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 Markets on Pendle
Shaking up the Ethena Sats farming meta this week with a new addition - ENA on Pendle!
The YT-ENA x YT-USDe wombo combo may just be what you need to get ahead of the competition:
In fact, our resident Intern’s already taken a crack at the numbers of this OP strategy (based on numbers at the time of writing):
Another EtherFi eETH pool joins the mix! This time it’s a long-dated one that will help you get a headstart on those restaking/AVS rewards.
Oh, also it comes with the highest ever 3x Points boost to-date:
⬆ Trade Opportunities on Pendle
It’s not just the new pools that are getting love.
Some of our older ones have also gotten an “upgrade” this week:
With EigenLayer points back in play for pufETH, plus the recent success of their series A funding, FOMO and interest in YT-pufETH is sky high now, with Implied APY skyrocketing to ~63% this week.
If you’re looking to get some fixed yield actions for your ETH, pufETH is one of the markets to keep an eye on now:
Similar to last week, trades continue to pour into these close-to-maturity pools as whales look to (aggressively) scoop up some short-tenure, high fixed yields:
These have pretty much been the Pendle-flavours of the week 👇🏻
Big Movers of the Week 🔥
Swap total of 6,000 wETH ($18.2M) into PT-ezETH-25APR2024 (Ethereum) at 53% Fixed APY
Swap total of 8,950 ezETH ($27.3M) into PT-ezETH-25APR2024 (Ethereum) at 54%-61% Fixed APY
Swap 2,580 wETH ($7.8M) into PT-ezETH-25APR2024 (Ethereum) at 50% Fixed APY
Swap total of 2,892 stETH ($8.8M) into PT-ezETH-25APR2024 (Ethereum) at 52% Fixed APY
Provide liquidity (Zero Price Impact) of 1,934 weETH ($6.1M) into PT-eETH-27JUN2024 (Ethereum) for 30% APY
Pendle Integrations
It’s another packed week here!
While not exactly an integration, this highlights the growing movement in Pendle strategies being adopted for treasury growth - a nice position to prime for a more institutionalized future:
Karak Network, an alternative restaking layer to EigenLayer, has been making waves in the space this week thanks to their high profile fundraise.
Good news for PT owners - you can now get in on the action for some Karak XP:
In a similar vein, Swell L2 also accepts PT deposits now:
Tired of manually zapping in and out, in and out of your Pendle positions? Check out Shell Protocol’s easy, one-click zap solution which by the way, also covers inter-pool swaps:
More PT integrations! This time it’s a new airdrop aggregator:
Last but not least, a fixed yield solution for your fixed yield problems, courtesy of Silo Finance:
Intern Insights
Alternative perspective on Pendle fixed yields:
We’ve been singing praises about short-dated fixed yields but as it turns out, short-dated YTs are mathematically a viable play too, especially for those yearning for some last minute, hyper-exposure to EigenLayer/LRT points:
Twitter Highlights
Use those fixed yield earnings as YT gambling chips:
Comprehensive research on how one can maximize your airdrop earnings as maturity approaches:
New ENA market is up on Pendle, so what have the users been up to:
Also, if any of you are on the hunt for a job…
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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