@potato
Pendel overall is a pretty simple concept, but it is a complicated execution (needs to be to achieve its goals)
First thing to remember is that almost all yield-bearing tokens like stETH are not a fixed apy. For stETH the yield can change over time from the underlying yield of the staked ETH and the demand for the token.
Pendel splits the underlying/principal token (PY) and the yield (YT) into their own tokens. So if you think the yield/apy of stETH will go down in the future, you can buy PY at a discount that is redeemable for the full price at maturity to lock in the current apy. If you think the yield/apy will increase you can buy just the rights to earn the yield through the YT token. This is typically priced at what the current yield is, so you can buy much more YT than PY as it is just the right to receive yield/reward of the staked token.
If you own PT and YT it would be the same as owning plain stETH.
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