⚡ Shocked by Morpho, the 0.33% loan interest rate has gone crazy—— After Silo, the larger @ MorphoLabs has also launched support for Pendle LP, currently opening three LP collateral pools for @ ethena_1abs assets: 🔹 LP-sUSDe (25 Sep 2025) / USDT 🔹 LP-sUSDe (31 Jul 2025) / USDT 🔹 LP-eUSDe (14 Aug 2025) / USDT The loan interest rate of LP sUSe (31 July 2025) is surprisingly only 0.33%, which is a great opportunity for arbitrage! The principle and operation of PT mortgage are the same as before—— one ⃣ Purchase on @ pendle_fi to get LP sUSe (31 July 2025), APY is 7.66%. two ⃣ In the Tool on Pendle, wrap the LP as Wrapped LP. three ⃣ Mortgage your packaged LP on Morpho and lend USDT (LTV limit of 87%). four ⃣ Borrow USDT and then go to Pendle to buy LP, and repeat the cycle. I calculated that if I invest 1000u and do 2 rounds of cycles, the annualization can be increased to 22.5%, and I can earn Ethena 25X sats points, which is twice the return compared to simply holding PT or LP! However, it is not completely risk-free. If extreme fluctuations are encountered (such as ETH falling sharply → sUSDe unanchoring → PT premium), they may trigger risks. So students who play revolving loans must remember two points: 1. It is strongly recommended to have a maximum of two layers and maintain a clearing buffer of 5% -10% to avoid borrowing too much. 2. The loan interest rate is subject to fluctuations and can be monitored. If the interest rate rises sharply, it should be promptly adjusted to prevent penalties for liquidation! @tn_pendle