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PT tokens soared to 15%+ fixed yield during market panic, with only 8-9% yield during normal times. The Ethereum Foundation just invested $7.5 million into Morpho vaults using PT strategy.
Institutions want fixed rates, while retail investors want floating rates. The price spread between PT-USDG panic pricing and normal pricing is the cleanest volatility trade in DeFi.
crvUSD maintained $1.00 with zero bad debt when ETH crashed 30%, while DAI depegged to $0.95. That's the difference.