The subsidy for this Pool of Ethena on Aave has dropped to 5%. If that's the case, this strategy completely fails the PT circular loan of a certain DEX.
This is equivalent to using 50% of the免赎回 to exchange for discounted returns, but in cases where the yields from the revolving loan are not high enough, some users may choose to sacrifice some returns in favor of a more conservative strategy.
I still maintain my original viewpoint. If the subsidy budget is an issue, the best choice is to limit the amount rather than reduce the returns.
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