Some freeform thoughts about Pendle after playing around with it for a while, especially if you’re a humble mercenary stablecoin farmer: 1) If PT tokens are zero-coupon bonds, they also come with the downsides that aren’t immediately clear in the docs—since they make it look like it’s a sure-win thing. 2) Zero-coupon bonds have very high duration. In bond terms, this is basically the sensitivity of the PT token price to yield, not just the time to maturity. So, for a 1% change in yield, you can have even higher movement % in PT token prices. This means... 3) If you foresee liquidity issues in the future—say, you want to free up your PT tokens to do something else, like invest in something with a higher yield or take advantage of a meme coin opportunity—fluctuations in price can create challenges or even losses if you exit early. 4) I haven’t really thought deeply about the liquidation price of PT tokens, but I’d expect it to be somewhat similar? 5) After reading the docs on PT...