It's kinda criminal that it took me this long to understand how @pendle_fi actually works but now after studying it for @capmoney_, I finally understand why it's such a powerful primitive. All you need to do is frame it the right way and the mechanics just click. For me, the best way to think about Pendle tokens (PTs and YTs) is through the lens of yin and yang. - PTs are yin: they embody duration. Pendle PT tokens only exist for a fixed period, and when the market for them ends, PTs settle at “1.” Here, it's time itself that secures your yield: you lock in a fixed rate and guarantee yourself a return at maturity. - YTs are yang: they embody volatility. YTs only exist to generate maximum interest during their lifetime, and at maturity, they’re worth zero. They’re in constant flux, which makes them attractive for speculators who think they have an edge on APY. Now, let's take stcUSD as an example. Splitting it into PT and YT separates duration from volatility. - Hold PT-stcUSD:...