Pendle Print #113

All roads lead to PENDLE

Pendle is the ultimate yield market in DeFi – fixed yields, leveraged yield + points trading, and funding rate swaps (via Boros).

The objective of The Pendle Print is to distill the developments in DeFi yield markets into a succinct and actionable format.

Important Highlights ✨

Onchain STRC is one of the biggest and fastest growing narratives now, and Pendle alone is powering 1,033,235 STRC (~$103M):

Pendle Intern@PendleIntern

Pendle Strategy has acquired 226.4m apxUSD and 23.9m sUSDat and has achieved preferred dividend yield of 11.50% APY. As of 11/4/2026, we non-custodially hodl 1,033,235 $STRC powered by @apyx_fi, @saturn_credit, and @saylor

Pendle Intern @PendleIntern

Pendle Strategy has acquired 167.4m apxUSD and 20.5m sUSDat and has achieved preferred dividend yield of 11.50% APY. As of 5/4/2026, we non-custodially hodl 1,000,707 $STRC powered by @apyx_fi, @saturn_credit, and @saylor https://t.co/aWc5LxO0Hy

11:13 PM · May 10, 2026 · 3.24K Views

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8 Replies · 2 Reposts · 34 Likes

TL;DR

Clarity Act passing → No more passive Earn → Inflow to Pendle, an “active” passive yield, especially PTs

Pendle Intern@PendleIntern

Polymarket now puts Clarity Act CLARITY Act at 70% to pass this year. Many don't realize how big of an ADVANTAGE this is for $PENDLE. CLARITY's core distinction is between passive interest and yield earned through active market participation. $PENDLE's model has always been the

Sherif @SherifDefi

The CLARITY Act has nearly 70% chance of passing according to Polymarket. CT is still talking about what it means for $BTC and $ETH... but nobody is connecting the dots to @pendle_fi. Serious mistake, but you can still fix it by reading on 🧵👇🏻

11:53 AM · May 8, 2026 · 8.33K Views

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11 Replies · 13 Reposts · 94 Likes

The Pendle Effect - how Pendle as a launchpad is powering growth surges for protocols:

USDG YT and LP holders, be sure to check your Pendle Dashboard for rewards!

Pendle@pendle_fi

$430k in USDG incentive rewards just dropped, covering March and April 2026 (and $PENDLE rewards too!) YT and LP holders, head to your Pendle Dashboard to check and claim your off-chain yield.

1:58 AM · May 4, 2026 · 10.9K Views

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49 Replies · 16 Reposts · 115 Likes

Strategy Highlights 💰

STRC PTs offering higher fixed yields than STRC itself.

For PT-apyUSD, you can now swap up to $40-$45M with minimal price impact, securing an effective yield of ~17.4% Fixed APY":

Pendle@pendle_fi

RWA fixed yield, powered by $STRC digital credit. Pendle offers fixed yields on $STRC yield coins as high as ~18.9% Fixed APY, higher than the underlying dividend rates:

5:15 AM · May 7, 2026 · 100K Views

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33 Replies · 72 Reposts · 559 Likes

Bullish STRC? Then YT-apxUSD might be your best bet to win big.

Exhibit A:

Pendle Intern@PendleIntern

If you think the STRC narrative is here to stay, YTs are frankly the ONLY way to capture upside exposure. Today intern shows you how to play the @apyx_fi game in the MOST EFFICIENT way possible. Here's up to 300% RoI on YT-apxUSD. 👇

1:05 AM · May 6, 2026 · 7.18K Views

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5 Replies · 8 Reposts · 77 Likes

Exhibit B:

Pendle Intern@PendleIntern

Pretty rad analysis by @tid_research TL;DR for their take on @apyx_fi YT-apyUSD 👇🏻 - Even if APYX TGEs at $50M - TVL blows up 15x to $2.8B - YTs will still walk away with 68% ROI

Today in DeFi Research @tid_research

YT-apyUSD Final ROI Matrix Because the 10.67% base yield heavily subsidizes the initial YT cost, the airdrop valuation required to achieve profitability is significantly lower for apyUSD compared to apxUSD. This provides a wider margin of safety, maintaining positive ROI even in

3:22 AM · May 4, 2026 · 9.49K Views

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4 Replies · 7 Reposts · 49 Likes

0xa21 certainly knows what’s up:

coinfoin@coinfoin_

Someone bought $50K worth of Pendle YT $apxUSD, holding around 3M YT, at 15% IY two days ago. The interesting part is that he bought with a market order, then split the YT across 4 wallets. Does he know something we don’t? debank.com/profile/0xa21d…

11:44 AM · May 7, 2026 · 2.36K Views

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12 Replies · 13 Reposts · 34 Likes

New Pool Highlights

• srUSDat (Aug 2026)

• jrUSdat (Aug 2026)

Pendle@pendle_fi

.@saylor's STRC has been quietly building one of the most compelling RWA yield ecosystems onchain Pendle has been the fixed yield layer for every major STRC-linked asset, now we're going further with @strata_markets structured products: - srUSDat (Aug 2026) - jrUSDat (Aug 2026)

1:00 PM · May 6, 2026 · 16.2K Views

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13 Replies · 28 Reposts · 213 Likes

• jrRoyAPYUSD (Nov 2026)

Pendle@pendle_fi

Structured yield meets fixed yield for @saylor's STRC. Introducing our newest RWA market with tranched exposure to apyUSD, powered by @roycoprotocol: • jrRoyAPYUSD (Aug 2026)

5:00 PM · May 6, 2026 · 8.22K Views

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6 Replies · 14 Reposts · 139 Likes

Pencosystem

Earn 100% APR for “Buy YT” limit orders, 30% APR for “Sell YT”:

Altura@alturax

Stack PENDLE with YT-AVLT limit orders. YT-AVLT positions on @pendle_fi get leveraged exposure to Altura's yield, plus a 2x boost on YieldRun points. But the smart money edge is simple. Set limit orders, build your position and earn extra PENDLE every week.

2:00 PM · May 7, 2026 · 13.1K Views

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24 Replies · 24 Reposts · 94 Likes

APYX PTs are now the largest markets on Morpho, with >$50M in TVL, offering up to 85% Effective APY for looping now:

Pendle@pendle_fi

The @apyx_fi PT markets on Morpho are now the largest PT markets on the protocol, with ~$50.5M in total TVL. ~18% fixed APY on $STRC yield coins is already a strong base. For users running looping strategies, effective yields reach 50-60% APY. Pendle's yield infra enables that

4:20 AM · May 8, 2026 · 86.6K Views

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45 Replies · 49 Reposts · 411 Likes

Intern Insights

It’s not all just STRC.

For Saturn’s USDat, which is backed fully by US T-bills, this makes a great super T-Bill alternative offering ~3x the return:

Pendle Intern@PendleIntern

If you hold 90 day Treasuries, you earn 3.6% APY If you hold PT-USDat, you earn 9.1% APY That's 2.5x the yield. To put it in context, someone holding 90D T-Bills would need to hold $2.5m to earn equivalent yield to someone with $1m in PT-USDat. What's the catch? 👇

6:33 AM · May 5, 2026 · 4.86K Views

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6 Replies · 6 Reposts · 57 Likes

X Highlights

“Saturn broadens that universe by bringing transparent Bitcoin-linked dividend yield on-chain, and Pendle provides the market structure that makes the yield accessible.”

Check out CoinGecko’s new article on how Pendle x Saturn is powering the STRC onchain economy.

CoinGecko@coingecko

Strategy’s $STRC is coming onchain, opening up a new category of Bitcoin-linked yield products in DeFi. In this article, we explore how @pendle_fi enables users to access, separate, and trade STRC-linked yield. Read the full article 👇 coingecko.com/learn/strategy…

coingecko.com

Strategy's STRC: Capture Bitcoin-Linked Yield via Saturn & Pendle | CoinGecko

2:00 PM · May 8, 2026 · 14K Views

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20 Replies · 33 Reposts · 101 Likes

Why you should 100% be bullish for Pendle forever:

Yoko | Pendle@pendle_grandma

I'll be forever bullish for Pendle and here's why: 📍Solid PMF: the ultimate infrastructure, like IRS in TradFi First of all, I’m just going to repeat what my buddy at Brevan Howard said so well: “Pendle is the ultimate infrastructure of DeFi as things evolve; it’s how IRS

6:53 PM · May 4, 2026 · 6.44K Views

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13 Replies · 13 Reposts · 85 Likes

The best PTs (non-STRC ones) that money can buy:

Tindorr 🌯@0xTindorr

DeFi yields are back. We survived the bottom. And now it's time to farm good yields. My not-STRC favorite list for PT fixed yield on @pendle_fi: 👇 (from ~7% base rate and ramp up to ~20%) 1 - PT USDe (6.8% APR) by @ethena Can't remember the last time I saw this rate.

2:05 AM · May 8, 2026 · 8.83K Views

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13 Replies · 19 Reposts · 224 Likes

PENDLE is now a BTC beta:

Bera@beracap

$Pendle pivoted from ETH beta to BTC beta. Do with this info what you want.

5:49 AM · May 5, 2026 · 5.97K Views

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6 Replies · 3 Reposts · 56 Likes

Bera@beracap

Saylor started following Pendle / Pendle Team - even PendleIntern. Is there any other altcoin that has Saylor's blessing? I don't think so. Pendle is highly mispriced. $5 is the first target. Bitcoin's biggest bull is bullish on a 300m mcap coin and no one's paying attention.

1:20 PM · May 7, 2026 · 12.6K Views

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16 Replies · 15 Reposts · 123 Likes

~2x in a week, and for good reasons:

Emperor Osmo 🐂 🎯@Flowslikeosmo

$PENDLE is now +90% off the lows It's quite obvious that the structural thesis from my prior finding is accelerating, and the market is pricing in the fee engine rather than TVL. This is important for a few reasons: - @boros_fi is contributing to the growth story, having

9:58 PM · May 6, 2026 · 7.18K Views

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15 Replies · 22 Reposts · 142 Likes

RWA 💙 Pendle

The DeFi Investor 🔎@TheDeFinvestor

Pendle is one of the few DeFi apps that directly benefits from RWA adoption. Over the past 8 months, Pendle's TVL from RWA markets has grown to $151M. And it keeps hitting new ATHs.

9:16 AM · May 2, 2026 · 14.3K Views

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35 Replies · 30 Reposts · 261 Likes

And last but certainly not least…ICYMI:

Pendle Intern@PendleIntern

💅🏻

5:04 AM · May 8, 2026 · 3.63K Views

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12 Replies · 2 Reposts · 69 Likes

That’s it for this issue.

Attention and capital is scarce in this market – and for that we thank you for your continuous support.

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pendle.finance | Twitter | Discord

Pendle is the largest rate swap protocol for fixed yields and yield trading in DeFi. Pendle’s adoption as a DeFi primitive has been growing across protocols and institutions to generate more yield, secure fixed yields and directionally trade yield on yield-bearing DeFi assets.

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Disclaimer: Nothing written in this post is intended to serve as financial advice. All content in this post serves merely for informational purposes.