The Total APY for a given Origami lov vault is first calculated by deriving the APR yield for the repricing vault share itself (if aplicable) and then adding the implied APR for the reward points (if applicable). Then the APR values are summed together and used to calculate the estimated APY.

Calculating the Origami Vault APR

The APR for the levered Origami Vault or lovStrategy is calculated as follows:

APR=(PcurrentPprev)Pprev(TcurrentTprev)100365\boxed{APR = \frac{(P_{current} - P_{prev})}{P_{prev}*(T_{current} - T_{prev})} * 100 * 365}


Pprev=[lovTokenToken] from t days agoP_{prev} = [\frac{lovToken}{Token}] \text{ from } t \text{ days ago}

Tprev=t days agoT_{prev} = t\text{ days ago}

Pcurrent=[lovTokenToken]P_{current} = [\frac{lovToken}{Token}]

Tcurrent=nowT_{current} = \text{now}

Calculating the lov-USDe/lov-sUSDe Vault Ethena Sats Implied APY

The implied APR for farming Ethena Sats is calculated based on the Pendle Finance YT token on-chain price oracle as follows:

APRimplied= Origami Vault Multiplier(YTpriceSats Multiplier * DTE)100365\boxed{APR_{implied} = {\text{ Origami Vault Multiplier}}*(\frac{YT_{price}}{\text{Sats Multiplier * DTE}})*100*365}

Use continuous compounding formula to convert APR into APY i.e. APY = e^APR - 1


For sUSDe, Sats Multiplier=5\text{For sUSDe, Sats Multiplier} = \text{5}
For USDe, Sats Multiplier=20\text{For USDe, Sats Multiplier} = \text{20}
Origami Vault Multiplier=Vault Leverage FactorSats Multiplier\text{Origami Vault Multiplier} = \text{Vault Leverage Factor} * \text{Sats Multiplier}
YTprice=Pendle YT OraclepriceYT_{price} = \text{Pendle YT Oracle}_{price}
DTE=Pendle YT Days Until Expiry\text{DTE} = \text{Pendle YT Days Until Expiry}

For more information about the Pendle YT Token price, see Pendle YT Token Price Tracker for Next Expiry

Calculating Total APY for lov-USDe/lov-sUSDe Vaults

The Total APR is calculated as follows:

VaultAPR+SatsAPR=TotalAPRVault_{APR} + Sats_{APR} = Total_{APR}
APY=eAPR1\text{APY} = e^\text{APR} - 1

Use continuous compounding formula to convert Total APR into Total APY

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