看到大家聊 Pendle 的 YT/PT 双持,我也来简单说说。 结论:Pendle 确实是个做大 TVL 的利器,YT/PT 是一种项目方用来激励 TVL 增长的手段,双持是套利项目方的这种激励,但是对最终结果影响很小。 过去传统 Staking 就是锁仓等tge收益,Pendle 出现后,把收益拆成 PT(稳健)和 YT(赌tge)。大资金买 PT,压低 APY;APY 降低,赌徒买入 YT 拉高收益;APY 上升又吸引更多人买 PT,TVL 就这样滚起来了。本质是把“分歧”变成了可交易的市场,从零中创造 TVL。 因为 YT 能推高 TVL,项目方通常给 YT 更多激励。这就出现了套利空间: 单持代币给 20 积分,双持 PT+YT 给 40 积分(Pendle 抽 5%),但风险几乎一样。理性市场下,大量本币自然会流向 Pendle 双持,导致激励被“拉平”。 这其实不是项目方最希望的,因为本意是鼓励赌 YT,拉apy,吸引大资金买pt,做大tvl。但这种套利影响有限,最坏结果只是所有人都双持,积分重新均衡。 PT 抵押+循环贷和双持不同,这是真资金流入(比如拿 USDT 买入本币再做循环),确实带来了新 TVL,项目方反而应该支持。 总结:PT/YT 双持是套利,但不会伤害 Pendle 的增长逻辑。只要市场对 APY 有分歧,Pendle 的 TVL 魔法就还在继续。
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