I bought some @re's YT reUSD

Deposit through my link to earn an additional 6% points:
Attention!!! You need to complete KYC first before buying YT, minting reUSD, otherwise total points will not be calculated!!!

The following profit calculation process
Current value: 1000u = 59,684.9yt
yt nominal value = 59,684.9u
Current APY ( Figure 1 ) 11.88%
Ideally (with APY unchanged), it can be redeemed after 38 days.
59,684.9 x 11.88% / 12 / 30 x 38 = 748.448u
In extreme cases (minimum APY of 6%), redeemable after 38 days.
59,684.9 x 6% / 12 / 30 x 38 = 377.998u
Then you can obtain
30x re ponts points
5x Ethena sats points
68,039,760 re points and 11,339,960 sats (Ethena points)
Only calculate re points
Estimated earnings = Total points / Points you received (68,039,760) x Airdrop amount
The total points are not easy to calculate, and I haven't found the data table yet, so let's calculate based on 200 billion. The current TVL is 180 million.
Project financing of 21 million, valuation calculated at financing x5 100m, airdrop calculated at 2%.
The estimated income from points is
68,039,760 / 200000000000 x 200,0000 = 680.39u

However, this APY is dynamic (yesterday it was 12.6%)
I went to look through his documents (Figure 2)
His underlying revenue sources are probably like this.
Dual-Source System
That is, if the cryptocurrency market is active, choose the Ethena path.
If the crypto market is quiet, choose the Risk-Free path (government bond rate + 2.5%)
2.5% of it is the protocol subsidy provided by the project party itself.
The current annualized yield on U.S. Treasury bonds is approximately 3.5-4.5%, which is why the underlying agreement guarantees a floor APY of 6%.

However, there are also hidden pitfalls (see picture three). I asked Gork, and the general idea is that
You lend money to the agreement, the agreement acts as a reserve fund, using part of your money as regulatory capital for real-world insurance companies, and another part to enjoy the profits of Ethena, with the insurance company promising you: return of principal + interest.
But if a major incident occurs, they will use your money to cover the losses, which carries the risk of bad debts.

There is another risk point which is
The project team adds a new Pendle pool (this pool expires in 38 days, and if the TGE is extended and new pools are added, it will dilute the current points. If we don't continue to buy yt to mine points, there's a high probability of being countered).

Overall, to avoid being exploited, the following conditions must be met.
1. The project will not crash.
2. The APY should not be consistently maintained at 6% (depending on Ethena).
3. Do not add new pools to dilute points.

A little gambling is enjoyable, I've placed my bet.