# Pendle (Yield, YT, Locks) ### Yield & YT Basics
Does USDai earn yield? **No.** USDai is not a yield-bearing token. However, it earns Allo™ and other partner incentives through ecosystem activity and participation.
What yield does sUSDai earn? sUSDai earns yield from GPU-backed loans and Treasury bills.
How is the yield delivered when holding sUSDai? Yield accrues to via the exchange ratio between sUSDai and USDai.
Why does APR for YT positions look “inflated,” especially near maturity? APR shown on Pendle and dashboards rises as maturity approaches because YT value trends toward 0. This makes any remaining rewards divided by a very small denominator → APR spikes. “The closer to maturity, the higher the APR displayed will be pretty meaningless. What matters is IY(Implied Yield), true economic cost of entering YT.”
Why is Pendle APY different from the APY shown on USD.AI’s dashboard? Pendle uses a backward-looking formula based on realized yield over a sample period. USD.AI’s dashboard APY shows real-time yield, not historical averages. Thus, the numbers will always differ.
What is the correct way to calculate “earnings” from YT? APR should be calculated as: **APR = rewards / YT notional (the yield you're entitled to).** If you divide by the market price, APR looks unrealistically high, especially near maturity, because YT prices naturally fall toward zero.
Do YTs for USDai go to zero at maturity? **Yes. YT goes to zero at maturity.**\ YT only gives you the right to earn yield **until** the maturity date.\ Once that date arrives, there is **no more future yield to claim**, so the YT has no remaining value.
Does PayPal’s 4.5% incentive apply to PT holders? Not directly. PayPal’s 4.5% incentive is applied at the **protocol level**, not paid out separately to PT holders. As incentives contribute to the protocol’s overall yield, they are **gradually reflected in the implied APY and PT pricing through the market**, rather than being distributed as a standalone reward to PT holders.
*** ### Locked YTs
Does locking YT earn Pendle-side APY or USDai-side APY? YT earns Pendle yield, not USDai dashboard yield.\ YT ≠ holding USDai or sUSDai, so holders benefit from Pendle yield mechanics.
Where/How do I claim yield from my locked YT? You don’t need to claim it manually.\ Yield from locked YT is **automatically distributed to lockers in batches (about every 20 days)**. When a distribution happens, the rewards are sent to your wallet.
If I lock my YT USDai from Pendle into the USDAI Lock YT program, do I still receive Pendle yield? Once you lock your YT into the USDai **Lock YT program**, you **stop receiving any yield on Pendle**. All yield from your locked YT is instead **accumulated inside the USD.AI's Lock YT contract** and then **automatically distributed** to your wallet. Distributions happen in **batches roughly every 20 days**, and the yield is **sent directly to your wallet—no manual claiming needed**.
How do multipliers work when I lock or transfer YTs among different wallets? There are two factors that determine a user's Allo Rate (or multiplier) for locked-YTs 1. **Rate Decay** - Locked YT Allo Rates decrease over time, so every deposit will use the current multiplier, which you can find at 2. **Blended Rate** - Every deposit is then blended as a weighted average (based on Amount and Rate), which yields the overall multiplier for a specific user Multipliers are applied at the **wallet level**, not per individual locked YT, so once a wallet has locked-YTs at different multipliers, the wallet uses a **blended multiplier** as the user's Rate. #### **Scenario 1: Locking YTs at different times in the same wallet** {% hint style="info" %} Once multipliers are blended in a wallet, **they stay blended**. {% endhint %} **Example:** * You lock **500k YTs at 22×** in Wallet A * Later, you lock another **500k YTs at 20×** in the same wallet **Result:** Wallet A’s multiplier becomes **21×** *** #### **Scenario 2: Transferring locked YTs to a wallet with no locked YTs** * The **receiving wallet** applies the **current multiplier** at the time of transfer * The **sending wallet** keeps its original multiplier based on what remains *** #### **Scenario 3: Transferring locked YTs to a wallet that already has locked YTs** * The receiving wallet **blends**: * its existing locked YTs * the transferred locked YTs at the **current multiplier** The wallet’s multiplier is recalculated as a **weighted average**, and once blended, **it does not revert**.
How yield was calculated?/Is the yield amount correct? I think I received less than expected. {% hint style="info" %} * **Yield / APY is NOT fixed.** The displayed APY is an estimate and can change over time depending on yield conditions and when rewards are claimed. * **Allo™ rate IS locked per deposit**. Once you lock YTs, your Allo™ earning rate is fixed for that deposit and does not change. {% endhint %} Yield is not calculated using a fixed APY or a simple deposit × days formula. Instead: * Yield was claimed on-chain at a specific block * Rewards were distributed pro-rata based on time-weighted locked YT ownership From deposit start to the claim block, every minute you held locked YTs counted equally toward your share of total yield. For example: *1 locked YT for 20 days = 20 locked YTs for 1 day* Because yield rates fluctuate and rewards are claimed at a specific point in time, the effective APY you experience may differ from what you initially saw. Additionally, 5% of yield / points from Pendle YT markets go to the Pendle Treasury, which is standard across all Pendle markets. If this still doesn’t explain your payout, please open a support ticket via @usdai\_support\_bot for individual review.
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