Is Falcon Finance's USDf unpegged again? I just saw someone in the comments saying that $USDf has unpegged again. I checked, and it indeed briefly unpegged, and it hasn't fully recovered yet. I specifically looked into it, and there are several reasons: 1⃣ A large supply of USDf was released due to Pendle PT expiration. ▪️The sUSDf PT (Principal Token) on Pendle expired on September 25, releasing millions of dollars worth of USDf. ▪️These USDf were heavily sold on DEXs (like Uniswap or PancakeSwap), causing short-term selling pressure. PT holders (mainly yield farmers) chose to cash out after expiration instead of rolling over, leading to a surge in liquidity pool (LP) supply. ▪️On-chain data shows that the trading volume of USDf surged over 30% on September 25, with about 60% of that being sell-offs. 2⃣ Imbalance between liquidity pool and PT yields. ▪️Falcon's LP pool currently has an annualized yield of about 10% (including Merkl rewards and fees), while PT...
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