Season 5 of Ethena has been confirmed.
sUSDe/USDe have already started accruing S5 rewards. There's a pretty huge mispricing of @ethena_labs sUSDe and USDe on Pendle at the moment.
"While prior results are not necessarily indicative of future outcomes, YT buyers at this level (and even ~100-200bps above) have not historically realized losses"
sUSDe in the past 3 months averaged ~8% APY. Since YT-sUSDe is being priced at ~7.25% APY, not only will YTs earn positive yield at this rate, but also FREE $ENA on top of that.
In fact, the current Underlying APY (7.48%) is already more than the Implied APY you're paying (7.25%).
Mmmmmm nothing like waking up to the smell of FREE $ENA 😋
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