The most exciting thing in the industry now is market makers Especially market makers involved in liquidity arbitrage Lying down, I earned money There is no risk at all yet I also want to earn this money Find a way to earn money without becoming a market maker I really found it DWF is a leading market maker in the industry Its founder @ ag.dwf launched a project called @ FalconTable You invest money in sUSDf, and they will use it to perform the following operations: 1. Positive capital interest rate arbitrage Hold spot positions and short corresponding perpetual futures contracts Realize positive capital interest rate arbitrage Spot assets are simultaneously pledged At the same time as obtaining funding interest income It can also generate additional income 2. Negative capital interest rate arbitrage On the contrary, Falcon can sell spot holdings and long futures To generate income under negative financing rates 3. Cross exchange price arbitrage Falcons buys and sells assets in multiple markets To profit from price differences 4. Pledge of native altcoins Falcon uses protoplasm staking opportunities to support non stablecoin assets Enable the protocol to achieve higher on chain revenue as part of its diversified revenue strategy 5. Working capital pool Falcon deploys some assets to the first level on chain liquidity pool Generate profits through on chain dex activities and arbitrage The profits generated by the above operations are the underlying returns returned to the holders of sUSDf, and at the same time, PT and YT combination returns can also be generated in Pendle Let's discuss in detail below one ️⃣ What is USDF? USDf=@ FalconTable's income based stablecoin essentially Earn 5 profits from underlying assets After all, it is a project of the founder of DWF Its background as a frontline market maker Its revenue also comes from its core ability in trading two ️⃣ Introduction to Pendle mechanism Pendle allows you to split all "interest bearing tokens" (such as sUSDf) into two types of tokens: PT (Principal Token): Anchoring principal and locking fixed APY YT (Yield Token): Anchors all returns, with returns fluctuating with interest rates Add "Falcon Miles" points: Most airdrop points belong to YT holders Holding YT is equal to all floating returns of Soha+all airdrop scores And PT only receives basic fixed income three ️⃣ The logical essence of YT investment YT has two benefits: Underlying APY: For example, the annualized return of USDf's chain is 9.82% Point airdrop revenue For example, FalconTable allocates YT s USDf Falcon Miles motivation every day 36x times The price of YT is determined by market supply and demand Generally lower than PT Mainly, large investors are more inclined to take PT lock security benefits Retail investors and radical players are willing to bet on YT's' high elasticity ' Revenue and airdrop overlay The risk and volatility are also high four ️⃣ APY concept differentiation between YT and PT Underlying APY： USDf basic 7D income Now it's 9.82% FixedAPY： The annualized PT lock is now 14.19% Driven by market pricing and arbitrage, constantly changing Implied APY: YT represents the total income of sUSDf Including point rewards But the Falcon Miles points mentioned above are not included Pattern opening Higher yield on YT five ️⃣ Example of USDf YT gameplay Assuming you have $10000 to buy YT s USDf The current YT unit price is 0.025 You can buy 400000 YTs PT can lock 14.19% of fixed APY YT only displays 13.31% of on chain revenue But YT has a huge amount of Falcon Miles airdrop points: 36x per day Lock until expiration (with 79 days remaining) and continue to accumulate points The background is DWF support Their proactive market making style is still very aggressive I remember the early project on the stablecoin track, ENA, where buying YT resulted in an annualization rate of over 300% And this annualization depends on the coin price and the pattern of the project team, how much proportion of coins will be airdropped The market value of DWF's numerous projects It's too unreasonable for the project initiated by the founder to fall off the chain Subjectively speaking, I think buying YT sUSDf for airdrop yields should be 100% annualized six ️⃣ What makes this strategy attractive? 1. Falcon Miles points bonus: YT eats all the airdrop profits in one go 2. Market sentiment and supply-demand imbalance: Large investors are more willing to lock in PT security benefits Causing PT premium and YT price underestimation Ordinary users can actually buy "Suoha Airdrop Elasticity" at a cheaper price 3. Market arbitrage effect: PT buying drives down Implied APY YT prices are cheaper The cost performance ratio of dividing is higher 4. Currently, there is deep liquidity Implied Yield of up to 13.31% Buying is not difficult to ship seven ️⃣ Risks and Precautions Score airdrop and FDV are completely expected No one can guarantee how much it will be worth in the end Rapid changes in liquidity Locked income may fluctuate Protocol security and on chain smart contracts themselves also have black swan risks If mainstream big players and quantitative institutions collectively cut YT arbitrage APY and score value may rapidly decline eight ️⃣ Target audience for the strategy Radical DeFi users who are willing to ride the wave of market sentiment and share their insights Experienced players who are familiar with on chain interactions and can withstand high volatility and uncertainty Want a strategy of "high odds+short-term high returns" instead of prudent financial management nine ️⃣ YT gameplay is the integrated weapon of "Studha airdrop+interest rate elasticity" in DeFi The more big players compete for PT, the more undervalued YT becomes Point mechanism+airdrop of new projects makes it easier to achieve short-term high returns But this' short-term high odds' opportunity Only for players within the circle who understand risks and dare to bet Pendle Pool Link for USDf: https://app.pendle.finance/trade/markets/0x45f163e583d34b8e276445dd3da9ae077d137d72/swap?view=yt&chain=ethereum&chart=pt -lp-apy-tvl