csUSDL is a stablecoin that generates yield by blending real-world returns from T-Bills with on-chain lending through Morpho Blue. The base APY consists of the T-Bill rate plus lending returns, which currently totals 4.2%. This becomes especially interesting when combined with Pendle’s YT and the upcoming airdrop. Pendle allows you to divide a yield-generating token into two parts—YT (Yield Token) and PT (Principal Token). When you acquire YT, you’re essentially purchasing all the future yield produced by the token. With the rise of points meta, YT holders also accumulate both the yield and any associated points. For investors, two key concepts are important: the underlying APY (the yield you’re entitled to receive) and the Fixed or Implied APY (the yield you’re required to pay as a YT holder). Not all situations factor the YT point multiplier into the underlying APY price, which can make YT appear less attractive since the main point incentive isn’t reflected in the price. Let’s say you have 1,000 to allocate to csUSDL YT. If csUSDL’s Fixed/Implied Yield is 10% and the Underlying APY is 4.2%, buying PT would yield 10%, while YT shows an apparent APY of 4.2%. With the current YT price at around 0.014, 1,000 would buy you 70,130.3 YT-csUSDL tokens. The 6% difference between the two APYs is based on speculation about the future value of SHIFT (airdrop), which will be distributed according to the number of points YT holders accumulate. As Coinshift has announced, and as shown in the Moonsheet, each YT earns 30 points daily until maturity. If you hold YT until maturity, you’ll collect 115,715,017 points. The value of these points depends on three main variables: Total Points at Airdrop, TGE FDV, and Airdrop Percentage. Total Amount of Points at Airdrop: There are currently 76,000,000,000 points in the Protocol, there is a daily points growth of 3,000,000,000 and the Airdrop should occur in approx. 55 days. As a result, the total amount of points is estimated to be 241B. TGE FDV: The expected FDV is 150,000,000. Airdrop Percentage: 5% Based on these, the value per point should be 7,500,000 /241,000,000,000 = 0.0000311. If you hold your YT until maturity, you can estimate the expected return as follows: Underlying APY: 6 Expected Point Airdrop: 115,715,017 * 0.0000311 = 3,601.09. Total Return: 3,107.09 That’s a 260% return in just two months. Even if you halve the TGE FDV to 75 million, you’d still be looking at a 80% return. The 150 million FDV comes from Coinshift’s latest fundraising round, making it a solid reference point. The current YT points multiplier on Pendle is about 70x. The current YT price (0.015) is only 1.5% of csUSDL’s price (1.02), so if csUSDL’s yield rises, YT holders could see a 70x boost in returns, since they can buy 70 times more YT units. If you don’t want to hold YT until maturity, you can sell at the current market price or set a limit sell order, retaining all points earned up to that point. The limit order lets you automate a sale when the Implied APY hits your target, while still keeping the points accumulated until then. YT is a strong opportunity with csUSDL due to fair FDV, balanced airdrop per point, and a strong point multiplier. Most advanced users chase “safe returns” and high yields on stablecoins, driving demand for PTs. This buying pressure on PTs lowers the Implied APY, making YTs cheaper, so YT investors can buy in for the potential rewards at a lower cost. Ultimately, YTs are also a bet on broader market improvement, which would benefit @0xCoinshift. There’s currently ample liquidity for YT at an implied yield close to 10%, making the YT strategy highly compelling.