asBNB on Pendle
Last updated
Last updated
Note: Those who split asBNB into PT and YT without further activity on Pendle are exploiting the Au points reward system. Aster prioritizes real activity like providing liquidity or trading PT and YT on Pendle. To protect the interests of genuine DeFi holders and encourage healthy activity, exploiters may lose all Au points.
asBNB is a liquid staking token of BNB. It brings BNB yields that are traditionally restricted to CeFi users and CeFi applications onchain. On Aster, you will stake slisBNB or BNB to mint asBNB. You will earn Binance launchpool rewards, HODLer airdrops and Megadrops. You also earn 5x Au points when you mint asBNB on Aster. Read more about asBNB:
SY:
A token standard on Pendle for wrapping yield-bearing tokens. For example, when you deposit asBNB, asBNB is automatically wrapped into SY-asBNB. This happens on the backend, so you don’t have to deal with conversion between SY and asBNB.
SY is then split into PT and YT.
PT:
Represents the principal of the underlying yield-bearing token. For example, PT-asBNB represents the principal of asBNB (i.e. does not include asBNB yield or Au points)
YT:
Represents all the yield of the asset. For example, YT-asBNB represents the yield and Au points you can get from asBNB.
LP:
The LP token you get after adding liquidity. For example, you get LP-asBNB after adding asBNB liquidity.
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When you provide asBNB liquidity, you get LP-asBNB. LP-asBNB is perfect for those who want to earn Aster yield, Pendle yield and Au points.
LP yield includes 10x Au points, Underlying Yield, PT fixed yield, $PENDLE incentives and Pendle swap fees.
LP holders also earn HODLer airdrops and Megadrops. Claim them on the Aster website.
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PT-asBNB represents the principal portion of asBNB. Thus, 1 PT-asBNB is equivalent to the value of 1 asBNB excluding asBNB yields and Au points.
If you're bullish on asBNB, PT-asBNB lets you buy in at a fixed rate discount as it is traded at a discount to asBNB.
Fixed APY: The value of PT-asBNB will gradually increase and become equal to the value of the asBNB at maturity. This process creates a fixed guaranteed return ('fixed APY'). For example, let's say PT-asBNB offers a fixed APY of 23% with maturity on 24 July 2025. This means that PT-asBNB holders get a guaranteed return of 23% APY if held till maturity. You DO NOT earn asBNB underlying yield or Au points.
What you can do: Hold till maturity OR trade PT-asBNB on Pendle anytime.
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YT-asBNB represents the yield portion of the underlying asset asBNB. Thus, 1 YT-asBNB represents the yield and Au points you can earn from 1 asBNB.
If you are a yield-maxi, YT-asBNB helps to leverage your yield exposure. Buying YT-asBNB means that you are 'longing the yield' of asBNB.
YT yield:
YT-asBNB lets you earn asBNB yield and 10x Au points till maturity. asBNB yield from launchpool rewards is reflected in NAV. Au points accumulate hourly and you can check Au points on the Aster Airdrop dashboard.
YT-asBNB holders also earn HODLer airdrops and Megadrops. Claim them on the Aster website.
The value of YT-asBNB will naturally trend towards $0 as there is less remaining yield the closer we get to maturity. Holders profit when the total yield collected up to that point ends up being higher than their cost of buying YT-asBNB.
What you can do: Hold till maturity OR trade YT-asBNB on Pendle anytime.
