Science popularization: They all bought yachts with YT, what's going on? The most unbearable word these days should be 'comfortable'. Opening each group, one is afraid of seeing red foreskin all over the ground. Don't worry, someone has become extremely wealthy again. The day after tomorrow, this situation will be repeated again because the New Tide is coming. I saw all the screens showing my YT estimated airdrops and started watching yachts. Wait, what exactly is YT? Let's dive in! ⬇️ YT doesn't even know? YT is a yacht! It's true, YT played well and bought the yacht early. This magical cryptocurrency financial product comes from the low-key and mysterious @ pendle_fi. I know a lot about it, but I know very little about its reasons. I have heard of it, but I don't know much about it, let alone have bought it. This is the most common situation at present, so let's delve into it together! YT: Field Token, Revenue Token ", it also has a twin brother called" PT: Principal Token, Principal Token ", Pendle can split assets with revenue into PT and YT. Autumn wind rises, crab roe fat. Let me use hairy crabs as a metaphor to understand these two difficult concepts more simply and roughly. Overall mechanism: Each hairy crab generates 1 PT and 1 YT, where YT represents the band opportunity and PT represents the total value. There is a type of hairy crab "exchange coupon" on the market now, with a face value of 200 yuan. After one year, it can be used to exchange for hairy crabs with a nominal value of 200 yuan. Because you purchased in advance, you can get a 10% discount, which is 180 yuan. At this point, the hairy crab exchange coupon is actually PT, which represents your "principal portion" rights to the underlying assets. Buying PT is to lock in future assets in advance, and time is exchanged for space. You can exchange a one-year lock up period for a discounted price. Spending 180 yuan now and exchanging it for a hairy crab with a nominal value of 200 yuan in one year will result in a net profit of 20 yuan. This locks in fixed income, but the actual maturity value will be adjusted by the market, and fluctuations will affect the final return. The people of Jiangsu and Zhejiang are smart. In addition to "exchange coupons", there is also a more interesting type of "dividend coupon" circulating in the market. Are you interested in the hairy crab business? You can directly purchase "dividend coupons" in the market, which is equivalent to betting on the profits of hairy crabs one year in advance. This type of "dividend coupon" is similar to YT, representing the net profit earned by hairy crabs over the past year. YT represents additional income. If it rises to 250 yuan, it may earn 50 yuan, but if it falls to 150 yuan, it may incur losses. As the maturity date approaches, the value will return to zero, as PT maturity already includes the full value. Note that under a free market mechanism, YT can be traded at any time. This means that when you closely monitor the movements of hairy crabs and expect good returns, YT will increase in price, and you can sell it for profit at any time, and vice versa. In summary, if you pursue stability and don't want to make things so complicated, buy PT "exchange coupons". If you want to gain high returns and be able to bear risks, buy YT "dividend coupons". PT locks in the initial principal value, provides dynamic returns, and is suitable for stable models; YT captures floating returns and is suitable for risk averse individuals. The basic operation is that if you are optimistic about the expected explosive returns of a project, you can choose to buy YT and wait for a large return, because after tokenization, you can also use complex DeFi operations such as arbitrage and re staking in this process, which is very cool. Now, I understand everything. You only need one yacht. / Author: Anymose | A Soft Core Science Popularization Writer This article is for educational purposes only and does not constitute any investment advice. Always remember DYOR!