Woke up to find my salary has been paid, a bit beyond expectations. Looking at the exchange rate and Implied APY, smart money is also moving: I already knew that the fourth phase of sENA would be next month, but unexpectedly this month there’s a $ASTER provided 1M airdrop salary.
IQ50 math: The airdrop from last month corresponds to an m/ependle base interest of about 8%, and this month’s airdrop is 4.6 times that of last month (in u-based value). The price of pendle this month is 78% of last month, so what is this month’s m/ependle underlying APY...? The big news is still to come!
Nice pic, the YT war has begun. Let's go!
In the picture, you can see that the upcoming $Pendle airdrop settlement package exceeds 13M. Even if it's distributed over 5 months like last year, that's still 2.6M per month.
In other words, the new 180-day YT can fully absorb this airdrop, maintaining a high underlying in the long term.
IQ50's rough calculation Easy math: 2.5M in fees distributed over four weeks in May, with an underlying of 40%. The current price of the wrapped tokens is even lower than it was back then, so if there are no other variables, an underlying of 40%+ over the entire cycle should be fine.
Conclusion: Entering at the current price with 30% implied YT, plus a 0.4 peg, has a very high safety factor.
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