the correct sNET play on @pendle_fi for anyone who doesnt want to think is the LP. you keep the sNET rebase, you get PT exposure that redeems 1:1 at maturity, you eat swap fees from everyone speculating the rate, AND you unwind fully into NET with no IL at expiry. IL exists when the 2 things in your pool can drift apart. here they CANNOT. one side is sNET, the other side is PT-sNET, which gives you claim on 1 NET by maturity. PT price can go up and down in between, and yes the pool ratio wobbles with it, but no matter what at expiry PT is 1 NET. hold to maturity and the LP is just 100% NET again, plus every fee and ethereum:0x808507121b80c02388fad14726482e061b8da827 reward that got paid into it along the way. all of it sitting on top of 8.27M in on-chain USDG reserves and a 3.3M sleeve of tokenized NVDA AAPL GOOGL. PT and YT are the players but when you're LP, you're the house baby.