PT-GLP Launch Campaign
The PT-GLP Launch Campaign is a part of Dolomite's Community XP program. The campaign awards 10 XP for achieving a series of credentials/objectives related to PT-GLP and achieving "Delta-Neutral" on Dolomite. The following guide will describe how to achieve each of the four Credentials for the PT-GLP Launch Campaign.
This campaign utilizes Galxe for tracking progress and distributing XP. After all four Credentials are met on the PT-GLP Launch Campaign, you can claim an OAT representing the 10 XP. If you're new to the XP program, make sure you also go to the Dolomite Discord channel and connect your Galxe account so you can receive Discord roles that match your level.
Note: PT-GLP Launch Campaign does not have a minimum asset amount necessary for any of the Credentials/Objectives.
Obtaining PT-GLP
PT-GLP (Principle Token GLP) can be obtained by swapping or minting for PT-GLP or on Pendle's Market. Good resources for learning more about PT-GLP include Dolomite's Pendle-GLP Integration Page, or Pendle's Education Resources.
PT-GLP (28MAR2024) Arbitrum Contract Address:
0x96015D0Fb97139567a9ba675951816a0Bb719E3c
Deposit PT-GLP into Dolomite
At the bottom of Dolomite's Balances Page, click the button with the arrow located above "DEPOSIT"/"UNLOCK" and to the right of the input field, then select PT-GLP as the asset you want to deposit. Click the Deposit/Unlock button after entering the desired amount. This will initiate the wallet transaction to deposit the PT-GLP to your Dolomite Balance. After the transaction succeeds, the PT-GLP is now in the user's Balance, and qualifies for the first Credential, "Deposit PT-GLP into Dolomite." For more support on depositing assets to Dolomite, see the Depositing to Dolomite Guide or Dolomite's PT-GLP Integration Page, which has PT-GLP specific depositing information.
Open a Borrow Position with PT-GLP
Only one Borrow Position needs to be open (for 24 hours) to qualify for this credential, however two Borrow Positions are necessary to complete the entire campaign. One position for "Borrow USDC against PT-GLP" and another for "Delta Neutral with PT-GLP." The following paragraph will detail creating a Borrow Position with PT-GLP independent of the following credentials. You will have to repeat these steps for each of the two borrow positions needed to complete the campaign.
Go to the Borrow Page and click Open new Borrow Position to start the Position creation process. Select PT-GLP from the popover asset selector and enter the amount desired for collateral. After selecting Add and a successful transaction, you are now qualified for the second Credential after holding the position open for 24 hours. However to save yourself time, don't stop at this step for 24 hours, complete the next several credentials now as well. See the Borrow Guide for more borrow position support.
Borrow USDC.e against PT-GLP
Locate your new Borrow Position on the page, you should see it with PT-GLP listed as collateral. Click on the Borrow Position to expand it and show additional information. Click Manage Loan then Borrow on a that Position. Confirm that USDC.e is selected in the asset selector to the right of the input field, and enter an amount to borrow (up to 87% LTV, visit Risk Mitigation for more info). Click the Borrow button after checking the inputs are correct. After a successful transaction, you are now qualified for the third credential after holding the position open for 24 hours. See the Borrow Guide for more borrow position support.
Go Delta Neutral with PT-GLP
Make sure you open a second PT-GLP Borrow Position, separate position from the USDC one above. You can follow the earlier steps of depositing PT-GLP and opening a Borrow Position. Once the second position is open, click on it to expand it. Then, click Manage Loan then Borrow. Keep in mind it cannot have other assets such as USDC.e already borrowed on the position in order for it to meet the qualifications for this credential.
Select ETH from the asset selector to borrow and enter an amount to borrow. Ideally for a "delta neutral" position a correct ratio of ETH would be approximately 25% of the value of your PT-GLP collateral, however the credential does not require this. Make sure to leave enough Position Health to also borrow another asset. Click the Borrow button after checking the inputs are correct.
After ETH is already borrowed, repeat the previous borrowing step with WBTC on the same Borrow Position. After this process, where PT-GLP is used as collateral with ETH and WBTC borrowed in the Position, you will be qualified for the fourth Credential after holding the position open for 24 hours.
Congratulations! You've completed the PT-GLP Launch Campaign and are qualified to receive 10 XP! After the 24 hour period has passed and you have claimed your XP, feel free to close the borrow positions by repaying your loans (plus any interest accrued) and then withdrawing your collateral.
Alternatively with the skills you've learned from completing this campaign, you can instead perform a "delta neutral" strategy. The concept is to take ETH and WBTC borrowed (ideally imitating GLP composition or assets, ~50-60% split between ETH and BTC for example) and sell them for a stablecoin such as USDC.e. This creates a "short" position, as you are able to pay back debt cheaper when the price of ETH and/or WBTC goes down, essentially letting you profit from decreases in ETH or WBTC price. In a delta neutral position, that profit from decreases in price cancels out any losses in value of your PT-GLP collateral.
Besides a delta neutral strategy, you can instead perform a "looping" strategy, whereby you take borrowed USDC, get more PT-GLP, and add that PT-GLP as collateral to the position. This increases the total yield you get from PT-GLP compared to just holding the original amount, and is a strategy used by many users of Dolomite.
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