Background
As looping strategies on Venus BNB E-Mode category gain popularity, I propose listing PT-slisBNB in the BNB E-Mode group. This addition would provide users with greater flexibility, particularly for those who prefer a fixed APY or wish to claim staking rewards directly from bnb.xyz without depending on third-party airdrops.
PT-slisBNB is the Principal Token representing slisBNB that has been deposited into Pendle Finance. Users can either:
- Hold PT-slisBNB to lock in a fixed yield, or
- Hold YT-slisBNB to directly claim slisBNB staking rewards from bnb.xyz at any time.
This mechanism is analogous to the asBNB model but offers significantly improved transparency and user control over reward claims.
Rationale for Adding PT-slisBNB
Attractive Fixed Yield
PT-slisBNB currently offers a fixed APY range of 5.5% – 7%, which many users prefer over the variable rewards provided by native slisBNB.
Direct & Transparent Reward Claims
Users who mint YT-slisBNB can claim their slisBNB staking rewards directly from bnb.xyz whenever they choose, removing reliance on third-party airdrop mechanisms.
Strong Liquidity & Official Support
The pool was launched directly by the Lista DAO team and enjoys excellent liquidity on Pendle ($54M TVL in the AMM). This high liquidity supports robust demand for the fixed-yield product, which is currently more competitive than the underlying variable yield of slisBNB.
Enhanced User Autonomy
Adding PT-slisBNB allows users to access their airdrop-eligible staking rewards at any time, aligning with the growing preference for self-custodied, on-demand reward claiming.
Parameters Recommendations
Given the competitiveness of ListaDAO’s LST looping, I kindly request our risk managers to match Lista’s slisBNB LTV of 94.5% and set the liquidation threshold at 96.5%. Looping correlated assets does not pose meaningful liquidation risk—especially for PT assets that inherently appreciate in value over time.
If matching these parameters is not feasible, then Venus should adopt LTV settings aligned with those used for Aave’s LST collateral, ensuring similar competitiveness and user appeal.
Conclusion
Listing PT-slisBNB on Venus BNB E-Mode group—combined with competitive LTV parameters—will expand user options, improve capital efficiency, and offer a compelling fixed-yield alternative within Venus ecosystem. This integration strengthens Venus’s position as the leading lending protocol on BNB Chain by supporting one of the most liquid and widely used Pendle yield-bearing assets, while ensuring users benefit from transparent reward claiming, strong liquidity, and industry-aligned risk parameters.