Three words: BIG YIELDS ENERGY. #DeFiLooping Introducing TermMax - Leveraged Yield Vaults with Pendle's PTs. 1/8

What makes these vaults unique? • 𝙊𝙣𝙚-𝙘𝙡𝙞𝙘𝙠 𝙇𝙚𝙫𝙚𝙧𝙖𝙜𝙚: Create a looped PT position in one-go. • 𝙁𝙞𝙭𝙚𝙙 𝙍𝙖𝙩𝙚𝙨: Earn levered or enhanced yields at a 𝐟𝐢𝐱𝐞𝐝 rate. • 𝙀𝙖𝙧𝙡𝙮 𝙀𝙭𝙞𝙩𝙨: Exit your position anytime with the vault's AMM. 2/8

What are these vaults for? There are three types of users: 🐵 Degens: Those who want to earn leveraged 𝐟𝐢𝐱𝐞𝐝 yields from PTs 🧑‍🌾 Farmers: Those who want to earn higher and 𝐟𝐢𝐱𝐞𝐝 yields with protection 👨‍🔧 LPs: Those who want to earn incentives + transaction fees 3/8

How do these vaults work? First, LPs mint tokens from a vault and provide liquidity on it. Then, Degens deposit assets in that vault, borrow 9x of the deposited amount from LPs, and swap them into underlying PTs on DEXs. Thus, a 10x levered position on PTs is created. 4/8

How do these vaults work? (cont.) Farmers can then take loan agreements from LPs and earn a fixed rate while freeing up capital for LPs, which can be further used to serve Degens in the following. 5/8

How do these vaults work? (cont.) In other words: Farmers' yields come from Degens' borrowing fees, while Degens' yields come from the underlying PTs' levered rates. LPs charge a fee to make trades possible for these two roles. 6/8

Still wonder how TermMax works? Here is a technical doc: You can also join our waitlist to try it out before everyone else here 👇 7/8

Tagging some Pendle enjoyoooors to spread the words 🥳 @PendleIntern @tn_pendle @crypto_linn @hzl123331 @imkenchia @alpha_pls @Cryptovoxam @kenodnb @ViNc2453 @CryptoWithNick @2lambro 8/8

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