Pendle maturity pool exceeds $6B. Watch out for volatility.
In just 6 hours,
Pendle pools, including USDe at $5.64B, will reach maturity exceeding $6B.
While Ethena's TVL remains intact,
Pendle, Aave, and Morpho's TVL is declining,
with Pendle/Aave dropping close to $2B.
Of course, the impact of asset price declines is a factor,
but once Pendle matures and leverage starts to unwind, there could be significant volatility.
If we speculate,
- Selling USDe after unlocking PT to repay borrowed assets → some Depegging
- Increased volatility in the implied APY of new Pendle Pools.
As for Depegging, I believe that if there are no additional issues, time will resolve it.
For Pendle, if one wishes to buy PT/YT from the maturing assets in new pools, placing a limit order below could potentially allow for a good purchase price if lucky.
(In fact, PT is not expected to have much price volatility, while YT may be more suitable.)
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