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.
⬆ Fixed Yield Opportunities on Pendle
A number of Pendle pools are set to mature in 12 days:
Ethena sUSDe (Ethereum) - 75.9% Fixed APY
Renzo ezETH (Ethereum) - 63.4% Fixed APY
EtherFi eETH (Arbitrum) - 61.7% Fixed APY
KelpDAO rsETH (Arbitrum) - 61.4% Fixed APY
This shortened horizon (i.e. lower risk) combined with the high Fixed APYs make this a short, and sweet venture for whales (especially) to accumulate more ETH:
Another perspective on Fixed Yield - EigenLayer's mainnet has launched. If TGE is soon like CT is speculating, short-dated LRT YTs will be key play here in racking up the most EL points in the shortest timeframe.
More flows to long-dated PTs predicted soon as the notion of forgoing long-term points picks up in popularity, while offering hedge for short-dated YT positions:
New Markets on Pendle
TAO just got listed on Binance and oh boy, you wouldn’t believe this coincidence…
Outside of Pendle’s first venture in to Decentralised AI Network, Ethena Season also continued this week with more USDe expansions beyond Ethereum!
ENA
Good news - you can now lock $ENA to boost your Ethena Season 2 Sats earnings
Great news - seems like Pendle YT and LPs will get a slice of this after all:
And this 1-2 combo of YT-USDe + $ENA boost may just be the fastest way to rack up Sats across DeFi:
Trades of the Week 🔥
Swap 9,919 ezETH ($35.5M) into PT-ezETH-25APR2024 (Ethereum) @ 60% Fixed APY
LP 1,500 uniETH ($8M) into uniETH Pool 27 Jun 2024 (Ethereum) @ >30% boosted APY
Swap 1,324 eETH ($5.3M) for 1,391 PT-eETH-27JUN2024 (Ethereum) @ 20% Fixed APY
Swap 50 rsETH for 858 YT-rsETH-27JUN2024 (Ethereum) @ 17x points & yield exposure
Pendle Integrations
Insurance is now available for Pendle via DeFi Protection by Quantstamp. At time of writing, premiums cost 3.75% for a 12-month cover, up to $250k notional (contact the team for larger bespoke amounts).
Pendle Earn levels up its institutional game in this Pendle x Amber Group team-up:
Tadaaa ~ Pendle Vault makes its first appearance on Yearn, and seems like Andre finally gets to satisfy his curiosity in poking around Pendle after all:
Surprise! It turns out that PTs can earn points after all, courtesy of Olive x Kelp:
As it turns out, Swell is also getting in on the “points-for-PT” action:
hyETH (High Yield ETH Index) by Index Coop goes in hard on PT LRTs:
For the full list of Pendle integrations and what more you can do with Pendle assets, check out here.
Intern Insights
Biggest winners of Ethena Season 1, YT-USDe version:
Ethena S2 moonsheet for YT-USDe (Mantle):
What comes after Points?
Twitter Highlights
Pendle stats and strategies for Sats Campaign Season 2:
Bankless gazes into their crystal ball:
AI measures positive sentiment on $PENDLE:
Franklin Templeton offers perspective on EigenLayer and restaking:
More Sats strategies with Pendle:
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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