Pendle Swell Balance Tracking

Pendle system wraps rswETH into an ERC5115 token SY.

SY can then be used in Pendle's system to:

• Tokenize into PT and YT, where YT holders are entitled to all interests and rewards.
• Supply into Pendle's AMM to receive LP token.

LP token can then be deposited into Liquid Lockers platform (Penpie, Equilibira, StakeDAO) to enhance their yield.

Methodology

We built a subgraph tracking Transfer events from all above-mentioned tokens and update addresses' balance accordingly.

• Add up shares for users with SY balance (excluding YT and LP addresses).
• Calculate according shares for YT address, add up shares proportionally for users holding YT.
• Calculate according shares for LP address, add up shares proportionally for users (excluding liquid lockers addresses).
• For each liquid locker, we calculate their according share and distribute proportionally to their receipt token holders.

Usage

The function of fetchUserBalanceSnapshot(blockNumber) in ./src/snapshot.js returns a record mapping of [address] => ethers.BigNumber, representing the implied amount of rswETH each address is holding at the specified block.

Double-Checking

A simple check can be applied to the result of the script, by checking whether the sum of returned values for all users would not exceed the amount of rswETH held in SY contract.