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Jake
@jakelim
YT Pricing for EigenLayer Airdrop I’ve been doing some napkin math in my head for a YT strategy for farming EigenLayer Points. If $EIGEN is $0.10 when airdropped, current YT eETH is selling at 31% discount and the profit from the strat nets $1,100 per ETH. Calculator link is provided below. https://bit.ly/3UyjwGJ
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Jake
@jakelim
Quick Recap 1️⃣ You can farm EigenLayer Points by restaking on ETH. 2️⃣ Double dip on LRT platforms ether.fi, Kelp, Renzo. 3️⃣ Optimize strategies on Pendle and choose from YT/PT/LP strategies.
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Jake
@jakelim
1/ Review Simplified 100% YT Strategy Process 1 ETH($2,300) ➡️ 1 eETH ➡️ 10 YT eETH ➡️ Hold to Maturity 2/ Accumulate 33,600 EigenLayer Points from YT to Maturity Formula: 24(Daily accrual per 1 YT eETH) *10 YT * 140(Days to Maturity)
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Jake
@jakelim
3/ Total gains from 10 YT held to Maturity = $3,360 Formula: 33,600 EigenLayer Points * $0.100(Predicted Price of EigenLayer Points) 4/ Profit at Maturity: $1,060 (+46%) Formula: $3,360(Gains) - $2,300(Initial 1 ETH) Note: Calculation only considers base EigenLayer Points.
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Jake
@jakelim
5/ Break Even Amount of YT = 6.8452 YT Formula: 1 eETH($2,300) / 24(Daily accrual per 1 YT eETH) * 140(Days to Maturity) * $0.100(Predicted Price of EigenLayer Points) Note: YT strategy is buying EigenLayer Points with ETH. This creates a break-even amount and price.
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Jake
@jakelim
6/ Break Even Price = $336 per YT Formula: 1 eETH($2,300) / 6.84522 YT eETH(Break Even Amount) 7/ Market price = $230 per YT Formula: 1 eETH($2,300) / 10 YT eETH(Market Swap Ratio at Pendle) 8/ Market price is 31.5% discounted when referencing the Break Even Price.
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Jake
@jakelim
I’ve been using the calculator below as a reference when swapping for YTs. https://bit.ly/3UyjwGJ Tagging people that might find interest in the link to the calculator. @shoomp, @wutwut @beann @larry @kydo @spleefy.eth
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Jake
@jakelim
The end value of points are subject to many different variables. DYOR. You can guesstimate your own price using the following methods. Proxy price data from Whales Market, use Airdrop Calculators(https://bit.ly/49lhcae), or input hopium prices you want.
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Jake
@jakelim
Things to consider. 1️⃣ YT tokens lose all value at maturity. 2️⃣ The key variable is the uncertain price of the $EIGEN airdrop. 3️⃣ EigenLayer drops may be after a significant time post YT maturity. 4️⃣ Airdrop tiers could impact point value.
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