
UNICORN⚡️🦄|Jul 09, 2025 12:17
The most exciting thing in the industry now is market makers
Especially market makers involved in liquidity arbitrage
Lying down, I earned money
There is no risk at all yet
I also want to earn this money
Find a way to earn money without becoming a market maker
I really found it
DWF is a leading market maker in the industry
Its founder @ ag.dwf launched a project called @ FalconTable
You invest money in sUSDf, and they will use it to perform the following operations:
1. Positive capital interest rate arbitrage
Hold spot positions and short corresponding perpetual futures contracts
Realize positive capital interest rate arbitrage
Spot assets are simultaneously pledged
At the same time as obtaining funding interest income
It can also generate additional income
2. Negative capital interest rate arbitrage
On the contrary, Falcon can sell spot holdings and long futures
To generate income under negative financing rates
3. Cross exchange price arbitrage
Falcons buys and sells assets in multiple markets
To profit from price differences
4. Pledge of native altcoins
Falcon uses protoplasm staking opportunities to support non stablecoin assets
Enable the protocol to achieve higher on chain revenue as part of its diversified revenue strategy
5. Working capital pool
Falcon deploys some assets to the first level on chain liquidity pool
Generate profits through on chain dex activities and arbitrage
The profits generated by the above operations are the underlying returns returned to the holders of sUSDf, and at the same time, PT and YT combination returns can also be generated in Pendle
Let's discuss in detail below
one ️⃣ What is USDF?
USDf=@ FalconTable's income based stablecoin
essentially
Earn 5 profits from underlying assets
After all, it is a project of the founder of DWF
Its background as a frontline market maker
Its revenue also comes from its core ability in trading
two ️⃣ Introduction to Pendle mechanism
Pendle allows you to split all "interest bearing tokens" (such as sUSDf) into two types of tokens:
PT (Principal Token): Anchoring principal and locking fixed APY
YT (Yield Token): Anchors all returns, with returns fluctuating with interest rates
Add "Falcon Miles" points:
Most airdrop points belong to YT holders
Holding YT is equal to all floating returns of Soha+all airdrop scores
And PT only receives basic fixed income
three ️⃣ The logical essence of YT investment
YT has two benefits:
Underlying APY:
For example, the annualized return of USDf's chain is 9.82%
Point airdrop revenue
For example, FalconTable allocates YT s USDf
Falcon Miles motivation every day 36x times
The price of YT is determined by market supply and demand
Generally lower than PT
Mainly, large investors are more inclined to take PT lock security benefits
Retail investors and radical players are willing to bet on YT's' high elasticity '
Revenue and airdrop overlay
The risk and volatility are also high
four ️⃣ APY concept differentiation between YT and PT
Underlying APY:
USDf basic 7D income
Now it's 9.82%
FixedAPY:
The annualized PT lock is now 14.19%
Driven by market pricing and arbitrage, constantly changing
Implied APY:
YT represents the total income of sUSDf
Including point rewards
But the Falcon Miles points mentioned above are not included
Pattern opening
Higher yield on YT
five ️⃣ Example of USDf YT gameplay
Assuming you have $10000 to buy YT s USDf
The current YT unit price is 0.025
You can buy 400000 YTs
PT can lock 14.19% of fixed APY
YT only displays 13.31% of on chain revenue
But YT has a huge amount of Falcon Miles airdrop points:
36x per day
Lock until expiration (with 79 days remaining) and continue to accumulate points
The background is DWF support
Their proactive market making style is still very aggressive
I remember the early project on the stablecoin track, ENA, where buying YT resulted in an annualization rate of over 300%
And this annualization depends on the coin price and the pattern of the project team, how much proportion of coins will be airdropped
The market value of DWF's numerous projects
It's too unreasonable for the project initiated by the founder to fall off the chain
Subjectively speaking, I think buying YT sUSDf for airdrop yields should be 100% annualized
six ️⃣ What makes this strategy attractive?
1. Falcon Miles points bonus:
YT eats all the airdrop profits in one go
2. Market sentiment and supply-demand imbalance:
Large investors are more willing to lock in PT security benefits
Causing PT premium and YT price underestimation
Ordinary users can actually buy "Suoha Airdrop Elasticity" at a cheaper price
3. Market arbitrage effect:
PT buying drives down Implied APY
YT prices are cheaper
The cost performance ratio of dividing is higher
4. Currently, there is deep liquidity
Implied Yield of up to 13.31%
Buying is not difficult to ship
seven ️⃣ Risks and Precautions
Score airdrop and FDV are completely expected
No one can guarantee how much it will be worth in the end
Rapid changes in liquidity
Locked income may fluctuate
Protocol security and on chain smart contracts themselves also have black swan risks
If mainstream big players and quantitative institutions collectively cut YT arbitrage
APY and score value may rapidly decline
eight ️⃣ Target audience for the strategy
Radical DeFi users who are willing to ride the wave of market sentiment and share their insights
Experienced players who are familiar with on chain interactions and can withstand high volatility and uncertainty
Want a strategy of "high odds+short-term high returns" instead of prudent financial management
nine ️⃣ YT gameplay is the integrated weapon of "Studha airdrop+interest rate elasticity" in DeFi
The more big players compete for PT, the more undervalued YT becomes
Point mechanism+airdrop of new projects makes it easier to achieve short-term high returns
But this' short-term high odds' opportunity
Only for players within the circle who understand risks and dare to bet
Pendle Pool Link for USDf:
https://app.pendle.finance/trade/markets/0x45f163e583d34b8e276445dd3da9ae077d137d72/swap?view=yt&chain=ethereum&chart=pt -lp-apy-tvl
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