PENDLE
Pendle
$1,5985
0,04%
Pendle
PENDLE
$1,5985
0,04%
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Pendle (PENDLE) is a DeFi protocol enabling the tokenisation and trading of future yield on yield-bearing assets. It supports strategies like fixed yield, speculative yield trading, and liquidity provision, with a focus on permissionless access and decentralised governance through vePENDLE. Pendle's innovative use of tokenisation opens up new possibilities for yield management and market participation.
Pendle is a decentralised finance (DeFi) protocol focused on yield tokenisation and trading. It allows users to manage and trade future yield on various yield-bearing assets. Pendle tokenises yield-bearing tokens into two components: Principal Tokens (PT) and Yield Tokens (YT). These components can be traded independently on Pendle’s automated market maker (AMM), which supports different DeFi strategies including fixed yield and speculative yield trading. The protocol's architecture facilitates yield management and enables complex financial strategies like hedging yield fluctuations or gaining leveraged exposure to yield changes.
Pendle operates permissionlessly, supporting diverse yield-bearing assets across various chains, including Ethereum and layer-2 solutions like Arbitrum. The protocol's governance is driven by vePENDLE, a vote-escrowed token system that incentivises participation in governance and liquidity provision.
Pendle is primarily used for yield management and yield trading. The protocol’s main use cases include:
Yield Tokenisation: Pendle allows users to convert yield-bearing assets (e.g., stETH) into two separate components: Principal Tokens (PT), which represent the principal amount, and Yield Tokens (YT), which represent the future yield. This tokenisation enables users to either lock in fixed yields or speculate on yield fluctuations.
Trading on Pendle AMM: Users can trade PTs and YTs independently on Pendle’s AMM. By trading PTs, users can lock in future yield or buy yield at a discount. YT holders can speculate on increasing yield by purchasing YTs during low market conditions and selling them at a higher value.
Advanced Yield Strategies: Users can engage in various strategies, such as fixed yield (earning a predetermined yield on assets), leveraged yield (increasing exposure to yield changes), or hedging against yield volatility. Pendle also supports liquidity provision in its AMM, where users earn rewards from trading fees, vePENDLE incentives, and rewards from yield-bearing assets like stETH.
vePENDLE Governance and Incentives: Holders of vePENDLE (vote-escrowed PENDLE) can lock their PENDLE tokens to participate in governance and boost their liquidity rewards by up to 250%. Additionally, vePENDLE holders control the flow of rewards to liquidity pools by voting, and they earn a share of the fees generated by the protocol.
Pendle was created by Vu Nguyen and Nghia Pham. The team launched the project with the goal of developing a permissionless protocol for trading and managing yield derivatives in the DeFi space. Their work is inspired by concepts from traditional finance, particularly in the interest rate derivative markets, which they aim to replicate in the DeFi ecosystem.
Yield Tokenisation and Trading: Pendle tokenises yield-bearing assets and separates them into principal and yield components, enabling advanced trading strategies.
vePENDLE Governance: Vote-escrowed PENDLE tokens provide governance rights and enhanced rewards for liquidity providers, incentivising long-term participation.
Cross-Chain Compatibility: Pendle operates across Ethereum and layer-2 networks like Arbitrum, ensuring flexibility for users and efficient liquidity distribution.
Fixed and Variable Yield Strategies: Users can implement strategies based on market conditions, such as fixed yield or speculative yield trading.
