When everyone is playing DEX, pay attention to @ Terminal_fi. Currently, there are very few people posting in China. This project is the first DEX on Ethena's own public chain and has been quietly developed with greater potential than other projects Today, the liquidity of Terminal's new pool has reached $23.83 million, which means that the main players are starting to switch pools. ✅ If you want to avoid losses and make some profits in the old pond, please retreat in an orderly manner according to the following methods one ⃣ Why orderly retreat? Now @ pendle_fi is on tUSDe 25 September 2025 (old pool), with a market rate of 18.59%, which seems very high, so many people think they should buy PT, thinking that they will definitely lose money. Because today's liquidity data shows -12.07%, which means that a lot of funds have started to withdraw, while the liquidity growth of the new pool (tUSDe 18 Dec 2025) has reached 102%, which means that both old and market funds have gone to the new pool. The structure of LP in Pendle is: SY+PT=LP, withdrawing from LP means selling PT, and both funds and interest are collected together. In the pending, the original asset (Underlying) will be split into PT and YT after entering the pending, that is, Underlying=PT+YT. Now PT has been sold by the system, and in order to maintain balance, the system will buy YT in the market. Therefore, seeing YT higher than APY a few months ago is just an illusion for the pool that is about to end. If there is no speculation, it should be withdrawn now. two ⃣ Where to withdraw? At present, the new Terminal pool has been opened, and the link is as follows: https://app.pendle.finance/trade/points/0xf342d4bde4ec5b4bba94c17ab4c92ee3792abd5e?chain=ethereum Now the APY of the new pool PT is 11.93%, and many people are using the withdrawn funds to buy PT and LP Before the seamless transition of the old pool, you can buy PT and LP to increase liquidity, as the returns offered at this time are relatively high. This is indeed the case on the chain, as a large amount of funds are buying PT, resulting in a continuous decline in YT prices. three ⃣ When will you buy YT? Now APY is even lower than 12.9% five days ago, dropping to 11.93%, almost a point. But I don't think it's time to buy YT yet. When should I buy it? After all, only holding YT can earn 60x Terminal points+50x Ethena Sats, and Ethena's 50x Sats points are particularly valuable, equivalent to an additional 10% profit. I think YT should end in the old pool when a large amount of funds come to buy PT. At that time, YT will be smashed, and YT can be lowered in price. four ⃣ Why do most people buy PT? As a principal asset, PT can be used for lending on lending platforms. When the lending rate on the lending platform is lower than Pendle's deposit rate, many people will use PT for revolving loans to earn interest spreads. If the borrowing is done in a timely manner, the annualized rate can reach 80-300%, which is enough for hot money to buy PT for borrowing. A large amount of funds going to buy PT is equivalent to the system selling YT, and the price of YT will go down. five ⃣ Circular loan strategy When the interest rate is high: buy PT - mortgage PT - borrow USDC - buy PT again (loop) When interest rates are high, ambush PT first, and borrow to buy YT when YT falls (high risk): ▪️ Buy PT - mortgage PT to borrow USDC - buy YT again - wait for the interest margin between the lending platform and Pendle to narrow - YT to rise - sell YT, smooth arbitrage. By understanding the above inference, you should now know what to do in Pendle's Terminal pool, of course, to ambush in the new pool. Terminal new pool link: https://app.pendle.finance/trade/points/0xf342d4bde4ec5b4bba94c17ab4c92ee3792abd5e?chain=ethereum