This is an old post from May but the idea stays the same.
If you're planning to use YT-sKAITO to get token airdrops from Kaito you should know what you're buying.
The new maturity date is Jan 29th 2026 (120 days away)
Educational moment for Pendle and @KaitoAI.
For the $HUMA airdrop you needed at least 100 staked $KAITO OR 100 YT-sKAITO
100 sKAITO is worth $208
100 YT-sKAITO is $12
So why doesn't everyone just go for YT-sKAITO? Because YT-sKAITO loses value over time. It's like ice melting in your hands and it's value goes to 0 by the end of the maturity date (July 30th).
So buying YT-sKAITO is 100% a bet that the airdrop rewards will pay better than the value of the YT-sKaito.
If the value of YT-sKAITO goes to 0, where does the value go?
To PT-sKAITO. If you hold PT-sKAITO the value only goes up over time until the maturity date BUT you don't earn any airdrops from it. With the current airdrop hype, the APY for PT-sKAITO is 44%, which is nuts.
That's how the @pendle_fi game is played.
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