Pendle Market Overview [25#30] ăIncludes Calculations & Alphaă
This week, the secondary market saw a surge followed by a pullback, and the interest rate market also exhibited significant volatility due to factors like secondary market coin prices and funding rates.
@pendle_fi 's TVL has once again reached the 6B USD mark, and Pendle, now standing at the peak, is in an even more refreshed state.
What are the key market highlights this week? Letâs dive in with Labrin.
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Market Overview: Pendle Returns to 6B USD; Long-Term Positive Outlook
Pendle's current top 10 24-hour trading volumes are all stablecoin projects, a phenomenon largely driven by the booming stablecoin industry, which is also a part of Pendle's strategic plan.
As the market develops, Pendle's TVL has also reclaimed the 6B USD mark, and Pendle, standing on the ridge, is now in a more refreshed state.
The upcoming entry of Boros and PT into traditional finance will likely push Pendle beyond its current limitâŠ
Since Boros represents a model unseen in traditional finance, I believe Pendleâs coin price is still in a conservative and undervalued state.
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Spark Series: Strong Impact from Coin Price Increase
Spark series products such as USDS have been significantly impacted by the rise in $SPK coin price, but the fundamentals of the project have not changed drastically.
Before the end of the August points period, both PT and YT are attractive options.
Vincâs calculations and operations are highly recommended for those considering buying YT. You can refer to his insights here:
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Ethena Series: Frequent Positive News, Low-Fee Limit Orders for YT
In the past 7 days, the market surged and then retraced, and the increase in funding rate returns and ENA coin price significantly raised Ethena series' Implied APY.
On July 21, Ethena announced that its subsidiary StablecoinX had reached a merger agreement with TLGY Acquisition Corp and plans to list on Nasdaq with the ticker symbol USDE.
StablecoinX will purchase $5 million worth of ENA daily over the next six weeks, totaling approximately $260 million, which represents 8% of the circulating supply.
Additionally, the @ethena_labs Foundation holds veto power over ENA sales, ensuring long-term token lock-up. This strategy is seen as the ENA version of MSTR.
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Ethena Series Market Highlights: YT & PT Analysis
1. tUSDe (25SEP): With 50x Sats, YT safe price is below 12.14%
2. sUSDe (25SEP): With 25x Sats, if the floor interest rate stays >7%, YT safe price is below 13%
3. eUSDe (24AUG): With 50x Sats, YT safe price is below 12.14%
4. USDe (25SEP): With 60x Sats, YT safe price is below 14.57%
*Note that safety does not imply a guaranteed return, NFA.
For PT selection: Players who don't consider Loop should prefer USDe's PT, while those considering Loop are recommended to choose sUSDe.
You can analyze it further by referencing the table below (my Ethena invite link:
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