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d staked all of it, you continue earning 20 x 25 = 500 Au/hour.
* If you stake 10 USD worth of asUSDF/USDT stable LP and continue holding 10 USD worth of asUSDF/USDT stable LP, you will earn 10 x 25 = 250 Au/hour from staking and 10 x 25 = 250 Au/hour from holding. 
**What does APR consist of?**
When you stake StableSwap LPs on PancakeSwap, you also earn Combined APR in the form of CAKE tokens. Combined APR consists of Farm APR and LP fee APR. Please read this for more details about Farm APR: <https://docs.pancakeswap.finance/products/yield-farming> 
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FMQOVMQCcaSvGufc8sGRH%2Fimage.png?alt=media&token=f6e0cc3d-75df-42af-af00-b876b2640643" alt=""><figcaption></figcaption></figure>
**How do I collect CAKE token rewards?**
Go to your staked positions and click \[Harvest] to collect CAKE rewards.
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FYeN7pXcf7t2e1mmqJbKO%2Fimage.png?alt=media&token=d6000a0b-2966-4f04-9de4-6713234361bd" alt=""><figcaption></figcaption></figure>
# Pendle
👉 [**Visit Ecosystem**](https://www.asterdex.com/en/earn/ecosystem)
**Note:** 
* **Those who split Aster Earn assets into PT and YT without further activity on Pendle are exploiting the Au points reward system. Aster prioritizes real activity like providing liquidity or trading PT and YT on Pendle. To protect the interests of genuine DeFi holders and encourage healthy activity, exploiters may lose all Au points.**
* **The Au Points Program will officially sunset and a snapshot of Au Points balances will be taken at 00:00:00 UTC on Friday, June 13, 2025. No further Au Points will be granted after this point.** [**Read more**](https://x.com/Aster_DEX/status/1932367398872760416)**. *****Last updated: June 10, 2025***
***
## Basic concepts
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfe1WOOqTr9fmA9qX4_ZxxBoEafXn_8ffRVuAuWoPI32JHcAHoO3jgWcPuxlvL0NEJSTt9wciLnFzlQ7YcinQsCyM_fsTSVLezux8S6e33h3H0FcYLVgDcD8c_XH1692ewqPm1l_Q?key=J3kbZi7pcl1auuw3TlOIrsy5" alt=""><figcaption></figcaption></figure>
### SY: 
* A token standard on Pendle for wrapping yield-bearing tokens. 
* SY is then split into PT and YT.
### PT: 
* Represents the principal of the underlying yield-bearing token. 
### YT:
* Represents all the yield of the asset. 
### LP:
* The LP token you get after adding liquidity.
# asUSDF on Pendle
asUSDF is the yield-bearing token of USDF. Staking USDF on Aster mints asUSDF, which earns yield from the delta-neutral positions backing USDF — reflected in asUSDF's net asset value.
Read more about asUSDF and USDF:
{% content-ref url="/pages/4S28adBZRxbknU74U09b" %}
[Mint asUSDF](/earn/overview/mint-asusdf)
{% endcontent-ref %}
On Pendle, asUSDF can be split into its principal and yield components, giving you three ways to engage depending on your goal. 
### **LP-asUSDF — Provide Liquidity**
Deposit asUSDF as liquidity on Pendle to receive LP-asUSDF. LP positions earn yield from four sources: underlying yield from USDF, PT fixed yield, $PENDLE incentives, and Pendle swap fees.
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2F1z51GAEQpXGstIFIi5CC%2Fimage.png?alt=media&token=4111e4e6-2ddd-4716-aafe-b6ab291cfb91" alt="" width="375"><figcaption><p>Adding asUSDF liquidity</p></figcaption></figure>
**Note:** Pendle labels underlying yield as coming from USDF because USDF is the underlying stablecoin of asUSDF.
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcfFSR4v5q9eIWdxF4s4TCnNhmOqhxeJDunkBas_AXl0x93LfCXzulGxNY0m1QzRqr2ANDRV4L_-q4oO4sefatSKn5bXRychNYp0jRcR9d-k2oCxDSQREhrwXuE2PMXcCP5mGoztQ?key=J3kbZi7pcl1auuw3TlOIrsy5" alt=""><figcaption><p>LP-asUSDF Yield</p></figcaption></figure>
***
### **PT-asUSDF — Fixed Yield**
PT-asUSDF represents the principal portion of asUSDF, traded at a discount. At maturity, 1 PT-asUSDF redeems for 1 asUSDF at a 1:1 ratio.
Buying PT-asUSDF locks in a fixed APY for the period — the discount you buy in at becomes your guaranteed return if held to maturity.
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfWP7ArNfWRthwNgA7uljBgrdUJUHrM1JsvzXFXbTXNzJFNKwno9tykQ-0e7sV3CB7cwnNziVOu7eA5ccc17gI2g51OsnH0J5gv56uQoWwlBMUWk1KcQqgRrLOdD3DG4cQKAUIr?key=J3kbZi7pcl1auuw3TlOIrsy5" alt="" width="375"><figcaption><p>Buying PT-asUSDF</p></figcaption></figure>
**Example:** PT-asUSDF offering 18.39% fixed APY maturing 29 May 2025 returns 18.39% APY if held to maturity, regardless of asUSDF's underlying yield performance.
* You do **not** earn asUSDF underlying yield as a PT holder.
* You can hold to maturity or trade PT-asUSDF on Pendle at any time.
***
### **YT-asUSDF — Yield Exposure**
YT-asUSDF represents the yield portion of asUSDF. Holding 1 YT-asUSDF gives you the yield that would accrue on 1 asUSDF until maturity.
This is a leveraged yield position — you pay a fraction of asUSDF's value to capture all its yield output. YT-asUSDF trends toward $0 as maturity approaches, since remaining yield decreases over time. You profit if the total yield collected exceeds what you paid for the YT.
You can hold to maturity or trade YT-asUSDF on Pendle at any time.
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcVCFbHD_Qz8S3hoGI7upzsykLNn26OkmsSemXdyaQYNFJfplWiJHItZq7cxOyRTgsdU6caKgxbtns7mGwS5c-iyEZDwNSnmkQqeEyb_5UtNnpFTGb5-TpS_n0xSEBAWDw2kpj4?key=J3kbZi7pcl1auuw3TlOIrsy5" alt="" width="375"><figcaption><p>Buying YT-asUSDF</p></figcaption></figure>
# asBNB on Pendle
asBNB is a liquid staking token of BNB. It brings BNB yields that are traditionally restricted to CeFi users and CeFi applications onchain. On Aster, you will stake slisBNB or BNB to mint asBNB. You will earn Binance launchpool rewards, HODLer airdrops and Megadrops. You also earn 5x Au points when you mint asBNB on Aster. Read more about asBNB:
{% content-ref url="/pages/aRwSFPPEQ9KYeuXsZR0j" %}
[Mint asBNB](/earn/overview/mint-asbnb)
{% endcontent-ref %}
## Provide liquidity
When you provide asBNB liquidity, you get LP-asBNB. LP-asBNB is perfect for those who want to earn Aster yield and Pendle yield. 
LP yield includes Underlying Yield, PT fixed yield, $PENDLE incentives and Pendle swap fees. 
LP holders also earn HODLer airdrops and Megadrops. Claim them on the Aster website.
***
## PT-asBNB
PT-asBNB represents the principal portion of asBNB. Thus, 1 PT-asBNB is equivalent to the value of 1 asBNB excluding asBNB yields and Au points. 
If you're bullish on asBNB, PT-asBNB lets you buy in at a fixed rate discount as it is traded at a discount to asBNB. 
* **Fixed APY**: The value of PT-asBNB will gradually increase and become equal to the value of the asBNB at maturity. This process creates a fixed guaranteed return ('fixed APY'). For example, let's say PT-asBNB offers a fixed APY of 23% with maturity on 24 July 2025. This means that PT-asBNB holders get a guaranteed return of 23% APY if held till maturity. You DO NOT earn asBNB underlying yield or Au points.
* **What you can do**: Hold till maturity OR trade PT-asBNB on Pendle anytime.
***
## YT-asBNB
YT-asBNB represents the yield portion of the underlying asset asBNB. Thus, 1 YT-asBNB represents the yield and Au points you can earn from 1 asBNB.
If you are a yield-maxi, YT-asBNB helps to leverage your yield exposure. Buying YT-asBNB means that you are 'longing the yield' of asBNB.
* **YT yield**: 
* YT-asBNB lets you earn asBNB yield and 10x Au points till maturity. asBNB yield from launchpool rewards is reflected in NAV. Au points accumulate hourly and you can check Au points on the Aster Airdrop dashboard. 
* YT-asBNB holders also earn HODLer airdrops and Megadrops. Claim them on the Aster website.
* The value of YT-asBNB will naturally trend towards $0 as there is less remaining yield the closer we get to maturity. Holders profit when the total yield collected up to that point ends up being higher than their cost of buying YT-asBNB.
* **What you can do**: Hold till maturity OR trade YT-asBNB on Pendle anytime.
# USDF on Pendle
**Note:**
* **Those who split asUSDF into PT and YT without further activity on Pendle are exploiting the Au points reward system. Aster prioritizes real activity like providing liquidity or trading PT and YT on Pendle. To protect the interests of genuine DeFi holders and encourage healthy activity, exploiters may lose all Au points.**
* **The Au Points Program will officially sunset and a snapshot of Au Points balances will be taken at 00:00:00 UTC on Friday, June 13, 2025. No further Au Points will be granted after this point.** [**Read more**](https://x.com/Aster_DEX/status/1932367398872760416)**. *****Last updated: June 10, 2025***
***
USDF is a yield-bearing stablecoin. On Aster, you will stake USDT to mint USDF. You earn 35x Au points when you mint USDF on Aster. Read more about USDF:
{% content-ref url="/pages/y5ivVTrHtveUc7TDwe4L" %}
[Overview](/usdf-stablecoin/overview)
{% endcontent-ref %}
## Basic concepts
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfe1WOOqTr9fmA9qX4_ZxxBoEafXn_8ffRVuAuWoPI32JHcAHoO3jgWcPuxlvL0NEJSTt9wciLnFzlQ7YcinQsCyM_fsTSVLezux8S6e33h3H0FcYLVgDcD8c_XH1692ewqPm1l_Q?key=J3kbZi7pcl1auuw3TlOIrsy5" alt=""><figcaption></figcaption></figure>
SY: 
* A token standard on Pendle for wrapping yield-bearing tokens. For example, when you deposit USDF, USDF is automatically wrapped into SY-USDF. This happens on the backend, so you don’t have to deal with conversion between SY and USDF.
* SY is then split into PT and YT.
PT: 
* Represents the principal of the underlying yield-bearing token. For example, PT-USDF represents the principal of USDF (i.e. does not include Au points).
YT:
* Represents all the yield of the asset. For example, YT-USDF represents the Au points you can get from USDF.
LP:
* The LP token you get after adding liquidity. For example, you get LP-USDF after adding USDF liquidity. 
***
## Provide liquidity
When you provide USDF liquidity, you get LP-USDF. LP-USDF is perfect for those who want to earn both Pendle yield and Au points. 
LP yield includes 35x Au points, PT fixed yield, $PENDLE incentives, and Pendle swap fees. 
***
## PT-USDF
PT-USDF represents the principal portion of USDF. Thus, 1 PT-USDF is equivalent to the value of 1 USDF excluding Au points. 
If you're bullish on USDF, PT-USDF lets you buy in at a fixed rate discount as it is traded at a discount to USDF. 
* **Fixed APY**: The value of PT-USDF will gradually increase and become equal to the value of the USDF at maturity. This process creates a fixed guaranteed return ("fixed APY"). For example, let's say PT-USDF offers a fixed APY of 15% with maturity on 24 July 2025. This means that PT-USDF holders get a guaranteed return of 15% APY if held till maturity. You do not earn Au points.
* **What you can do**: Hold till maturity OR trade PT-USDF on Pendle anytime.
***
## YT-USDF
YT-USDF represents the yield portion of the underlying asset USDF. Thus, 1 YT-USDF represents the Au points you can earn from 1 USDF.
If you are a yield-maxi, YT-USDF helps to leverage your yield exposure. Buying YT-USDF means that you are 'longing the yield' of USDF.
* **YT yield**: YT-USDF lets you earn 35x Au points till maturity. Au points accumulate hourly and you can check Au points on the Aster Airdrop dashboard. The value of YT-USDF will naturally trend towards $0 as there is less remaining yield the closer we get to maturity. Holders profit when the total yield collected up to that point ends up being higher than their cost of buying YT-USDF.
* **What you can do**: Hold till maturity or trade YT-USDF on Pendle anytime.
# How to calculate Au points for LP and YT
**The Au Points Program will officially sunset and a snapshot of Au Points balances will be taken at 00:00:00 UTC on Friday, June 13, 2025. No further Au Points will be granted after this point.** [**Read more**](https://x.com/Aster_DEX/status/1932367398872760416)**. *****Last updated: June 10, 2025***
***
## Au Multipliers for LP & YT
* asUSDF: 25x Au
* asBNB: 10x Au
* USDF: 35x Au
## Contracts 
* SY-asUSDF: 0x9E515a7115C86d7314159DbdAb41E555d5330Dfe
* YT-asUSDF: 0x5e4Ea9538E8ae4C22f3897e85C7AB51672Bb3a62
* SY-asBNB: 0xe954c3b53b2cd8b9056737193780f0a541815bb2
* YT-asBNB: 0x89c625c475f33a78a8c60250137a3d51aa12b357
* SY-USDF: 0x0f47aee96fae2558b0081c8d2dffbb8512397e23
* YT-USDF: 0x5e9d14e48c7a35c77caf83bd15ae2f73d411e523
***
## How to calculate Au points for LP?
### Using LP-asUSDF as an example:
Formula: **Au multiplier\*(SY held in LP\*User LP/Total LP)**
* **Au multiplier** refers to the Au points for that asset. For LP-asUSDF, it is 25x.
* **SY held in LP\*User LP/Total LP** refers to the SY attributable to you in the pool 
**Scenario using wallet 0xd6…995b:**
1\. First, query the activeBalance and the pool’s totalActiveSupply. 
Go to the SY-asUSDF contract > Read Contract > Query the wallet address in [2. activeBalance](https://bscscan.com/address/0x9e515a7115c86d7314159dbdab41e555d5330dfe#readContract#F2) and [19. totalActiveSupply](https://bscscan.com/address/0x9e515a7115c86d7314159dbdab41e555d5330dfe#readContract#F19). Use <https://bscscan.com/unitconverter> if you need help converting units.
For the wallet 0xd6…995b, the activeBalance is 209.11 and the totalActiveSupply is 2,488,522. 
Hence, this user’s percentage proportion of the LP pool = (209.11/2,488,522)\*100 = 0.0084%. 
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeCZdkZ7RK-0jIKRuTXSc2vnfMw4hvYOK5BDZ7k2igstig2rsedSMG5ut95QtSBgvB2G0EqO7kj5S35J4DjCov2PfyYUQg_RmXBqADbDfSO4FRyfQQsfThtj-ZpqUuJYeD8P6OeAA?key=J3kbZi7pcl1auuw3TlOIrsy5" alt=""><figcaption><p>Wallet 0xd6…995b's activeBalance at time of query</p></figcaption></figure>
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FDVSthfuoWRQK17l2cw9V%2Fimage.png?alt=media&token=e714d70f-b570-4f11-9a9f-c1ca78ae65f2" alt=""><figcaption><p>Wallet 0xd6…995b's totalActiveSupply at time of query</p></figcaption></figure>
2\. Next, derive the SY attributable to the wallet. Go to the [SY-asUSDF contract](https://bscscan.com/address/0x9e515a7115c86d7314159dbdab41e555d5330dfe) and look at the total SY sitting in the LP contract.
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdwq78c8NWRC4U3xDCD4yftuWG66mqZm_LJ4Ws1zjj1jRR4i_NBJnxwlvee8cdT5mkPk0evgCmTC5MonzmrW9cvUlH6rR_6rmC_q7WUoxn3byNE-1hM8il-gVr8XOJDpRU2b0ooWQ?key=J3kbZi7pcl1auuw3TlOIrsy5" alt="" width="375"><figcaption><p>Total SY in the LP contract at time of query</p></figcaption></figure>
The total SY in the LP-asUSDF contract is 4,052,238. Thus, for the wallet 0xd6…995b, the SY attributable to the user is 4,052,238\*0.0084% = 340.38 SY. 
Putting it all together, this user earns 25\*340.38 = 8,509 Au points/hour.
***
## How to calculate Au points for YT?
### Using YT-asUSDF as an example:
Formula = **Au multiplier\*(SY\*YT/Total YT)**
* **Au multiplier** refers to the Au points for that asset. For LP-asUSDF, it is 25x.
* **SY\*YT/Total YT** refers to your proportion of SY (which earns you Au points)
**Scenario using wallet 0xd6…995b:**
1\. First, get the [total SY amount sitting in the YT-asUSDF contract](https://bscscan.com/address/0x5e4ea9538e8ae4c22f3897e85c7ab51672bb3a62). In the example below, it is 15,199,750.
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfkYU-2_nRcs-zfb5UW3JPUGGSnMbHKng19Qrf-dkxG_jQHuavH4EdVEa6P9zNZoKmIxAgzvQjxRpSH0Ioh3rwOcN6yWbAx2FgmAKQ-KR7kwLFeuWr2D_iJuZhWvEsauYBBjBLACw?key=J3kbZi7pcl1auuw3TlOIrsy5" alt="" width="375"><figcaption><p>Total SY in the YT-asUSDF contract at time of query</p></figcaption></figure>
Then, look at how many YT-asUSDF the wallet 0xd6…995b has. After checking token holdings, this user has 4,514 YT-asUSDF.
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfdYbxZSlzDe0bv740S83HJXoFEf0XxGb1M-RvMy3qoXLaqgbrqC97G3H5DoF0X6lyjqYr1sJA7YH7zpgt3LUn2cmiO3B71kDoZ2d7FkAQfG1c1xmHDvrfIWI_Z5K4tVpZrYTD8?key=J3kbZi7pcl1auuw3TlOIrsy5" alt=""><figcaption><p>Wallet 0xd6…995b YT-asUSDF holding at time of query</p></figcaption></figure>
Thus, the user wallet 0xd6…995b’s percentage proportion of YT is (4,514/15,199,750)\*100 = 0.03%
2\. Next, calculate the user’s proportion of SY. 
It is 0.03%\*15,199,750 = 4,559 SY. However, remember that there is a 3% fee. Hence, the user’s proportion of SY is 4,559\*97% = 4,422 SY.
Putting it all together, this user earns 25\*4,422 = 110,550 Au points/hour
# How to transfer liquidity to new pool
This page will guide you on transferring liquidity from an existing pool to a new pool
**Using the asUSDF May 2025 and asUSDF Nov 2025 pools as an example:**
1. Head to the [asUSDF May 2025 pool webpage](https://app.pendle.finance/trade/pools/0x9e515a7115c86d7314159dbdab41e555d5330dfe/zap/in?chain=bnbchain) and connect your wallet.
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2Fyvs4UboG5RYs2uR5ruOA%2FScreenshot%202025-05-20%20at%2011.16.39%E2%80%AFAM.png?alt=media&token=18231b86-cdb4-4593-b48c-615f0bff343c" alt="" width="563"><figcaption></figcaption></figure>
2. Click \[Transfer Liquidity], select all existing positions, tick \[Claim All Pool Rewards] and \[Keep YT Mode]. In the \[Target Pool], enter 0x2ac20c37b5577e04bb68e239a45f4fb3b4edb184.
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FK9ZxzL7OcuTWnN5PFzOp%2Fimage.png?alt=media&token=cb7ac977-f06c-4828-8fc1-fdb2188cd48e" alt="" width="405"><figcaption></figcaption></figure>
2. 0x2ac20c37b5577e04bb68e239a45f4fb3b4edb184 is the pool address of the new asUSDF Nov 2025 pool. You will be asked to select a new market to rollover. Select \[LP].
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2Ff9UiL7S2eHEOQJxm59zO%2Fimage.png?alt=media&token=6922f5b8-0792-4fd5-b764-a9f504a897f8" alt="" width="563"><figcaption></figcaption></figure>
3. Then, click \[Approve Tokens]. After approving, click \[Roll Over] to transfer your liquidity. 
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FIqGO6u3P1cBYUBf7RqKU%2Fimage.png?alt=media&token=8bce694f-7506-42c9-8525-a22022c9b9f0" alt="" width="351"><figcaption></figcaption></figure>
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FjXtKavMzlolPNC5eXAyr%2Fimage.png?alt=media&token=59c79c43-5cef-43e7-a587-9b029f617606" alt="" width="349"><figcaption></figcaption></figure>
Once completed, you should see your liquidity in the new asUSDF pool.
# Tranchess
**The Au Points Program will officially sunset and a snapshot of Au Points balances will be taken at 00:00:00 UTC on Friday, June 13, 2025. No further Au Points will be granted after this point.** [**Read more**](https://x.com/Aster_DEX/status/1932367398872760416)**. *****Last updated: June 10, 2025***
***
👉 [**Visit Ecosystem**](https://www.asterdex.com/en/earn/ecosystem)
## Basic Concepts
### asBNBQUEEN:
* Swap asBNBQUEEN 1:1 with asBNB. Every asBNBQUEEN can be split into 0.1 turPasBNB and 0.9 staYasBNB. Similarly, every 1 turPasBNB and 9 staYasBNB can be merged into 10 asBNBQUEEN. The ratio is프로젝트로 돌아가기
