[BIP-46] New baoUSD and baoETH Lend Markets: eETH, USDe and associated Pendle PT tokens

Summary

This proposal seeks to introduce our first three isolated lending services built around our synthetics: eETH and associated Pendle PT tokens, and another centered around the stablecoin USDe and its Pendle PT tokens. These additions aim to create new use cases and demand for our core synthetics baoUSD and baoETH.

Background

Pendle has seen massive growth in the last few months, claiming a total of $5bn in TVL due to its innovative approach to yield trading. Pendle splits an underlying asset into a claim on its future yield until a maturity date, including points/airdrops - The Yield Token (YT) and the principle, claimable at the maturity date (PT).

YT's offer users the ability to speculate on future yield rates, or leverage their points earning ability. Yield can be claimed at any time and the value of YT's trend towards 0 at the maturity date.

PTs trade at a discount to the principle token due to the forfeited yield, allowing users to effectively lock in a fixed yield based on the price they pay for the principle that is unlocked at maturity. The price of a PT trends towards the underlying asset price as the maturity date gets closer.

At the maturity date, PT holders can claim the underlying assets and YTs are worthless. Before the maturity date underlying asset claims need both the PT and YT tokens.

PT tokens offer many of the highest single asset yields in all of DeFi & have great liquidity, offering ideal circumstances for yield to be generated for baoUSD and baoETH lend market depositors.

There is a very good detailed walkthrough of how PT and YT tokens work here: https://app.pendle.finance/trade/education/learn?level=1

Goals

• Provide users with options to leverage their eETH, USDe and associated PT tokens, increasing the utility of these assets.
• Provide high yield deposits for baoUSD and baoETH depositors
• Isolate markets so that depositors can choose the collaterals they are willing to be exposed to.

Success Metrics:

• User adoption rates and volume growth in the new markets.
• Stability and health of the liquidity pools associated with these markets.
• Feedback from the community on the utility and performance of the new markets.

Proposed Solution

Implement eETH Market:

• Integrate eETH & Associated Pendle PT tokens as collateral only tokens to a new lend market, with baoUSD and baoETH both eligable for lend and borrow.

Implement USDe Market:

• List USDe and its PT tokens as eligible for collateral in a new lend market. baoUSD and baoETH eligable for lending and borrowing.