{
  "type": "ZkVmReceipt",
  "system": "risc0",
  "receiptFormat": "groth16-bn254",
  "imageId": "sha256:a1a0bc89b5b1febaeda3519f6dbade0fa5ac16beeb143c4e1b01689573567bc6",
  "seal": "CqEdBG2ZUvkL6da+msUm+TBjH2EyKEWl2wlp/UTUhE0iW52be4fIJMbhm3E6GWMfw7sxrS/D3mUa3W5fFwAeFRYBne70JtaFpKH+isa+080gB7MCthnjOF93rVyyOU1eG+QV/zi7Yw2Xv8eQVq42oy5VoXvULS4R6fy+RaSd7/ISegz5CL4tYv45vUL3tiR1xBPG32dulRaxaRpb/HSv6At7PDq3x8TklUIjI9fE5CsRJU1i42439ta1ZSEfJKVUK2aTk3i+ZOYj42RnZqJFjabOH+WzO3hGRxRV7xKPppULAJ6XGifmfyVEU+tL09LEGX0eeIERKI1dRjpxgcts/g==",
  "journal": {
    "chaingraph_version": "0.4.0",
    "kernel_digest": "sha256:11142b24e8baee3beb0ab8ef15ab1c5ddc7fbe07ad7b5b63b7d81d66ff289439",
    "output": {
      "days_to_maturity": 180,
      "invariant_holds": true,
      "investment_usd": 10000,
      "not_financial_advice": "Not financial or investment advice. PT and YT prices change continuously with AMM trading. Underlying yields are variable; YT carries total loss risk if underlying yield drops to zero. For informational purposes only.",
      "pii_note": "ZERO PII: market prices and yield inputs only. No wallet address, LP position, or personal data enters this kernel.",
      "pt_discount_pct": 6,
      "pt_implied_fixed_yield_pct": 13.3681,
      "pt_price": 0.94,
      "pt_profit_at_maturity_usd": 638.3,
      "pt_return_to_maturity_pct": 6.383,
      "pt_simple_apr_pct": 12.9433,
      "pt_units_bought": 10638.2979,
      "pt_yt_sum": 1,
      "regulatory_basis": "Pendle Finance operates as a decentralized yield-tokenization protocol. PT and YT are experimental DeFi instruments; they are unregulated in most jurisdictions. This model uses entered market prices and does not reflect live AMM state.",
      "table_source": "Pendle Finance documentation 2024 (PT/YT mechanics, v2 AMM); Pendle v2 whitepaper. PT implied yield: (1/pt_price)^(365/days) - 1. YT break-even: yt_price / years_to_maturity. Deterministic pow via fdlibm port (_detmath). Not live price data.",
      "table_version": "PENDLE-YIELD-DECOMPOSITION-2024",
      "underlying_apy_pct": 12,
      "years_to_maturity": 0.4932,
      "yt_break_even_apy_pct": 12.1667,
      "yt_leverage": 16.6667,
      "yt_levered_apy_pct": 200.0004,
      "yt_margin_of_safety_pct": -0.1667,
      "yt_net_pnl_if_underlying_stable_usd": -136.99,
      "yt_payout_if_underlying_stable_usd": 9863.01,
      "yt_price": 0.06,
      "yt_profitable_at_current": false,
      "yt_units_bought": 166666.6667
    }
  }
}