While browsing Pendle, one market caught my attention: sUSDD YT with a 680% APY. At first glance, it looked like another incentive-driven yield farm. But after digging deeper, I realized something important. This wasn't a yield investment. It was a prediction market. The Mystery Behind the 680% APY At the time, the numbers looked like this: Underlying APY: 11.83% PT Implied APY: 7.78% YT Long Yield APY: 680% Why was there such a huge discrepancy? Because the market was pricing in one assumpti...