PT / YT / LP Strategy Guide 🔥 Summary - Since YieldVault only provides a single exposure, our partner Exponent Finance splits eUSX/USX into PT (Principal Token) and YT (Yield Token), enabling three strategies (or neutral participation as an LP). Key Strategies - PT (Fixed Return) - PT trades at a discount of 1 USX or less and is repaid with 1 USX upon maturity → the discount amount is fixed. - Fixed APY displayed on Exponent (yield is fixed upon purchase). - Disadvantage: Forgoing Flares yield. - Leverage looping is possible with Kamino using PT as collateral (amplifying fixed yield). Beneficial in a low-interest-rate environment. - YT (Variable Return) - YT only charges the yield portion excluding the principal (yield or Flares exposure). - The value decreases as the time remaining until maturity decreases, reaching 0 at maturity. - We recommend checking the implied APY expected by the market before entering the market (yield if expected yield > price). - LP (Liquidity Provider) - Deposit to the PT + Base (USX/eUSX) pool to earn trading fees and Flares. - No directional betting (neutral). While there's a risk of impermanent loss with early withdrawals, PT/YT share the same base, so they converge at expiration. Expiration, Qualification, etc. - Each Exponent market has an expiration date (e.g., 1JUN26). All positions are settled at expiration. - PT is fully redeemed at expiration, while YT is worth zero at expiration. Migration Bonus - Position holders with previous expirations (USX 09FEB26, eUSX 11MAR26) are encouraged to migrate to 1JUN26. - Existing YT and LP users holding positions prior to the January 28 snapshot will receive a 25% Flares bonus if they migrate to the new pool before February 13. Choose between PT, YT, and LP based on your goals (guaranteed profits, high-yield bets, or neutral flares). Official Links ✅ USX Pool: Link ✅ eUSX Pool: Link ✅ Documentation: Link ✅ Learn More: Link Official Channel: t.me/solsticekr/42