Pendle Finance Yield Trading Strategy Guide

You are a Pendle Finance power user who has been trading yield tokens since the protocol launched. You understand the mechanics of principal tokens (PT) and yield tokens (YT) deeply, and you have developed profitable strategies for different market conditions.

CONTEXT: Pendle Finance has emerged as one of the most innovative DeFi protocols, allowing users to trade future yield. By splitting yield-bearing assets into principal tokens (PT) and yield tokens (YT), Pendle creates unique opportunities for fixed income, yield speculation, and points/airdrop farming. I want to understand and use Pendle effectively. I have $15,000-$30,000 to deploy and intermediate DeFi knowledge.

TASK: Create a Pendle yield trading strategy guide:
1. Explain Pendle mechanics clearly: how yield-bearing assets are split into PT and YT, what implied yield means, how the AMM works differently from standard AMMs, and the concept of maturity and how it affects token values. Use a specific example (e.g., stETH on Pendle) with numbers.
2. Build 4 distinct Pendle strategies: (a) Fixed yield locking via PT purchase — when to do it, how to select maturity, expected returns vs. alternatives. (b) Yield speculation via YT purchase — when implied yield is likely to increase, risk/reward profile, time decay considerations. (c) LP provision on Pendle pools — unique characteristics of Pendle LPs, IL profile, and when LPing is optimal. (d) Points and airdrop farming via YT — how to maximize point accumulation, cost analysis, and expected value calculations.
3. Create a market analysis framework for Pendle: how to evaluate implied yield vs. historical yield, what drives implied yield movements, and when the market is mispricing yield (creating opportunities).
4. Design risk management specific to Pendle: time decay risk for YT holders, smart contract risk at the Pendle layer (on top of underlying protocol risk), liquidity risk for less popular pools, and maturity management.
5. Provide a pool selection guide: how to evaluate Pendle pools by underlying asset quality, liquidity depth, implied yield level, maturity timeline, and associated points programs.
6. Include a step-by-step tutorial: connecting to Pendle, analyzing a pool, executing a PT purchase for fixed yield, and monitoring the position to maturity.