Editor’s note: In Pendle's DeFi protocol, Yield Token (YT) represents the "future income rights" of a certain yield-bearing asset, and the current market pricing of csUSDL-YT is severely underestimated. This article analyzes the potential value of the Coinshift points airdrop, pointing out that although on the surface the YT yields are not as stable as PT, its essence of "points as capital" determines its extremely high leverage potential and airdrop arbitrage value, making it one of the most cost-effective gaming opportunities in the current market.
The following is the original content (for ease of reading and understanding, the original content has been reorganized)
Can you imagine achieving a 260% return on investment with stablecoins in less than two months? Right now, there is a misalignment opportunity in front of us: buying YT-csUSDL on Pendle.
What is YT?
YT is Yield Token, which is one of the core mechanisms of Pendle. You can trade the future yield rights of a certain yield-bearing asset through it.
When csUSDL (the Paxos-supported treasury stablecoin) is tokenized into SY, it will be split into two parts:
1.PT (Principal Token): Represents fixed income with lower risk;
2.YT (Yield Token): Represents the right to future earnings, with significant volatility, but often undervalued by the market.
The special thing is that YT not only earns profits but also receives a large number of airdrop points, but these profits are often not correctly priced by the market.
Current arbitrage opportunity: YT-csUSDL
Assuming you invest $1,000 to buy csUSDL YT, which will expire on July 31, 2025:
Base APY (csUSDL): approximately 4%
Market Implied APY: Approximately 10%
Current YT price: approximately 0.0143 USD
Purchaseable Units: Approximately 70,130
Pendle Points Multiplier: 1x
Daily Coinshift Points: 30
It seems like you are paying a high price for low returns? But the real value lies in the overlooked point rewards by the market, and the core issue is evident: since you can lock in a 10% return, why accept a 4% return? The essence of the answer is: Points = Capital.
Why is this operation feasible?
Despite the fact that most users overlook yield tokens (YT) due to the superficial yield difference (4% vs underlying asset 10%), the misjudgment of its value stems from the failure to price Points as Capital — the 6% implied yield gap reflects the market's systematic undervaluation of points. Holding YT generates 30 SHIFT points daily, and if held until the 55-day expiration, a total of 115,715,017 points can be accumulated; at this moment, the core question must be answered: how to accurately value this hidden capital?
Even if the FDV is cut down to 75 million USD, a return rate of about 80% can still be achieved; considering that Coinshift's latest funding valuation is 150 million USD, if investors wish to profit, the future market value is likely to be even higher, thus this valuation has rationality and reference value.
Note: The formula for FDV (Fully Diluted Valuation) is: Fully Diluted Valuation = Maximum Supply * Current Price.
Leverage Strategy: 68x Points Yield Leverage
YT is a high-leverage asset, you only need to pay 1.5% of csUSDL to buy its future returns.
This means:
Any increase in profits will be amplified by leverage;
At the same time, you also receive high multiplier points rewards (Shift Points);
You can sell at any time or set a limit sell order for flexible exit.
Why is the current market favorable for you?
Most DeFi users are rushing to lock in stable returns with PT; this has caused the implied yield of YT to decrease, making the price cheaper; for users who understand how to analyze mispricing opportunities. The cheaper YT is, the higher the potential returns. Moreover, you can sell YT at any time, or place a sell order; even if you exit early, you can retain the points you have already earned.
Summary
Stake the stablecoin csUSDL to earn up to 260% controllable returns from the Coinshift airdrop in less than 2 months, with support for withdrawal at any time, suitable for investors seeking high-odds opportunities.
YT is not suitable for those who only want a "steady yield farmer" with a 6% return; it is a tool for capital allocators who are willing to take reasonable risks and pursue asymmetrical opportunities. If you understand the mechanism of Pendle and have confidence in Coinshift, then this is one of the cleanest and most straightforward arbitrage opportunities in the current DeFi market.
Of course, remember: DYOR, conduct your own risk simulations, and allocate positions reasonably. Once the market realizes this move, the price of YT will no longer be low.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
In-depth analysis of misaligned arbitrage opportunities on Pendle
Author: hoeem
Compiled by: johyyn, BlockBeats
Editor’s note: In Pendle's DeFi protocol, Yield Token (YT) represents the "future income rights" of a certain yield-bearing asset, and the current market pricing of csUSDL-YT is severely underestimated. This article analyzes the potential value of the Coinshift points airdrop, pointing out that although on the surface the YT yields are not as stable as PT, its essence of "points as capital" determines its extremely high leverage potential and airdrop arbitrage value, making it one of the most cost-effective gaming opportunities in the current market.
The following is the original content (for ease of reading and understanding, the original content has been reorganized)
Can you imagine achieving a 260% return on investment with stablecoins in less than two months? Right now, there is a misalignment opportunity in front of us: buying YT-csUSDL on Pendle.
What is YT?
YT is Yield Token, which is one of the core mechanisms of Pendle. You can trade the future yield rights of a certain yield-bearing asset through it.
When csUSDL (the Paxos-supported treasury stablecoin) is tokenized into SY, it will be split into two parts:
1.PT (Principal Token): Represents fixed income with lower risk;
2.YT (Yield Token): Represents the right to future earnings, with significant volatility, but often undervalued by the market.
The special thing is that YT not only earns profits but also receives a large number of airdrop points, but these profits are often not correctly priced by the market.
Current arbitrage opportunity: YT-csUSDL
Assuming you invest $1,000 to buy csUSDL YT, which will expire on July 31, 2025:
It seems like you are paying a high price for low returns? But the real value lies in the overlooked point rewards by the market, and the core issue is evident: since you can lock in a 10% return, why accept a 4% return? The essence of the answer is: Points = Capital.
Why is this operation feasible?
Despite the fact that most users overlook yield tokens (YT) due to the superficial yield difference (4% vs underlying asset 10%), the misjudgment of its value stems from the failure to price Points as Capital — the 6% implied yield gap reflects the market's systematic undervaluation of points. Holding YT generates 30 SHIFT points daily, and if held until the 55-day expiration, a total of 115,715,017 points can be accumulated; at this moment, the core question must be answered: how to accurately value this hidden capital?
Airdrop Value Assessment
Holding period: 55 days
Total Points Earnings:
70,130 × 30 × 55 = 115,715,017 points
Assumption:
Current total points: 7.6 billion
Daily Growth: 300 million
Airdrop time: 55 days later
Total airdrop points expected: 24.1 billion
Airdrop ratio: 5%
Token Generation Event Fully Diluted Valuation (TGE FDV): 150 million USD
According to the above estimate, each point is valued at approximately 0.0000311 dollars.
So your total points value = 115,715,017 × 0.0000311 = 3,601.09 USD
In addition to the basic earnings of 6 dollars
The total return is approximately 3,607.09 USD
In other words, it achieved a ROI of 260.7% in less than two months!
! In-depth analysis of misplaced arbitrage opportunities on Pendle! In-depth analysis of misplaced arbitrage opportunities on Pendle
conservative estimate
Even if the FDV is cut down to 75 million USD, a return rate of about 80% can still be achieved; considering that Coinshift's latest funding valuation is 150 million USD, if investors wish to profit, the future market value is likely to be even higher, thus this valuation has rationality and reference value.
Note: The formula for FDV (Fully Diluted Valuation) is: Fully Diluted Valuation = Maximum Supply * Current Price.
Leverage Strategy: 68x Points Yield Leverage
YT is a high-leverage asset, you only need to pay 1.5% of csUSDL to buy its future returns.
This means:
Any increase in profits will be amplified by leverage;
At the same time, you also receive high multiplier points rewards (Shift Points);
You can sell at any time or set a limit sell order for flexible exit.
Why is the current market favorable for you?
Most DeFi users are rushing to lock in stable returns with PT; this has caused the implied yield of YT to decrease, making the price cheaper; for users who understand how to analyze mispricing opportunities. The cheaper YT is, the higher the potential returns. Moreover, you can sell YT at any time, or place a sell order; even if you exit early, you can retain the points you have already earned.
Summary
Stake the stablecoin csUSDL to earn up to 260% controllable returns from the Coinshift airdrop in less than 2 months, with support for withdrawal at any time, suitable for investors seeking high-odds opportunities.
YT is not suitable for those who only want a "steady yield farmer" with a 6% return; it is a tool for capital allocators who are willing to take reasonable risks and pursue asymmetrical opportunities. If you understand the mechanism of Pendle and have confidence in Coinshift, then this is one of the cleanest and most straightforward arbitrage opportunities in the current DeFi market.
Of course, remember: DYOR, conduct your own risk simulations, and allocate positions reasonably. Once the market realizes this move, the price of YT will no longer be low.