Season 1 of the Neutrl Origin Program is coming to an end.
Season 2 begins on June 4 and will be the final season ahead of Neutrl’s TGE.
This next phase is designed around one core idea: committed capital unlocks access.
Season 2 of the Origin Program starts tomorrow.
In less than 7 months, Neutrl grew from public launch to one of the fastest-growing synthetic dollars to date.
Here’s a look back at Season 1.
Season 2 will run for approximately 3.5 months and conclude with Neutrl’s TGE in mid-September.
The mechanics introduced here are designed to position participants for the next phase.
More details on the protocol token and new developments will be shared throughout S2.
https://t.co/68FRz4g22I
New NUSD and sNUSD pools are now live on @pendle_fi.
The new maturity date of 24 Sep 2026 has been aligned with the end of Season 2 of the Origin Program.
Neutrl Points for the LP & YT NUSD have also been increased to 70x.
You can roll over before maturity.
Swap your existing PT or LP into the new market by selecting your current position as the input token.
Or wait until maturity and redeem and roll over directly from your Pendle dashboard in 1-click.
NUSD (24 Sep 2026): https://t.co/bzr8XT2Ts1
sNUSD (24 Sep 2026): https://t.co/r1J1zvG7v1
We have been getting some questions from LPs why we carry the otc amounts at a discount to current spot. We only do trades on highly liquid spot/perp with multiple tier 1 venues and enough history.
The discount collateral formula:
For a deal with n vesting tranches:
Total Value = Σ vᵢ × spot price × min((1 − discount)^(days to vestᵢ ÷ 365), cap)
Each tranche is valued independently, then summed. For every tranche we take the lesser of the time discounted value or the cap, whichever is more conservative.
Worked theoretical example using OTC 9 from the dashboard
OTC 9 is active, 61% vested, 294 day duration, Linear + Cliff vesting. Let's assume it has just 2 remaining tranches:
Tranche A
Tokens (vᵢ) - 5000
Days to vest - 90
Spot Price - $1
Tranche B
Tokens (vᵢ) - 5,000
Days to vest - 294 days
Spot Price - $1
Using a 35% discount and cap = 0.75:
Tranche A: 5,000 × $1.00 × min((0.65)^(90/365), 0.75) ->(0.65)^0.247 = 0.888
We us min(0.888, 0.75) = 0.75 cap kicks in so value carried at in reserves = $3,750
Tranche B: 5,000 × $1.00 × min((0.65)^(294/365), 0.75) (0.65)^0.805 = 0.693
Min(0.693, 0.75) = 0.69 Time weighted discount used so value in reserves = $3,465
Total booked value = $7,215 vs $10,000 market price ~28% markdown.
The dashboard shows this in action at scale:
$14.90M deployed (notional for current live deals) ~ 9.5%
$8.09M liquidation value (what it's booked at after discounts to be conservative) - 5.4% shown in reserves
The further out the vest, the harsher the haircut. Even near vesting tranches get capped below spot.
This is intentional conservatism, it means NUSD's collateral is never overstated even at the current 103% .
Season 1 of the Neutrl Origin Program is coming to an end.
Season 2 begins on June 4 and will be the final season ahead of Neutrl’s TGE.
This next phase is designed around one core idea: committed capital unlocks access.
Season 2 will run for approximately 3.5 months and conclude with Neutrl’s TGE in mid-September.
The mechanics introduced here are designed to position participants for the next phase.
More details on the protocol token and new developments will be shared throughout S2.
https://t.co/68FRz4g22I