Pendle PT Rollover

Pendle's Principal Tokens have a set date up until which they provide holders with yield, known as their maturity date. In turn, this means that users with leveraged positions holding Principal Tokens should plan to close their position down once their collateral has reached maturity.

This is where the rollover option comes into play. On DeFi Saver, users can rollover their current, expiring PT collateral into a new one that has a more distant maturity date. This allows users to continue earning yield on their PT.

When performing a rollover for a PT position on DeFi Saver, both the expired PT position, and the position with new PTs will need to have an active E-Mode.

However, the Max LTV of the new PTs E-Mode is lower than the one for the expired token. As such, users would need to perform a small Repay of their position.

For more information on Repaying your PT position, you can refer to the Unwinding Pendle positions with expired Principal Tokens article.

The process is straightforward, and differs slightly based on the type of wallet that's holding the position, and whether you'd like to do a partial or full rollover of the position:

Account (EOA) positions

  • If you'd like to perform a partial rollover of your PT position, check out the steps here:

Show me how:

The first step would be clicking on the "Rollover" option from the Aave dashboard:

From there, you can input how much of your collateral you'd like to rollover. In order for the rollover to happen the position would need to be transferred to a Smart Wallet.

This is a requirement due to the expiring and new PTs requiring an active E-Mode. However, Aave does not allow for two E-modes to be active at once on the same account, which is why the tokens must be on separate Safe Smart Wallets.

To rollover to an existing Smart Wallet, it would need to have an open, empty Aave position (without any debt or collateral), or an existing position with the previous maturity-date PT as collateral.

The next steps would then be:

  • Approving the creation of a Smart Wallet (if you don't have one)

  • Approving the Smart Wallet to pull the current PT eUSDe May from the source wallet

  • Our recipe will (among other steps) utilize a flash loan in order to move part of your position from your EOA wallet to the Smart Wallet.

  • If you'd like to perform a full rollover of your PT position, check out the steps here:

Show me how:

The first step would be clicking on the "Rollover" option from the Aave dashboard:

In order for the rollover to happen the position would need to be transferred to a Smart Wallet. As such, you would need to create a new Smart Wallet through the DeFi Saver interface:

This is a requirement due to the expiring and new PTs requiring an active E-Mode. However, Aave does not allow for two E-modes to be active at once on the same account, which is why the tokens must be on separate Safe Smart Wallets.

To rollover to an existing Smart Wallet, it would need to have an open, empty Aave position (without any debt or collateral), or an existing position with the previous maturity-date PT as collateral.

The next steps would then be:

  • Approving the creation of a Smart Wallet (if you don't have one)

  • Approving the Smart Wallet to pull the current PT eUSDe May from the source wallet

  • Our recipe will (among other steps) utilize a flash loan in order to move your position from your EOA wallet to the Smart Wallet.

Smart Wallet positions

  • If you'd like to perform a partial rollover of your PT position, check out the steps here:

Show me how:

The first step would be clicking on the "Rollover" option from the Aave dashboard:

In the pop-up window, you'll be able to input how much of your collateral you'd like to rollover. The partial rollover would need to be done in a new Smart Wallet, so our interface will provide you with the option to create one.

This is a requirement due to the expiring and new PTs requiring an active E-Mode. However, Aave does not allow for two E-modes to be active at once on the same account, which is why the tokens must be on separate Safe Smart Wallets.

To rollover to an existing Smart Wallet, it would need to have an open, empty Aave position (without any debt or collateral), or an existing position with the previous maturity-date PT as collateral.

The next steps would then be:

  • Approving the creation of a Smart Wallet (if you prefer making a new one)

  • Approving the Smart Wallet to pull the current PT eUSDe May from the source wallet

  • Our recipe will (among other steps) utilize a flash loan in order to move part of your position to the other Smart Wallet (whether it's a newly created one, or an alternate wallet from the one you're currently using)

  • If you'd like to perform a full rollover of your PT position, check out the steps here:

Show me how:

The first step would be clicking on the "Rollover" option from the Aave dashboard:

In the pop-up window, you'll need to choose whether you'd like to position to:

  • Rollover into an existing Smart Wallet (it can also be the Smart Wallet that's currently managing your position)

  • Rollover into a newly created Smart Wallet

To rollover to an existing Smart Wallet, it would need to have an open, empty Aave position (without any debt or collateral), or an existing position with the previous maturity-date PT as collateral.

The next steps would then be:

  • Approving the creation of a Smart Wallet (if you prefer making a new one)

  • Approving the Smart Wallet to pull the current PT eUSDe May from the source wallet

  • Our recipe will (among other steps) utilize a flash loan in order to move your position to the other Smart Wallet (whether it's a newly created one, or an alternate wallet from the one you're currently using).

On DeFi Saver, rolling over your PT position currently has no fees, and neither does leveraging your PT.

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