiplier.
SY*YT/Total YT refers to your proportion of SY (which earns you Au points)
Scenario using wallet 0xd6…995b:
1. First, get the total SY amount sitting in the YT-asUSDF contract. In the example below, it is 15,199,750.
Then, look at how many YT-asUSDF the wallet 0xd6…995b has. After checking token holdings, this user has 4,514 YT-asUSDF.
Thus, the user wallet 0xd6…995b’s percentage proportion of YT is (4,514/15,199,750)*100 = 0.03%
2. Next, calculate the user’s proportion of SY.
It is 0.03%*15,199,750 = 4,559 SY. However, remember that there is a 3% fee. Hence, the user’s proportion of SY is 4,559*97% = 4,422 SY.
Putting it all together, this user earns 25*4,422 = 110,550 Au points/hour
