# 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. \ \ Origami provides an estimated *implied APY* based on what users are currently paying for the eBTC-Dec24 YT token on Pendle. See [here](/the-second-fold-v2/rewards.md#how-we-calculate-implied-apr-for-ethena-sats) for how we derive the implied APY from the Pendle YT Oracle. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.origami.finance/the-second-fold-v2/deprecated-vaults/lovbtc-collection/pt-ebtc-dec24-8x/vault-synopsis.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.