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 on Pendle
Great news - Pendle is once more a proud recipient of the Arbitrum STIP Grant!
As we ramp up for the next Arbitrum Season (with some surprises in store 😉), we’re reintroducing some old favourites with renewed maturities:
Some highlights for these assets 👇🏻
MUXLP
Fixed APY has been consistently hovering above the actual, underlying APY in the past ~3 months. Locking in the rate at ~41% Fixed APY potentially lets you earn volatility-free, outsized yields.
aUSDC
Contrary to popular belief, deposit APY for aUSDC on Arbitrum fluctuates quite a bit (advantageously).
In the past 6 months, this figure has been ~8.91% on average.
On Pendle, PT-aUSDC (26 Dec) lets you lock in at ~12% Fixed APY for 201 days at time of writing, significantly higher than the expected value based on past trends.
Tip - For LPs already in the existing June variants for MUXLP, HLP and aUSDC, the newer pools are also offering higher APYs across now. It might be worth considering an early liquidity migration ahead of maturity just to capture these higher yields earlier, longer.
Trade Highlights 💰
The name of the game here is still Fixed Yield, especially for whales looking to grow your stash. It’s not risk free (peg exposure, smart contract risks), but it’s probably the closest thing you’ll get in DeFi.
His Excellency seems to agree with this sentiment:
Just a few months ago, we were spoiled by ETH Fixed APYs in the range of 60-80% (at their height).
It’s important to keep in perspective that while ~23% APY isn’t nearly as juicy as before, it’s still the top of the line when it comes to ETH yield.
Some fixed yield opportunities:
sUSDe (25 Jul) - 46.8% APY
Karak sUSDe (26 Sep) - 40.6% APY
uniETH (26 Sep) - 23.4% APY
Zircuit eETH (27 Jun) - 23.2% APY
Karak eETH (26 Sep) - 21.8% APY
Another way to think about PT beyond just “yield” is “spot, but better”.
Essentially, the fixed yield aspect cushions any price dips, while giving you an extra profit boost in the opposite case:
That said, PTs aren’t the only potential good plays on Pendle.
Projections for Karak YTs continue to be pretty agreeable, at time of writing of course:
As for all the vePENDLE holders (both existing and aspiring) out there, another gentle reminder that voting does pay:
App Updates ✨
Thanks to all the hardworking devs, we’ve made some improvements to the Pendle App lately, with most of these focusing on the Limit Order function:
You can now place limit orders directly with USDe, sUSDe and ENA. No SY conversions needed!
Limit orders can now be partially filled, and will remain active until fully executed
Detailed documentation and guides available here
Multisig step-by-step for limit order also available here
Whale Trades of the Week 🐳
Justin Sun spends $95M on PT-eETH, PT-pufETH and PT-rsETH | Link
0x8af LPs $25.7M into sUSDe (26 Sep) | Link
0xea1 LPs $35.6M into eETH (26 Sep) | Link
0xdde continues to double down on PT-eETH with another ~$48M this week (18%-22%) | Link
0xb99 swaps $21.2M for PT-sUSDe at ~43% Fixed APY | Link
Pendle Integrations
New ETH yield strategy featuring all your favourite LRT + Restaking points, plus 1 x Nimbora on top:
Stellaaaaaaaaa! This ain’t Marlon Brando, but I’m sure you won’t be disappointed:
The Nutmen return with another PT vault, just in time for Arbitrum season too:
Thinking of ways to make your PT and LP yields extra peachy?
Intern Insights
Remember the good o’ days when you’d deposit ETH to borrow some stables for daily expenses? We have something better now.
Say you have some stETH but hey, you don’t want to sell that just to buy a PS5 don’t you, especially with ETH going to $10k soon (NFA, just example). Here’s what you can do instead:
Mint PT-stETH + YT-stETH on Pendle → Sell YT-stETH for stables → Buy PS5 with stables
This way, you’ll get to keep your ETH and get your hands on that PS5 immediately. Plus if you sold YT-stETH at a high Implied APY, you’d get more upfront vs. holding for God knows how long.
Also if you’re still wondering why you should LP on Pendle…
Twitter Highlights
Here’s a useful tool to help you figure out your YT entry, courtesy of a big-brained, friendly Pendie:
Binance Research has just published a comprehensive report on DeFi Breakthroughs, featuring Pendle!
"In TradFi, interest rate derivatives, a comparable market, exceed US$400T in notional value"
Job’s not done yet, not even close.
To our Vietnamese speaking readers, Pendle Academy is also now available in the language:
Bullish? Bearish? Can’t decide? There’s always something for everyone on Pendle:
And last but certainly not least, is Mr.Sun masterminding a long game for JustLend’s TVL? 👀
That’s it for this issue.
Attention and capital are scarce in this market – and for that we thank you for your continuous support.
pendle.finance | Twitter | Discord
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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