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
Mellow LRTs
This goes out to all the Coldplay fans out there! Your favourite Mellow pools are now back with a renewed maturity…with one new addition - amphrLRT.
TL;DR of amphrLRT? It’s Amphor’s Symbiotic LRT vault that provides exposure to multiple Mellow x Symbiotic LRTs, which essentially means a giant cocktail of points and yields:
Swell L2 pre-launch rswETH
This is essentially the super cousin of rswETH, that is rswETH deposited on Swell L2’s pre-launch campaign, which also means exposure to all the potential airdrops from Swell L2 + all of the projects launching on the chain.
This has quietly been one of the more popular ETH pools, and now it’s back on Pendle with a longer maturity:
uniETH on Arbitrum
Yup, that’s right, Bedrock uniETH is now on Pendle Arbitrum, just in time for ARB season too 🎄
Mathematically, it might make sense to LP any uniETH you have on Pendle, rather than just holding the naked version in your wallet, at least according to our Intern (NFA):
Trades of the Week 🔥
Now that the 25 July maturity has passed, whales are now on the hunt for the next short-dated pools. In the past week, most have swarmed to:
sUSDe (26 Sep)
sUSDe (24 Oct)
weETHs (29 Aug)
Hot tip for whales looking to size in - don’t write off a pool just because of its low liquidity. Pendle fulfils trades through the best combination of AMM liquidity + limit order available.
And as it turns out, several pools have sizeable limit orders in queue (up to $14M for certain pools), ready to gobble up any potential demands out there:
You can gauge limit order depth by switching to the “Book” tab on any asset market page.
Intern Insights
YT-uniETH has been somewhat flying under the radar, but the latest numbers are still looking up for the Amber Group backed LRT:
The same could be said for Karak XP. With EtherFi’s King Karak LRT now in play, plus a seemingly low Implied APY, perhaps we should take a closer look at them YTs after all (NFA, of course) 👀
As for LPs, you might be pleased to know that there’s FINALLY available cap on Stella, which means you can now loop your eETH + rsETH LP to your heart’s content. First come first serve with limited availability though so tick tock:
With Penconomy continuously growing as it is, multiple opportunities have now opened up for PT holders. Here, our Intern highlights some of the possible ventures you can look into:
Penconomy
Pendle LPs now supported on Wise Lending for leveraged looping 🚀
Park and forget your PTs with Adapter:
Some amazing insights from Chaos Labs on the impact of Pendle <> Arbitrum:
More PT looping available on Sumer:
Twitter Highlights
Who knew 15% APR on ETH could be easy as 1,2,3:
Comprehensive vePENDLE guide - from the very basics to tips on maximizing your gains:
Glimpse into our dear leader’s past, present and future with Anna Tutova:
Why Pendle?
And last but certainly not least, are you ready the next rate cut cycle, anon?
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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