Summary
This proposal recommends offboarding 4 expire Pendle PTs from Euler Yield: PT-USD0+±26JUN2025, PT-cUSDO-19JUN2025, PT-eUSDE-29MAY2025, PT-sUSDE-29MAY2025. Expired Pendle PTs stop accruing yield and become simple 1:1 wrappers of the underlying. Offboarding these allows controlling the total exposure to the underlying assets while encouraging users to migrate to the new maturities.
Liquidity
Vault | Total Supply |
---|---|
PT-USD0++-26JUN2025 | $990k |
PT-cUSDO-19JUN2025, | $18k |
PT-eUSDE-29MAY2025 | $11k |
PT-sUSDE-29MAY2025 | $130 |
Only PT-USD0++-26JUN2025 holds significant value due to the recent expiration. We expect this to be reduced to <$50k in the following days.
Offboarding Process
We recommend the following offboarding process:
- Set supply caps to or near 0
- Ramp down LTVs to 0 over 30 days
- Inform users about the offboarding on public channels
- Once the ramping period is over, remove the vaults from the UI