Token Flow

Fig 27. Displaying the user flow for earning PT-eBTC-Dec24 yield and Ori Points with the PT-eBTC-Dec24 8x vault.

1. Users deposit PT-eBTC-Dec24 into the PT-eBTC-Dec24 8x vault for shares

2. Users burn their shares of lov-PT-eBTC-Dec24 8 for PT-eBTC-Dec24 when exiting

3. PT-eBTC-Dec24 8x deploys to Pendle Protocol by holding PT-eBTC-Dec24 reserves

4. PT-eBTC-Dec24 8x vault borrows PT-eBTC-Dec24 to swap into PT-eBTC-Dec24 for 8x Effective Exposure

5. PT-eBTC-Dec24 8x vault supplies PT-eBTC-Dec24 to the ZeroLend LP (90% LLTV Pool)

6. PT-eBTC-Dec24 8x vault farms

   1. Pendle PT yield at 8x

   2. Ori Points at 2x

7. Rebalancing down triggers the PT-eBTC-Dec24 8x vault to borrow more PT-eBTC-Dec24 using flashloans

8. Rebalancing up sells PT-eBTC-Dec24 into PT-eBTC-Dec24 to pay down debt owed to the ZeroLend pool