Pendle Print #121

The Most Anticipated Feature...

Greetings! Beginning with this issue, Pendle Print moves to a biweekly schedule.

This is an editorial decision that ensures only what genuinely warrants your attention makes it into the newsletter. Where a topic calls for immediate coverage, we will send it as a standalone note.

As always, thank you for reading 💌

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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 ✨

One of the most anticipated features, PT looping, is now live:

Pendle@pendle_fi

One of DeFi's most rewarding strategies, once gated behind an hour long labour of buy, lend, borrow, repeat... is now open for everyone with just a mouse click. Enjoy.

TN | PendleBoros @tn_pendle

New V2 feature I'm most excited about is finally here soon: PT Looping. PT auto-looping on @pendle_fi app, simplifying a tedious manual process of supply, borrow, swap, repeat...into a matter of just seconds. Beta to launch quite soon.

7:20 AM · Jul 16, 2026 · 118K Views

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22 Replies · 28 Reposts · 186 Likes

What has Pendle been up to? What are our plans for the rest of the year and beyond?

Find out LIVE on our Discord community call:

Pendle@pendle_fi

JUST IN: Pendle has NEWS to share, and we want you to listen in 😉 We're breaking it down live on our next Discord community call: where the RWA momentum goes next, and the roadmap to make Pendle the greatest yield trading platform in global finance.

1:01 PM · Jul 16, 2026 · 7.09K Views

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10 Replies · 9 Reposts · 98 Likes

sPENDLE update: ATL emissions, ATH PENDLE staked, and a respectable stickiness:

Pendle@pendle_fi

Another interesting stat: 93% of wallets have NEVER unstaked High retention rate where most $PENDLE acquired from the open market (and distributed to stakers as rewards) remain staked and out of circulation 🔥

Pendle @pendle_fi

Buybacks for ethereum:0x808507121b80c02388fad14726482e061b8da827 passed 2M 🔥 All these within just 6 months since sPENDLE launched ➢ ATH ethereum:0x808507121b80c02388fad14726482e061b8da827 staked ➢ Emissions cut by 71% - double the initial 30% target Fees, buybacks, https://t.co/Ukfisxfgjr

6:17 AM · Jul 15, 2026 · 16.9K Views

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19 Replies · 15 Reposts · 128 Likes

What happens in Chiang Mai, will never stay in Chiang Mai, not while Intern is around:

Strategy Highlights 💰

PT looping is one of the best r/r plays in crypto, but the effort and mental overload can be too much.

Lucky for us, that’s no longer the case:

Pendle Intern@PendleIntern

➢ $173M liquidity available ➢ Up to 7x leverage ➢ 4.08% APY → 14.51% APY ➢ All it takes is ONE click now ➢ Aave

Pendle @pendle_fi

One of DeFi's most rewarding strategies, once gated behind an hour long labour of buy, lend, borrow, repeat... is now open for everyone with just a mouse click. Enjoy. https://t.co/PHd1MSBPdU

7:40 AM · Jul 16, 2026 · 5.67K Views

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11 Replies · 11 Reposts · 41 Likes

To paraphrase Kevin Malone, “Why variable yield when fixed yield do better?”

Pendle Intern@PendleIntern

> @SkyMoney sUSDS > 5.13% Fixed APY vs. 3.6% Sky Savings Rate > $30M clip gets 4.83% Effective Fixed APY > Still 123 b.p above SSR + Insti depth Power of Pendle Fixed Yield, baby 💪🏻

7:14 AM · Jul 13, 2026 · 3.8K Views

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6 Replies · 6 Reposts · 38 Likes

New Pool Highlights

• USDC (Morpho cbBTC/USDC) DEC2026

• USDat JUL2026 on Monad

Pendle@pendle_fi

Speculate and trade the borrowing demand from cbBTC lenders on @Morpho USDC (Morpho cbBTC/USDC) is now live 🤝

9:49 AM · Jul 17, 2026 · 13.5K Views

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11 Replies · 9 Reposts · 143 Likes

Pendle@pendle_fi

Saturn USDat (26 Aug 2026) is now live on @monad! Oh and starting on July 23, 470k $MON in incentives will flow to YTs over 2 weeks. Trade, speculate, or lock in fixed yield on @saturn_credit's T-Bill backed stablecoin 🪐

5:27 AM · Jul 17, 2026 · 32K Views

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11 Replies · 13 Reposts · 107 Likes

Pencosystem

gmonad to all those who YT-AUSD:

Pendle@pendle_fi

gmonad, incentives for Agora AUSD (8 Oct 2026) on @monad have been bumped to $75k per week

12:00 AM · Jul 16, 2026 · 9K Views

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7 Replies · 9 Reposts · 85 Likes

ICYMI, PT-AUSD and PT-earnAUSD are now supported as collateral on Curvance (Monad):

Curvance@Curvance

PT-earnAUSD turns fixed-yield exposure into productive collateral. By depositing PT-earnAUSD on Curvance, users can: → Lock in Pendle’s implied yield through maturity → Borrow AUSD against their position → Access up to 92% max LTV and 12.5x leverage → Redeploy liquidity

1:00 PM · Jul 14, 2026 · 6.12K Views

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6 Replies · 8 Reposts · 50 Likes

Pendle’s Universal Swap just got even better:

Pendle@pendle_fi

Pendle has fully upgraded @BungeeExchange V3 🌉 Faster routing. Lower fees. Fewer clicks. Swap any token on any chain into any PT/YT in a single click. Gas is handled for you - even when your wallet holds $0 on the chain.

4:58 AM · Jul 11, 2026 · 20.7K Views

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13 Replies · 16 Reposts · 121 Likes

Earn nMON rewards while looping:

Neverland@Neverland_Money

New @merkl_xyz Campaigns are live! 1. Supply @withAUSD or @pendle_fi PT-AUSD to our Isolated Market 2. Earn nMON Incentives in addition to base interest and DUST rewards!

5:38 PM · Jul 6, 2026 · 2.67K Views

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4 Replies · 11 Reposts · 52 Likes

Intern Insights

T-Bill on Pendle > T-Bill:

Pendle Intern@PendleIntern

Since 2026 Q1, T-Bills have ranged between 3.67-3.81% APY. Meanwhile, T-Bill-backed PTs on Pendle have ranged between 5.12-7.43% APY. That's an outperformance on average of 1.95x on equivalent T-Bill exposure.

7:38 AM · Jul 13, 2026 · 3.33K Views

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5 Replies · 5 Reposts · 33 Likes

X Highlights

The best fixed rate in DeFi?

Stephen | DeFi Dojo@phtevenstrong

Since the algorithms are firing on all cylinders, might as well share a nice yield. $reUSDe on @pendle_fi is at 18.3% FIXED RATE APR for the next ONE-HUNDRED AND FORTY-SEVEN earth days. There are a few considerations: ► reUSDe is about 3% underpeg This is because redemption is

6:53 PM · Jul 15, 2026 · 10.7K Views

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8 Replies · 3 Reposts · 84 Likes

$70B fixed yield settled since conception, with more to come 🤝

DOLAK1NG@DOLAK1NG

Pendle has settled nearly $70B in yield. It sits under Ethena, etherFi, Aave, Morpho, and half the stablecoin trades you've made without realizing it. Most people still can't explain what it actually does. Here's everything you need to know 🧵👇 Every yield-bearing token does

3:00 PM · Jul 14, 2026 · 8.73K Views

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18 Replies · 15 Reposts · 62 Likes

Hehe scroll down to see what’s #4 on the list:

The DeFi Investor 🔎@TheDeFinvestor

Crypto Watchlist for the week ahead: $UNI - Voting to activate Uniswap's fee switch mechanism on Robinhood Chain starts today $MORPHO - Morpho Midnight, a fixed-rate lending app, will launch in the next few days $DRV - Derive will soon introduce Derive V3, its biggest upgrade

10:55 AM · Jul 19, 2026 · 27.4K Views

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55 Replies · 46 Reposts · 304 Likes

Slap 2 horns and 4 legs on us because we’re about to go moo moo:

Tindorr 🌯@0xTindorr

I think Pendle is well prepared for the next bull run. One-click PT looping is now available directly on the app. And the PT-sUSDe/USDe loop for ~14.5% APY is the play I am watching right now. Leveraged yield strategies always come back when new yield opportunities and fresh

4:14 AM · Jul 19, 2026 · 6.1K Views

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16 Replies · 13 Reposts · 117 Likes

And last but certainly not least… a sneak peek into Intern’s Chiang Mai notes:

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.