YT-GLP Launch Campaign
The YT-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 YT-GLP. The following guide will describe how to achieve each of the three Credentials for the YT-GLP Launch Campaign.
This campaign utilizes Galxe for tracking progress and distributing XP. After all three Credentials are met on the YT-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 YT-GLP
YT-GLP (Yield Token GLP) can be obtained by swapping or minting for YT-GLP on Pendle's Market. When minting, both PT-GLP (Principal Token GLP) and YT-GLP (Yield Token GLP) are obtained. If you have minted for PT-GLP before, you likely already have YT-GLP in your wallet. Obtaining just YT-GLP can be done via Pendle's AMM. Good resources for learning more about PT-GLP include Dolomite's Pendle-GLP Integration Page, or Pendle's Education Resources.
YT-GLP (March 2024) token address (Arbitrum):
0x56051f8e46b67b4d286454995dBC6F5f3C433E34
Asset Considerations
As YT-GLP is a rather unique token, how it interacts with Dolomite is different from other assets integrated into Dolomite. Here are a few key details necessary to understanding the integration fully:
Isolation Mode Level 2
On Dolomite's Risk Mitigation page, YT-GLP is listed as a Level 2 Isolation Mode asset. Level 2 Isolation Mode means that YT-GLP can contain only specific collateral assets or specific debt assets in the same position. In this case, a Borrow Position can only have WETH, DAI, USDC, USDT, WBTC, and MIM debt.
Forced Expiration
Due to the dynamics of Pendle's GLP asset, YT-GLP decays to $0 upon maturity (March 2024) and due to this decay also has inherent negative APR. Therefore, Dolomite has a feature, "Forced Expiration," to preserve the health and solvency of markets that have a maturity such as YT-GLP. Forced Expiration is set to "TRUE" for YT-GLP, meaning the maximum position duration is the lesser of 4 weeks OR 1 week until maturity.
Negative APR
As you might have noticed, on Dolomite YT-GLP's APR is significantly negative. Though this might seem concerning at a first glance, it is intended and accurate. As explained previously, each token enables you to earn 1 GLP's worth of yield until its maturity in March of 2024, meaning constant decay till maturity. This decay also translates to a constant decrease in value, or negative APR.
If you wish to understand more about these considerations, visit Dolomite's Risk Mitigation page or Dolomite's Pendle-GLP Integration page.
Deposit YT-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 YT-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 YT-GLP is now in your Balance, and qualifies for the first Credential, "Deposit YT-GLP into Dolomite." For more support on depositing assets to Dolomite, see the Depositing to Dolomite Guide or Dolomite's Pendle-GLP Integration Page, which has YT-GLP specific depositing information.
Open a Borrow Position with YT-GLP
Only one Borrow Position needs to be open (for 24 hours) to qualify for this credential. One position for "Open a Borrow Position with YT-GLP" and "Borrow USDC against YT-GLP" within the same position.
Go to the Borrow Page and click Open new Borrow Position to start the Position creation process. Select YT-GLP from the popover asset selector and enter the amount desired for collateral. After selecting Add and confirming 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 credential now as well. See the Borrow Guide for more borrow position support.
Borrow USDC.e against YT-GLP
Locate your new Borrow Position on the page, you should see it with YT-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 67% 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.
Congratulations! You've completed the YT-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 position by repaying your loan (plus any interest accrued) and then withdrawing your collateral.
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