Pendle Print #74
Flight Pendle is now ready for boarding at Terminal
Pendle is the ultimate yield market in DeFi – fixed yields, floating yields, leveraged yield trading, “yield-neutral” liquidity provision.
The objective of The Pendle Print is to distill the developments in DeFi yield markets into a succinct and actionable format.
New Pools
tUSDe (25 Sep 2025)
tETH (25 Sep 2025)
tBTC (25 Sep 2025)
BOOM 🔥 The big launch this week - Terminal!
Terminal is the marketplace for Converge, designed as a Spot DEX (as opposed to Perp DEX in Ethereal) for Ethena assets.
With this, Pendle is laying down the necessary foundation to bring fixed rates to institutions via Pendle Permissioned (name still a WIP).
USDf (29 Jan 2026)
Yearn aGHO-USDf (29 Jan 2026)
The moment many of you have been waiting for - Falcon Miles are finally up and running! And as a bonus, you now have new pools and new pools to farm them up 😉
USDS (SPK Farm) 25 Sep 2025
Spark’s new SPK Farm is now live on Pendle!
To clarify, there are now two USDS markets on Pendle with slight differences in their yield/points mechanism 👇
TL;DR Ultimately, both of these are earning SPK as yield, with one being direct SPK rewards from the SPK Farm, and the other being Spark Points which are ultimately redeemed for SPK at a later date
lstRZR (18 Dec 2025)
Trades of the Week 🔥
0x27e added $23.2M of liquidity (ZPI) to SolvBTC.BNB 18DEC2025
0x73d added $5.3M of liquidity (ZPI) to sUSDE 25SEP2025
0xf31 bought $10M worth of PT-cUSDO 20NOV2025
0x86c added $5M of liquidity (ZPI) to iUSD 4SEP2025
0xff0 bought $3.4M worth of PT-sUSDE 25SEP2025
Pencosystem
PT-sUSDe (Sep 2025) getting cooked in the Aave kitchen 🍳
Oh and keep an eye out for Terminal tUSDe soon too 😉
Pendle LPs are now available as collateral on Morpho, and are off to a great start 🔥
Intern Insights
Why you should really be double, triple, quadruple, quintuple, sextuple or whatever your LP yields + points on Morpho:
Yay or nay for Falcon Miles? Why don’t you take a look it yourself:
Just stop it already. STOP IT 🫵
>50% APY is on the Pendle table if you know where to look:
New paradigm on “taking profits” ✨
X Highlights
This is exactly what PTs are made for:
Uno.
The reasons why Aegis been trending on Pendle…
Best stablecoin yields on town on a risk-adjusted basis 🫡
How Pendle helped accelerate Aegis’ growth:
Last but certainly not least… took us a few takes but we finally got it 🥳
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 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.
Disclaimer: Nothing written in this post is intended to serve as financial advice. All content in this post serves merely for informational purposes.
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