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Should you buy PT-GLP now??

It's been a while since I last mentioned my pt-GLP trade @pendle_fi . Let's revisit everything, and in this long tweet, I'll share my current views~

Strategy revisit

📌I purchased pt-GLP 2 weeks ago when the implied APY was 10.6%
📌My idea was that GLP's long-term average yield had a low chance of reaching 10.6%
📌I expected the implied APR to drop, and PT-GLP's price to increase (I hope you still remember the relationship between them)

Result

👉The implied APR is now 8.35%, a 21 % drop in 2 weeks

/yieldinator/status/1699353757442888149/photo/2
What will I do next?

📌 I am holding a similar view to my previous thread. Everything is going according to plan.

📌 I anticipate that the implied APY will further drop to 6-7%.

👉 I will continue holding my pt-GLP position until it reaches the target level.

Allow me some time to persuade you~

1. Arbitrum Activities

📌Super weak
📌TVL dropped from 1.9B to 1.7B since my last thread
📌10% drop in 2 weeks

📌Capital is flowing to Base with an incredible 1200% growth in just 1 month
📌Capital follows APR and opportunities ( @aerodromefi @swap_based @BaseSwap_Fi ...you name it)
📌And we have @vela_exchange moved to Base, offering 150% APR currently.👀

👉And you see why Arbitrum remains weak~

/yieldinator/status/1699353757442888149/photo/1
2. Market Volatility

📌 Market back to quiet after the volatile movement last month

📌Market sentiment is very weak, as we can see a full retrace after the pump of Grayscale's Legal Win Versus SEC

📌With the SEC recently delaying its decision on BTC ETF applications, there aren't many upcoming crypto-specific factors that could significantly impact the market in the near term

📌The market is expected to go sideways

👉No new money is entering the crypto space, making it challenging to expect good trading volume in perpdex

3. GMX dominance

📌 Further dropped into single digits, at 7%, in terms of trading volume
📌 @HMXorg rising quickly, capturing ~14% of the perp dex volume
📌 @vertex_protocol & @Kwenta_io also performing well
📌 GMX price has suffered, currently sitting at $33, representing a 64% drop from its peak

/yieldinator/status/1699353757442888149/photo/3
4. GMXv2

📌 GMXv2 is drawing liquidity away from GLP
📌 TVL has reached 30M, while GLP's AUM decreased by 24% from 500M to 380M in 2 months

👉 Once the codebase is more battle-tested, a larger transition is expected to occur

In my opinion, GMXv2 is undoubtedly a superior version of GLP

📌 It offers an isolated risk of a different pool.
📌 It enables synthetic trading.
📌 It provides a higher APR than GLP
📌and more...

👉 I strongly believe that GMXv2 will eventually replace the GLP model

Wrap up

🌟For those who want to enter, the current implied APY is 8%, meaning you can get a fixed 8% APY if you purchase pt-GLP now.

🌟If you believe that GLP's actual yield will not return to 8%, purchasing PT-GLP is a good strategy for you~

Would love to hear your thoughts🤩
@crypto_linn
@monosarin
@NintendoDoomed
@cchungccc
@TheDefiDog
@gabavineb
@poopmandefi
@arndxt_xo
@CryptoShiro_
@CryptoDragonite
@tn_pendle
@PendleIntern
@stacy_muur
@Flowslikeosmo
@Rightsideonly
@DeFi_M
/yieldinator/status/1699353757442888149/photo/4 @ade_Here

/yieldinator/status/1692139197849858472

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Which camp do you belong to: PT-GLP or YT-GLP? 🤔

Which camp do you belong to: PT-GLP or YT-GLP.