Interesting little dynamic I just saw play out for the first time in the @USDai_Official market on @pendle_fi this week in response to pendle re-pegging, feels obvious in hindsight but not something I'd thought about previously. Generally, when I trade YT's I spend most of my time thinking about the APY chart, looking to go in and out - or just find nice entries based on where I think it will chart for the foreseeable future. So, today I was a little confused when I saw my Pendle balance had gone down, but neither the predicted yield value nor the price of the YT's themselves had dropped a significant amount. In fact, the YT chart looked quite good price-wise considering the changes that were occurring around Euler and the Concrete Vault. At the end of the day I realized I'd discounted the final key factor in the market - that YT / PT splits are always denominated in the underlying asset. This means that my USDai YT's were priced against USDai, not against good ol' fashioned USD. USDai is of course, currently positively depegged, but is being brought back down towards peg, meaning that 1 USDai was worth 1.05 USD earlier in the week, but now it's coming back closer to parity. No blame to lay anywhere but myself, but I figured hey it's an interesting moment to remind myself that you always need to check the denomination of a market, especially when playing around with novel new primitives like a fancy stablecoin. Hope this helps some of you make slightly more informed choices in the Pendle Stable markets in future too 🫡