✅ Plasma USDai: I'll be doing this mint today (ETA-3hs)

• USDai caps will be raised at 12 PM EST today

- (from 250-> 500M, they say they'll "stay there for a while")

• The mint will happen on Ethereum, but tokens will be minted on Plasma 2 days later

• @pendle_fi and other defi protocols will launch on Plasma day 1, with XPL incentives. I will heavily farm that.

• Probably will do usdai pendle PT loops, keeping YT. (which gives "Allo" points, but no yield)

- Note that these require KYC for the ICO. IMO, worth it.

✅ My strategy is: mint PT+YT → loop PT → keep YT. Repeat.

• This is my usdai link in case you want to join: https://app.usd.ai/i/q98ck

• Note that "mint" is not the same as buying PT. When you mint, you split 1 USDai and get the same exact amount of 1PT+1YT, which you can later redeem for exactly 1 USDai.

• This enables PT/YT price abstraction, so you are not exposed to PT or YT price action. You are just splitting your USDai, looping PT, generating Allo from holding YT, and then merging them together to get your USDai back.

• Explained for OpenEden, works exactly the same here in case you want to read more: https://x.com/OlimpioCrypto/status/1961779455426183628

✅ What's the net result of mint+loop?

• You will be paying borrowing USDC costs (on euler or morpho) to farm leveraged allo points.

• This means your overall NAV position value will decrease over time (because your PT+YT will always be worth 1:USDai) but your loaned USDC from loops will accrue interests, increasing your debt.

• So: your loan will grow higher, and your PT+YT value will stay the same. Your NAV will decrease over time.

• Result: you are LEVERAGE buying Allo points with your borrow APR.

• The "bet" is that your NAV decrease (i.e. borrowing costs) will be much lower than the return of the ICO. (i.e. Allo points).

✅ USDai's points

• This protocol's points are called "Allo".

• Users earn “Allo points” depending on how they interact with http://USD.AI (minting, staking, using strategies, etc.). Points = influence over which side of the split (ICO or Airdrop) they lean

• Option 1: get Allo points and use them for their ICO (FDV 300M, 7% of supply) - KYC required

• Option 2: get Allo points and convert them to airdrop (3% of supply)

• If you interact with USDai, you get points towards the ICO

• If you interact with sUSDai, you get points towards the airdrop

• Full details, better read here: https://usd.ai/stories/the-allo-game

✅ USDai vs. sUSDai

• This protocol issues loans against hardware.

• That means a company with AI hardware can post it as collateral (by having it on a whitelisted datacenter) and receive a loan from USDai.

• This interest goes to sUSDai holders.

• Stake USDai, get sUSDai.

• Since I do not want this exposure, my loops will be USDai, it's less risky.

✅ Again, this is my link to get started. A token of appreciation if you found any of this useful: https://app.usd.ai/i/q98ck

Any questions, join discord http://discord.gg/earndrop

GL 🫡

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