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
Another eventful launch week filled with exciting foursomes! This time, we invited both Ethena and Renzo to join the Pendle x Symbiotic bed:
Right in time for the Symbiotic cap lift too, which lasted all but a few hours before the FOMO flooded in and gobbled up their wstETH pool in its entirety.
Good news - majority of the Mellow (and thus Pendle pools) are now generating Symbiotic points, and any portion that’s not are still compensated with elevated multipliers for Mellow points (3x).
Speaking of points, REZ is also now in Pendle town, AKA the fastest, cheapest way to earn ezPoints:
Key Highlights 🔑
sUSDe (26 Sep) cap has been increased by another 50M. Alongside its other USDe and sUSDe brethren on Pendle, they still offer the highest stablecoin fixed yield in DeFi.
For reference, native yield for sUSDe is only at ~8.6% APY at time of writing.
On the other hand, KelpDAO rsETH’s own native yield continues, thanks to some recent contract upgrades that enabled rewards from Beacon chain being reflected in the exchange rate.
If the rate holds above Implied APY, YT holders could profit from just the yield itself, even without accounting for the value of airdrops/points.
Intern Insights
Our intern went on a Sheets rampage this week. With Symbiotic Points now in the mix, some of these YTs are looking mighty promising but be warned - we’re venturing into some heavy guesstimation territories here, so do take the time to understand the assumptions/numbers here before engaging in any aping of sorts.
Links embedded in images 👇🏻
Mellow LRTs:
Mellow x Ethena rsENA:
Bedrock uniETH:
Also if somehow price impact is an issue for you…
Trades of the Week 🔥
0xf0b provided ~8,158 ETH liquidity to eETH (26 Sep)
0xf0b provided ~3,764ETH liquidity to eETH (26 Dec)
0x171 swapped ~$10M for PT-sUSDe (25 Jul)
0x555 swapped ~1,201 ETH for Zircuit PT-ezETH (22 Aug)
0x555 swapped ~1,780 ETH for weETHs (29 Aug)
Penconomy
“Assets with the highest borrowing demand in DeFi” are now available as collateral on Morpho:
Yearn’s auto-rolling PT vaults go live on Ethereum, with an excellent video to boot:
Twitter Highlights
Silo Intern returns with another great PT-ezETH strategy:
Economist Ben Lilly spews insights on the market (and Pendle at 44:00):
A perspective on Pendle’s maturity event (the translation effort is worth it):
Why are you still buying spot ETH?
Our lovely and capable Head of Design spills the secrets on Pendle’s design:
Some new toys on the horizon perhaps?
And last but certainly not least, the Michael Jordan of trading volumes:
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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