# Vault Synopsis

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](https://app.pendle.finance/trade/markets/0x36d3ca43ae7939645c306e26603ce16e39a89192/swap?view=pt\&chain=ethereum).

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](https://app.zerolend.xyz/reserve-overview/?underlyingAsset=0xb997b3418935a1df0f914ee901ec83927c1509a0\&marketName=proto_mainnet_btc_v3) and swapping it for more PT-eBTC-Dec24 at no borrow cost. \
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Origami provides an estimated *implied APY* based on what users are currently paying for the eBTC-Dec24 YT token on Pendle. See [here](https://docs.origami.finance/rewards#how-we-calculate-implied-apr-for-ethena-sats) for how we derive the implied APY from the Pendle YT Oracle.