Token Flow

Fig 28. Displaying the user flow for earning yield and Ori Points with the PT-USD0++-Mar 2025 5x vault.

1. Users deposit PT-USD0++ into the PT-USD0++-Mar 2025 5x vault for shares

2. Users burn their shares of PT-USD0++-Mar 2025 5x for PT-USD0++ when exiting

3. PT-USD0++-Mar 2025 5x deploys to Pendle Finance by holding PT-USD0++ reserves

4. PT-USD0++-Mar 2025 5x vault borrows wrapped USDC to swap into PT-USD0++ for 5x Effective Exposure

5. PT-USD0++-Mar 2025 5x vault supplies PT-USD0++ to the Morpho LP (91.5% LLTV Pool)

6. PT-USD0++-Mar 2025 5x vault farms

   1. Native yield

   2. Ori Points at 30x (Season 2 Campaign)

7. Rebalancing down triggers the PT-USD0++-Mar 2025 5x vault to borrow more USDC using flashloans

8. Rebalancing up sells PT-USD0++ into USDC to pay down debt owed to the Morpho pool