YT， The expiration date is on the 27th, and today I will take you all to play a more advanced version of @ TheoN_Network Gameplay - in-depth analysis of thBILL PT cycle strategy: "low-key gameplay" with an annualized rate of 140% If you don't understand, save it first. You will come back in the future to thank me~ 1. Basic logic: Income separation: split thBILL (US treasury bond bond token) into principal token (PT thBILL) and income token (YT thBILL) on Pendle Fixed income lock: PT thBILL trades at a discount and holds until maturity to receive a fixed rate of return Leverage amplification: Borrowing funds on Euler using PT thBILL as collateral, and then purchasing PT thBILL again to form a revolving leverage 2. Specific steps: Step 1: Obtain and purchase PT thBILL Purchase PT thBILL through Pendle platform on @ Arbitrum network (expiration date: November 27, 2025) Current price: Approximately $0.99 (discounted from $1 face value) Fixed APY: 16.02% (as of November 10th), slightly up from 15% at the beginning of November Step 2: Supply collateral on Euler Deposit PT thBILL into Euler protocol as collateral Maximum LTV: 90%, clearing threshold 91% Mortgage income: matching Pendle's 16.02% fixed rate of return Enable mortgage function and prepare for loan operation Step 3: Borrow funds for circulation Borrowing thBILL, USDC, or USDT (thBILL is recommended to reduce anchor risk) Current lending rate (November 10th): thBILL: Approximately 5-6% Using Euler's "Multiply" function to achieve automated loops Step 4: Loop leverage execution Purchase PT thBILL again with borrowed funds, repeating the supply lending cycle Realizable leverage ratio: USDC pool: 8-9 times (1.89M liquidity) ThBILL pool: up to 16.65 times (1.14M liquidity) USDT0 pool: approximately 10 times (liquidity<200K) Benefit analysis: High leverage strategy (16x, thBILL pool): Total exposure: 16000 PT thBILL Fixed income: 258.32 Debt cost: 94.52 (5% loan interest rate) Net ROE: Approximately 118% annualized Risk Warning: LTV reaches 94%, a 6% drop in PT price may trigger liquidation Real income formula ROE=[(Fixed APY - Loan APY) x Leverage Ratio]+Points Reward Taking the current data as an example: Net interest margin: 16.02% -6%=10.02% 9 times leverage: 10.02% × 9=90.18% Adding Theo integral and Euler reward: the total ROE can reach 116-118% (with arb drip incentive, it is a three roll strategy) By the way, this strategy itself is a multi roll strategy of @ arbitrum drip, which has been introduced before, so I won't go into detail today