I just checked how Pendle introduced the micro strategy STRC product into the platform and made a simple summary: 1. STRC Essence: A Nasdaq listed per preferred stock issued by Strategy (formerly MicroStrategy), with no expiration date and floating monthly dividends (currently annualized~11.5%, adjusted monthly to maintain nearly $100 par value), used to support the company's BTC hoarding. 2. Saturn Credit: tokenize STRC dividends into sUSDat (yield bearing version, cumulative STRC dividends) and USDat (non yield T-bill backed stablecoin). Users can earn sUSDat by staking USDat, which exposes them to STRC dividends and NAV risks. 3 http://Apyx.fi Similarly, create apxUSD/apyUSD, mainly using preferred shares such as STRC as collateral for yield bearing stablecoins/vaults. 4 Pendle： These protocols put TradFi's dividend income on chain, providing Pendle with actionable yield bearing assets. Pendle standardizes and splits these assets into tradable parts: 1) Encapsulate as SY (Standardized Yield) Token, store sUSDat or apyUSD in Pendle, automatically wrap in SY format to make it compatible with Pendle's AMM, regardless of the underlying yield source. 2) Split into PT and YT: PT (Principal Token, such as PT suUSDat or PT apyUSD): represents the principal portion and does not calculate the return rate. Usually traded at a discounted price (e.g. $0.95), the underlying asset (s USDat/apyUSD) can be redeemed 1:1 upon maturity. Discounts imply a fixed rate of return (currently apyUSD PT is about 18% fixed APY), allowing users to lock in fixed income and hedge against floating dividend risks. YT (Yield Token): Capture all STRC dividend yields before expiration. At maturity, the value approaches zero. Suitable for users who are optimistic about the increase in dividends and provide leverage exposure. 3) Trading on Pendle's dedicated AMM: Pendle's AMM is designed specifically for time-lapse assets (PT/YT), optimizing pricing, reducing implied losses, and supporting liquidity provision. Users can: buy PT → fixed rate of return. Buy YT → leverage long yield. LP → earn transaction fees+PENDLE incentives. 5. Actual product performance: Currently the largest PT market on Pendle, with a total TVL of 50.5 million US dollars and 18% fixed APY. Through looping (e.g. PT for collaborative borrowing to buy more), the effective rate of return can reach 50-60%. Further composability: PT can be used as a collateral in lending protocols such as Morpho and Aave, forming a circular strategy; It also supports cross chain operations.