Pendle Print #85
From Billions to Trillions
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
USDe (27 Nov 2025) on HyperEVM
dnPUMP (20 Nov 2025)
wstUSDN (18 Dec 2025)
Important Highlights ✨
New ATH daily trading volume - $1.14B on 24 Sep 2025 🫡
Pendle on Plasma. From billions to trillions soon🫡
ICYMI here’s a gentle reminder to rollover/redeem your matured positions!
Billions have chosen to trust Pendle. Have you?
Pencosystem
>40% ROE with stables - courtesy of Pendaavethena
Cross-chain PT looping now unlocked on Euler (Avalanche) 🫡
Plus mHYPER + mAPOLLO too:
Good news for those looking to continue stacking those ridiculous PT-sUSDf yields - you still can:
Loop Spiral your PT yields on SpiralStake:
Double the native Points multiplier.
More Sats than native USDe.
What’s not to like here?
Oh and reminder that sUSDf on Pendle is now giving out a special, limited-time 72x Falcon MIles:
And then make the PTs soar with Gearbox:
Multiply Pendle fixed yield with mStable - coming soon!
Intern Insights
After all this time, it seems like Ethena YT could still be one of the most, if not the most, underrated plays:
And for the Fixed Yieldooors - the best yields might not even be on Ethereum 👀
All the value, V2 and Boros and all the future what-nots, will always, always flow back to PENDLE.
An interesting sidenote for Kinetiq fans:
Boros
Back to back ATHs!
$225M daily trading volume for Boros ✅
Hot tip - something to look out for in the upcoming maturities 👀
And for those who need a reason to get started:
Also the common theme for these winners seem to be “short YU” 🤔
Price oracles, powered by Chaos Labs, are now live for Boros:
X Highlights
“Across the entire onchain asset management industry, three protocols (Morpho, Pendle, Maple) account for 31% of all AUM”
Pendle pioneered and revolutionized tokenization of funding rate fees:
How Spiral Stake? Wot Spiral Stake? 👇🏻
The PENDLE thesis:
Theses*
And last but certainly not least… who wants to see our dear beloved leader half naked*?
*Not guaranteed
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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