Peachtea Protocol

Project Name:    Peachtea Protocol

TRY IT ON 998 and 999: https://peachtea-frontend.vercel.app/Motivation: Pendle has arrived HyperEVM. Lending protocols trying to integrate Pendle's PT as collateral face a problem - they have to integrate the permutation of expiry date and issuing protocols for similar valued PTs. For example, AAVE mainnet supports 6 USDe PTs (staked, unstaked, in different expiration dates).

As the house of all France grows, lending protocols looking to accept Pendle's PTs as collateral will face this problem: there will be millions of PTs issued by different protocols. On debut, Pendle offers 3 PTs with HYPE on $liquidHYPE: Hyperbeat Liquid Vault, $hbHYPE: Hyperbeat Ultra Vault and $kHYPE: Kinetiq. There are other HYPE correlated tokens such as $wstHYPE, $LHYPE that are known, and there will be more to come. Managing all these different, but similarly valued PTs is an operational headache. 

Peachtea unifies PTs with the same underlying into a single token, so that protocols integrating PTs can do it at ease. Integrate once, active forever. No need to individually onboard, offboard, rollover PTs.

The mechanics of Peachtea is simple. Users deposit their PTs and mint their present values of pt{Asset}. For example, when 1 PT-vbHYPE-20251112 is worth ~0.95 HYPE, it can mint 0.95 ptHYPE. Currently there are ptHYPE and ptUSD, but Peachtea is designed to add more when more came live on HyperEVM Pendle. 

To maintain peg, pt{Asset} can be repaid and burnt to withdraw the underlying. It can be done so:

• Any time by original owner
• After a grace period post expiry by anyone

Therefore, the minter enjoys 100% of the PT yield, peg is defended by market forces, and protocols enjoy unified liquidity.