Pendle - MEMO yield calculator

	A	B	C	D	E	F	G	H	I	J
1
2	How to beat Wonderland's APY on your MEMO, using Pendle
3	Link to thread and calculator for wxBTRFLY: https://twitter.com/tn_pendle/status/1499548343583735810
4
5		How to use the sheet: - Make a copy in your own Google Drive - Edit the yellow cells - Compare the numbers for the 3 options
6
7	MEMO/TIME price	351
8	OT-wMEMO price	274
9	YT-wMEMO price	73			inputs to be changed
10	Assumption on MEMO average yield until the expiry	70000.00%			values that are calculated
11	Expiry	24 Feb 2023
12	Time left until expiry	-948.00
13	YT implied yield	-8.59%								#NUM!
14	OT implied discount	-9.09%
15
16	Option 1: Use Wonderland
17	Starting with 1MEMO now, if you stake it in Wonderland, at expiry, you will get:						0.00000004063774876	MEMO
18						APY on MEMO:	70000.00%
19	Option 2 (Peepo's strategy): Use Pendle to maximise yield exposure to Wonderland APY								Risks in following Option 2:
20	Starting with 1MEMO, if you convert it completely to YT-wMEMO, you will get:						4.808219178	YT-wMEMO	1. Smart contract risks. However, Pendle has been audited a few times. You can also purchase insurance on https://www.insurace.io/ 2. If Wonderland's yield drops significantly, the strategy's APY will also drop 3. If you execute the strategy at a poor timing (when YT implied yield is high), you might have a lower APY than Wonderland
21	Assuming MEMO yield in Wonderland stays the same, holding the YT all the way until the expiry will give you:						-4.808218983	MEMO
22						APY on MEMO:	#NUM!
23		Note: As you hold YT-wMEMO over time, you can claim the rebase rewards in Pendle Dashboard
24
25		Two ways to convert MEMO completely to YT-wMEMO:
26			Easy way (less steps)
27				1. Sell MEMO to MIM
28				2. Use MIM to buy YT-wMEMO in Pendle
29			Advanced way (less slippage):
30				1. On Wonderland: wrap MEMO to wMEMO
31				2. On Pendle: use wMEMO to mint YT-wMEMO and OT-wMEMO
32				3. On Traderjoe: sell OT-wMEMO to MIM
33				4. On Pendle: buy more YT-wMEMO with the MIM from step 3
34
35	Option 3 (Wojak's strategy): Use Pendle to fix your MEMO's yield								Risks in following Option 3:
36	Starting with 1MEMO, if you convert it completely to OT-wMEMO, you will get:						1.281021898	OT-wMEMO	1. Smart contract risks. However, Pendle has been audited a few times. You can also purchase insurance on https://www.insurace.io/ 2. If you execute the strategy at a poor timing (when OT implied discount is high), you might have a lower APY than Wonderland
37	Fixed APY on MEMO:						-9.09%
38
39		Two ways to convert MEMO completely to OT-wMEMO:
40			Easy way (less steps)
41				1. Sell MEMO to MIM
42				2. Use MIM to buy OT-wMEMO in TraderJoe
43			Advanced way (less slippage):
44				1. On Wonderland: wrap MEMO to wMEMO
45				2. On Pendle: use wMEMO to mint YT-wMEMO and OT-wMEMO
46				3. On Pendle: sell YT-wMEMO to MIM
47				4. On TraderJoe: buy more OT-wMEMO with the MIM from step 3
48
49
50	Disclaimer: this sheet is purely informational and does not constitute financial advice. The strategies' APY numbers are theoretical and depend on the timing of the trades.
51
52	Other resources: Link to calculator for YT's theoretical fair price: https://www.desmos.com/calculator/qq4krdwldo
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100