I remember last year when I was playing DeFi and Pendle, there was a stablecoin called USDai When I first started playing, the annualized rate was 50%, which was quite high As more and more funds are invested, the annualization continues to decrease But today there is still 9.21% I am playing PT, and Pendle will split interest bearing assets into PT and YT. PT is a principal bond, representing the redemption of underlying assets at maturity. Buying PT is essentially buying future principal at a discount, earning fixed income between the discount and maturity redemption YT is a yield coupon that earns future floating returns and expected points, more like gambling on the continued rise of returns and market expectations This project has also issued governance tokens, which are Ethereum airdropped by Binance HODLer: 0x0c1c1c109fe34733fca54b82d7b46b75cfb71f6e The really interesting thing is that it connects stablecoin returns with AI infrastructure financing User side stores stablecoins, protocol side issues USDai and sUDAI, and asset side docking requires GPU financing from AI infrastructure operators Simply put, the project turns GPUs into collateral that can be financed on the chain AI companies and GPU operators need money to buy machines, expand computing power, and do turnover. The agreement lends stablecoin funds to these operators with equipment, cash flow, and collateral. The borrower pays interest, and the proceeds are then transmitted to the sUSDai holders That's why USDai can consistently generate high stablecoin returns on Pendle over the long term It relies on the real demand of AI computing power financing, and GPU is a hard asset that can be valued, mortgaged, and generate income Traditional financial lending is slow, while on chain funds are faster, http://USD.AI Caught in the middle, created a layer of AI computing power financing market USDai and sUSDai are product layers, one responsible for stablecoin liquidity and the other responsible for receiving returns CHIP is the protocol control, which controls which GPUs can be financed, how loan interest rates are determined, how mortgage rates are set, how risk buffers are implemented, and how protocol fees are allocated CHIP's listing on Binance is also a benefit of BNB HODLer Binance HODLer airdrop will take a historical snapshot based on the user's past BNB holdings. As long as you use BNB to subscribe to current or fixed-term products that break even and earn coins, you will automatically qualify for HODLer airdrop, and can also cover Launchpool and Megadrop rewards Using BNB to subscribe to on chain coin earning products can also automatically participate in HODLer airdrops and Launchpool The advantage of this mechanism is that there is no need to rush every day, no need to brush tasks, and no need to monitor disks BNB is placed in the corresponding earning product, and Binance will review the historical snapshot at random time periods. If it meets the conditions, it will directly send an airdrop. For those who hold BNB for a long time, this type of HODLer airdrop is an additional layer of income. For more detailed information, please refer to this https://www. (binance.com)/zh-CN/bnb Of course, the risks of the CHIP project are also very clear GPUs will depreciate, AI computing power demand will fluctuate, borrowers may default, and the legal enforcement and liquidation efficiency of off chain collateral will also affect protocol security. Its returns are higher, and the risk structure is more complex The core is still real application, and short-term price fluctuations will still return to the project's real application needs and protocol revenue itself Looking at CHIP, whether the core can turn GPU mortgage loans into an on chain credit market in the AI era is the criterion for whether the long-term value logic is valid