The subsidy for this Pool of Ethena on Aave has dropped to 5%. If that's the case, this strategy completely fails to outperform Pendle's PT loop loan. It's equivalent to using 50% of the non-redeemable amount to exchange for discounted returns, but when the returns from the loop loan are not high enough, some users will choose to sacrifice some returns in favor of a more conservative strategy. I still maintain my original viewpoint: if the subsidy budget is an issue, the best choice is to limit the amount rather than reduce the returns.

It can't be said that this strategy is meaningless. Due to the difficulty in grabbing PT quotas, the positioning of this pool is now quite clear; it is likely a secondary alternative to the PT pool.