With 50+ days until PT-satUSD+ at 23.99% APY matures on @pendle_fi, we have some helpful detail on @RiverdotInc's Dynamic Airdrop Conversion. The mechanism incentivizes farmers to earn River Points but wait to convert to RIVER tokens over the next ~150 days at a higher conversion rate.
Looks a bit like a call option on RIVER, to convert points.
It takes some reading to fully understand so we invited them to write up a guest post in The Edge Newsletter.
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Now if you're a PT farmer like me, this could be helpful context to better understand the demand behind YT-satUSD+ and why PT-satUSD+ offers a fixed APY of 24%.
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So I just figured something out and confirmed with the @RiverdotInc team--the estimated APRs for farming with satUSD are defaulting to a $200M FDV for calculating the APRs based on River Points / RIVER tokens here on the app:
This means the estimated APRs are actually 4x what you see and the YT-satUSD+ may be mispriced lower on @pendle_fi too.
All of these estimated APRs are based on River Points that will be distributed later in December.
So currently, if you become a @PancakeSwap LP for satUSD/USDT, they take a snapshot every week and you earn proportionally an amount of the River Points based on your share of that LP. The quoted APR is 21.72% APR.
But those River Points, once claimed, will be available to swap/convert to RIVER tokens using the Dynamic Airdrop Conversion system, which is rewarding you for holding River Points longer, as the conversion rate ticks higher each day. (Btws, it's a clever mechanism, similar in ways to @puffer_finance's carrots/points system).
Because River Points claiming is not expected to activate until December, it means farmers have time between now then to speculate on what the true APR of these satUSD farms is.
If you click on the little calculator for each yield under the Staking tab on the @RiverdotInc app, you'll notice it defaults to $200M FDV for the RIVER token to calculate the APR, but the actual RIVER FDV is $800M+.
These farming APRs should be considered with caution given the extended timeline in December until you can realize a profit, but I think they're arguably very competitive to farm at current levels.
For example, if you're willing to risk capital in the satUSD/USDT LP for @PancakeSwap, you are actually farming closer to 86% APR, pending where the RIVER token FDV lands around the time claiming/conversions happen.
Take a look at the farms below at:

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