The Pendle Print #11

Just can't get $ENA-gh

Apr 05, 2024

A front-facing computer gamer influencer is centrally framed in the middle of the image, surrounded by an overwhelming and overflowing amount of blue diamond shards, symbolizing immense success and earnings. The gamer, seated at a high-tech gaming setup, is intently focused on the screen. The room is almost flooded with countless shimmering blue diamond shards that reflect the light, creating a mesmerizing and dazzling effect. The image conveys the concept of abundant rewards and success in the gaming world.

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.

Ethena USDe pool launches

To kickstart $ENA Season 2, Pendle launched dual USDe pools on Mantle & Ethereum this week:

At point of writing, the $200M (Mantle) and $400M (Ethereum) pool caps are still up for grabs – but very quickly filling up!

As a quick recap, YT holders would be have a levered exposure to Ethena Sats (Season 2 points) AND EigenLayer points (only for Mantle pool), whereas PT holders would forego the points and secure high fixed USDe yields.

$ENA Season 1 Case Studies

One of the largest YT holders: analytico.eth

Biggest YT-USDe winner: 0x7121c

$ENA Season 2 Strategies on CT

To YT…

… or to PT?

ETH LRT Pools

Double pool launches this week: rsETH Pool 27 Jun 2024 & eETH Pool 27 Jun 2024 on Arbitrum (to facilitate rollovers from the maturing 25 Apr 2024 pools):

Implied fixed yields on Pendle LRT pools are ranging as high as >60% APY (while stocks last).

Trades of the Week 🔥

Swap 2,600 eETH for 2,811.46 PT-eETH-27JUN2024 (Ethereum) @ 38% fixed APY – tx
Swap 1,799,655 USDT for 2,074,795 PT-USDe-25JUL2024 (Ethereum) @ 50% fixed APY – tx
Swap 382,294 USDe for 2,500,114 YT-USDe-25JUL2024 (Ethereum) @ 6.5x Sats exposure – tx

Twitter Highlights

Pendle hit three major milestones this week:

Twitter Spaces with Arthur Hayes, Ethena and Pendle:

Humbled 🙏, but job’s not done!

Pendle LRT dominance:

Pendle chain dominance: #1 by TVL on both Mantle (>60%) and Arbitrum (23%).

New DeFi integration: PT assets included in Index Coop’s hyETH index:

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.

The Pendle Print