Token Flow

Fig 28. Displaying the user flow for earning yield and Ori Points with the PT-sUSDe-Oct 2024 5x vault.

1. Users deposit PT-sUSDe into the PT-sUSDe-Oct 2024 5x vault for shares

2. Users burn their shares of PT-sUSDe-Oct 2024 5x for PT-sUSDe when exiting

3. PT-sUSDe-Oct 2024 5x deploys to Pendle Finance by holding PT-sUSDe reserves

4. PT-sUSDe-Oct 2024 5x vault borrows wrapped DAI to swap into PT-sUSDe for 5x Effective Exposure

5. PT-sUSDe-Oct 2024 5x vault supplies PT-sUSDe to the Morpho LP (86% LLTV Pool)

6. PT-sUSDe-Oct 2024 5x vault farms

   1. Native yield

   2. Ori Points at 5x

7. Rebalancing down triggers the PT-sUSDe-Oct 2024 5x vault to borrow more DAI using flashloans

8. Rebalancing up sells PT-sUSDe into DAI to pay down debt owed to the Morpho pool