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
The a-maize-ing BTC saga continues on Pendle! With 2 new additions to boot this week 🌽
WARNING: Bad corn puns ahead
uniBTC (Corn) 26-DEC
Thanks to the eye popping 10x Boost for Bedrock Diamonds, YT-uniBTC (Corn) is looking particularly earessistable, especially when Corn Kernels are also taken into account:
SolvBTC.BBN (Corn) 26-DEC
Pendle’s expansion into BTCfi-verse sees us teaming up with another corn-isseur - Solv Protocol.
With these additions, Pendle officially notch another few entries in the “Top BTC Yield”, courtesy of DefiLlama.
In other words, these PT and LP yields are some of the best, if not the best, APYs that you could get across DeFi:
26-SEP Maturity
The 26-SEP maturity is less than a week away!
While some of you are busy stalk-ing up on these ultrashort-term PTs, others might already be wondering about your next steps:
"What are some of the pools that I could migrate to?"
All of them and any of them! Here are some of the ones that offer the highest APYs:
Trades of the Week 🔥
0x540 provided ~$16.9M of liquidity to Corn LBTC 26-DEC
0x13a bought ~$2.3M worth of PT-eBTC 26-DEC
0xce0 bought ~$1.9M worth of PT-USD0++ 31-OCT
0x19c bought ~$1.9M worth of PT-USD0++ 31-OCT
0x518 bought ~$1.2M worth of PT-pufETH 26-SEP
0xaa0 provided ~$1.3M of liquidity to ezETH 26-DEC
It may not be apparent from the “Top Trades of the Week” but demand for YT corn-tinues to remain week-on-week vs. PT buys (38% vs 28% of this week’s trading flows), perhaps spurred partly by the new prospects of BTC pools (see calculations by Intern below).
It’s also worth highlighting that the last time YT buys were >35% of weekly trading flows was pre-June 2024, where Eigenlayer/ETH restaking points were peak in demand.
Intern Insights
Heads up - there are 2 LBTC silos on Corn.
On one hand, you have LBTC on Corn.
On the other, you have LBTC (Corn) on Pendle.
Corn-fusing? Just remember that the latter not only offers an extra layer of yield , but also comes packing with higher, exclusive multipliers:
Which means no more yield, more points:
And also Penconomy access to power-up your BTC yields:
But how good are these Corn Kernels and how much are they really worth? We can’t say for sure, but we can certainly try to guess. NFA, of course:
Thus far, the BTCfi saga has shown to be beneficial for all parties, with Pendle having captured ~$60M in TVL (~75% of Corn’s Total TVL) across our BTC pools - a big win-win-win-win for Pendle and all the underlying protocols 🤝
Meanwhile back in the world of ETH, something interesting is happening to KelpDAO’s rsETH 👀
Penconomy
One-click PT-eBTC looping with Contango:
Earn BTCfi points with vlEQB:
Twitter Highlights
“…as for advice, I could only think of one and that is to stay…”
STAY WHAT? Find out for yourself:
Some tips and tricks to level up your Pendle game:
Poopman reveals the corn-ditions for a Pendle-like success:
Of Pendle and Bitcorn:
Hayes declares Pendle a winner:
And last but certainly not least, how good is Mr Coconut eh 😋?
That’s it for this issue.
Attention and capital is 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.
pendle