Unless you are living under a rock...you've probably heard of STRC STRC is a perpetual preferred stock tied to Strategy's btc treasury → ~11.5% annualized dividend → backed by a company sitting on 780k+ BTC And now it's available on @pendle_fi in TWO ways: APYX: clean separation of capital vs yield - apxUSD - non-yielding synthetic dollar (used for liquidity / accounting) - apyUSD - yield layer, vault shares (ERC-4626, accrues STRC dividend over time) How's it work? - funds go into a basket - STRC (main anchor) - other preferreds (like SATA) - US treasuries - always kept >100% collateralized - excess = buffer vs STRC volatility to exit yield (apyUSD → apxUSD) has a ~20 day cooldown and the yield stops during exit OR Saturn: more direct, more reflexive (oh so reflexive) - USDat - base dollar, minted 1:1 vs USDC (via tokenized treasuries) - sUSDat - yield layer, appreciates as STRC dividends come in Saturn has no overcollateral buffer, if STRC moves then flow straight into NAV risk is managed dynamically: - LTV-gated allocation - based on strategy’s debt vs BTC NAV - low LTV → more STRC exposure - high LTV → auto rotate into treasuries - yield streamed over ~30 days (same anti-JIT idea) BUT STRC dividend resets monthly, so YT-sUSDat is pricing: future dividend resets PLUS saturn’s allocation decisions This means you get faster exits (like 7 days) but more exposure to underlying moves Keep in mind the risks (don’t ignore these): STRC dividend is not fixed...it depends on Michael Saylor / Strategy policy + off-chain components (custody, conversion) Heard over to Pendle to find out more DC: Linn is THE tier 1 KOL supreme for Pendle(🉐 Crypto Linn)