90%! Didn’t expect the market sentiment to be this exaggerated? It seems everyone has very high expectations for the Q4 1.5-level market! The APY on PENDLE's YT - sKaito is still soaring, and everyone is bullish on the Q4 airdrop profits, while the price of $Kaito is still oscillating in place, creating a stark contrast between the two! This indicates that the market believes the upcoming ecological airdrops will still be very attractive! But the price of @KaitoAI's token is just average... However, theoretically speaking, as YT rises so high, the cost gradually increases, which means the cost-effectiveness of YT will slowly decline, making the cost-effectiveness of spot trading relatively better. As for why the price of $Kaito hasn't risen yet? I guess there should be quite a bit of arbitrage capital at play, buying PT on one side while shorting Kaito in the futures market to lock in the profits from this APY. Currently, considering the funding rate, an annualized return of 40%~50% shouldn't be difficult~ This indirectly leads to a large amount of short liquidity in the Kaito futures market. I wonder if anyone will play a short squeeze operation targeting this phenomenon... After all, those holding PT must wait until next year to receive the full amount of sKaito, selling now would mean a loss, so speculators can easily turn a large number of PT buyers and short futures positions into fuel for price increases... Since unlocking sKaito takes a week, if there’s a situation where Kaito's price skyrockets in the future and then drops back within a week, it’s likely that big funds are behind this kind of operation~