The Pendle Print #3
The third Pendle LRT stop – ezETH by Renzo
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.
Featuring Pendle's third LRT addition – ezETH by Renzo 🚝
Compared to EtherFi's eETH and KelpDAO's rsETH, the ezETH pool will have a shorter maturity date (25 April 2024), which potentially means a much higher leverage play for YT + points.
The ezETH pool will also feature an exclusive 2x boost for Pendle, including LP (the SY portion) and of course, YT.
Check out the pool here.
Pendle LRT trading too complex? Fret not, check out the dedicated Pendle LRT page newly launched on the web app!
All the information you need – points multiplier, APY and fixed yields all at a single glance for easy trading:
Still unsure of how points trading work on Pendle? How do we enable 10x points? How is it possible to get 30% fixed yield on ETH? Learn more with the LRT Points Trading Guide on Pendle Academy.
The Pendle LRT Trillema
The question is, which side of the trade would you choose – to LP, PT or YT? Here are the considerations:
LP: lock in >24% fixed yield and have points exposure on top
PT: lock in >35% fixed yield, no points exposure
YT: forgo initial capital in return for up to 28x points exposure (LRT protocol + Eigenlayer)
(figures valid at time of writing)
Follow the conversations on CT below:
YT for upside exposure
LP vs PT vs YT
LP
Game Theory between YT vs PT
WhalesMarket has launched a secondary market for Eigenlayer points, providing benchmark values for points and further catalyzing points trading.
LP, PT or YT – which would be your choice?
CT Mentions of Pendle
“Pendle as CRV of LRTs”
What We Are Watching
Wen Pendle LRT on Arbitrum?
Trades of the Week
1,750 eETH for 1,948.74 PT-eETH 27 JUN 2024 @ 28% average fixed APY
487.61 rsETH for 545.50 PT-rsETH 27 JUN 2024 @ 29% average fixed APY
300 ezETH for 323.49 PT-ezETH 25 APR 2024 @ 34% average fixed APY
ICYMI
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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