In less than two weeks, $ENA has skyrocketed again…🥹 Immediately updating @ethena_labs Season 4 Sats points exchange rate, points value/annualized calculation table. From the table, based on the latest points emission rate, every 1M points can ultimately be exchanged for about ~13 coins or approximately ~$9.4 (assuming ENA@$0.72). For example, in the Pendle market with 60x Sats of $USDe, the annualized points return is about 20.7%, plus a 10% Loyalty bonus makes it 22.8%. (The calculation sheet does not consider transaction fees and YT cut fees, so you can apply a ~5% discount to the exchange rate.) ~ Current YT quotes in the Ethena system: ＊The cost of 60x YT-USDe is 13.2%. ＊The cost of 50x YT-tUSDe is 13.4%, and YT-pUSDe is 13.1%. ＊The cost of 25x YT-sUSDe is 10.6% (this YT provides about 5-9% base interest, depending on Ethena's funding fee income). ~ ❋ How to calculate the expected yield of YT? On the YT trading page, find the green calculator icon next to the Swap button and click it to bring up the Calculator screen: Enter the Input amount, then enter your expected **future average** cash yield + points yield annualized, and click Calculate to simulate the **current market price** reference profit and loss value for buying YT. For example, if the expected YT-USDe points yield is 21% (this YT has only points yield with no cash yield), then buying $100 YT at the implied APY of 13.2% at the time of writing would yield a final airdrop return of about ~$162.7, so the Net Profit would be about ~$62.7 or ROI = 62.7% 🔥 Please note that the calculator's results are for reference only. In reality, the final points yield rate can change at any time. The calculation results provided by the calculator have deducted all fees from the yield. @pendle_fi @PendleIntern