Vault Synopsis

The PT-eBTC-Dec24 8x vault accepts deposits denominated in PT-eBTC-Dec24.

eBTC is the most decentralized synthetic Bitcoin composable across all of DeFi for use of borrowing at no cost. The asset is a collateralized crypto asset soft pegged to the price of Bitcoin on the Ethereum network, exclusively backed by Lido's stETH. By design, eBTC focuses exclusively on the ETB/BTC ratio empowering users the optionality for trading this asset on-chain. The PT-eBTC-Dec 2024 is a PT token derivative on Pendle expiring on the 26th of December 2024.

The Origami PT-eBTC-Dec24 8x vault allows users to farm yield with 8x leverage. When the user deposits PT-eBTC-Dec24, the vault will fold the effective exposure to the underlying by borrowing PT-eBTC-Dec24 against the same PT-eBTC-Dec24 collateral in the ZeroLend PT-eBTC-Dec24 90% LLTV pool and swapping it for more PT-eBTC-Dec24 at no borrow cost. Origami provides an estimated implied APY based on what users are currently paying for the eBTC-Dec24 YT token on Pendle. See here for how we derive the implied APY from the Pendle YT Oracle.