Quick rundown of top @pendle_fi PTs and what they actual have under the hood. ► mFARM (DON'T BUY THESE PTs) This is a @MidasRWA vault curated by @FarmCapitalXYZ, it has an insanely high APY because mFARM took an NAV hit during the sUSDX fallout on Silo. The good: the Farm team covered half of the bad debt, but the rest was taken out of the mFARM backing. The bad: because the exchange rate is 3% below the watermark rate, it will redeem with a 3% haircut. That means the real IY here is virtually nothing. ► Yu (DON'T BUY THESE EITHER) It's still unclear if @yalaorg just rugged investors / users / collateral depositors, but YU is still trading at a 60-70% discount and there's been no clear communication from the team. ► reUSDe This is the first actual asset that I would consider. @re has two assets, and of the two, reUSDe is the slightly riskier tokenized reinsurance asset. reUSD (no "e") is basically just basis + tbills. So if you're comfortable with reinsurance and its general risk profile, this is a good very short-term play (only 18 days). ► HYPE++ Everytime I see this, I think it's some HYPE wrapper, because why else would you name it that? But actually it's @D2_Finance's poorly named (I only pick on D2 because they pick on everyone else) USDT0 strategy vault. It basically does derivatives arbitrage, which AFAIK, includes options strategies and things akin to basis. I wish it had more transparency, but people who like D2 love D2, but I personally can't justify jumping into anything where I can't verify the underlying strats. ► sAID This is @gaib_ai's stable now that the pre-deposit campaigns are over. Gaib does GPU financing, Robotics financing, and GPU Expansion financing to back its yield. It's somewhat similar to USDai in that sense? That said USDai has less than 1% in financing / AI contracts last I checked, whereas GAIB is pretty much completely backed by them. ► sTHUSD This is @TharwaUAE is an RWA vault asset, backed by RWA things including gold and UAE real estate. thUSD is currently a bit underpeg, so I'd be careful with this one. Also, I have no reasonable capacity to underwrite something backed by a basket of gold and UAE real estate, so DYOR on all these, but especially on the super novel/exotic ones. ► sNUSD Finally another one that I actually get / like. This is @Neutrl, which does have a solvency dashboard by @AccountableData, which gets brownie points. They do a mix of basic onchain yield activities plus OTC basis, which is where you buy assets below market value (typically with vesting terms) and short that value offchain and collect the difference as a yield. Bonus if you get positive funding. ► USD (mHYPER) This one got a lot of spicy press during the Stream bonanza. The backing is shown on the Midas website, so there's fairly good transparency here. It's a Midas vault, it's curated by @hyperithm and it's, as I said, gotten some very spicy press surrounding how it's allocated underlying funds. So please look more into this before apeing. ► wHLP This is by @hyperlendx it's basically wrapped HLP but with points. HLP has had huge wins (like 10/10) but also outsized losses (popcat or whatever recently, e.g.). If you don't mind HLP exposure, I actually sort of like this one. ► syzUSD This is staked yzUSD from @OuroborosCap8 (Yuzu). They also have an accountable dashboard to prove realtime solvency, which I love. They're fairly small, and obviously Ourosboros is the curator / team behind it, so if you have feelings about that team, you should associate them with Yuzu as well. That said, they fared well throughout 10/10 and the fallout thereafter. And of course there's a points angle with the protocol. ► USD3 @3janexyz is onchain credit uncollateralized borrowing and lending. USD3 is the senior tranche form of lending here, sUSD3 is the junior tranche version. So, if there were any defaults, they would, AFAIK, come out of sUSD3 before ever affecting the senior USD3. Jane lads, please correct me if I'm wrong here. ► sUSDai The staked version of @USDai_Official, last I checked it was backed 99% by TBILLs, though it intends to be backed by something like 6% in lending compute in the near future. There's 660M in TVL, so people like it, but of course DYOR. And there you have it! Hopefully this was useful for some of you fine farming folk.