Do you really understand the airdrop rules of Ethena Season2? By combining Pendleâs leveraged gameplay, you can gain nearly 90% of the profit in just 45 days!
Below is the profit breakdown and operation steps of this "sUSDe YT Ultimate Arbitrage Strategy"đ§”đ
1/ Ethena Activity Rules
- 20 Sats for every sUSDe YT held
- Pendle 07.25 sUSDe underlying APY is 23.82%. Since it is compounded weekly, the APR can be deduced to be 21.41%, and the daily yield is 5.86 per 10,000
Simply put: Buy 1 sUSDe YT daily income = pledge 1 sUSDe daily income + 20 Sats2/ income breakdown
We can break down YT income through a simple example: Suppose you bought 10,000 sUSDe YT (currently worth $439) expiring on July 25, you will receive two parts of income after expiration đ
1ïžâŁ Staking income: 10000*0.000586*45 = 263.7 USD
2ïžâŁ Points income: 10000*20*45 = 9,000,000 Sats
3/ Revenue breakdown
Since the start of Season 2 on April 2, Ethena has distributed 4.37T Sats. Assuming that the points increase linearly at the current rate, it will increase to 9.83T in September 2, so you will get 0.009152 points per 10,000. The second season airdrop will distribute a total of 750 million ENA, which is equivalent to 686.4 ENA, which is about 565 US dollars at the current price of $0.823.
To sum up: if you invest 439 USD, you will get 264 USD in staking interest and 686 ENA in 45 days, which is equivalent to buying ENA at 70% off!
4/ Potential risks
- 09.02 The market deteriorated before the end of the airdrop event, resulting in a lower funding rate for shorting ETH and a lower yield on sUSDe, which in turn affected YT's staking income.
- The influx of whales has caused the points to expand rapidly, and the individual points share has shrunk, thus affecting the final ENA distribution amount
- Also, the price of ENA coin plummeted hahahaha
5/ Optimistic scenario
The profit from buying sUSDe YT is always floating. There are risks but also optimism. For example,
- Achieve 5B USDe pledge hard cap ahead of schedule before 09.02
- Shorting ETH funding rates skyrocketed, and sUSDe underlying staking income increased
- ENA price surges
6/ Operation steps
1ïžâŁ Visit app.ethena.fi/join/xultr and connect your wallet
2ïžâŁ Select Pendle in the Sats page "How to earn", find sUSDe YT and click Zap in
3ïžâŁ Buy sUSDe YT with an expiration date of 07.25 on the Markets page. Note that there are two YTs. Donât choose the wrong expiration date (if it prompts that Amount exceeds your available balance, you need to convert the tokens to SY first)
7/ Final Thoughts
This solution has been checked with group members many times. If you have any logical and calculation problems, please feel free to discuss them in the comment section.
If you also want to replicate this scheme, please make sure you fully understand the above content, know how Pendle PT & YT works, and be responsible for your own funds.
It's not easy to output, it would be great if you can like and forward it, love you! đ«¶#bnbććČæ°é« #MegadropLista #ćžćźçšæ·æ°çȘç Ž2äșż $ENA
