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
Pendle on Base!
Woooots Pendle is now a Base-ic bit… I mean we’re on Base and we’re proud of it 👍🏻
To start, Pendle on Base will have cbETH 25DEC2025 and LBTC 29MAY2025, with A LOT more pools on the way before the holiday season arrives 🎄
This also marks Lombard’s first venture into Base, and we’ll be looking to build and expand BTCfi in this new home together 🫱🏻🫲🏻
pWBTC (Morpho) 26JUNE2025
MEV Capital’s new Morpho vault is now on Pendle!
To recap - the Pendle WBTC Vault is designed to allocate WBTC liquidity to Pendle BTCfi markets on Morpho. Now that it’s on Pendle, you’ll be able to speculate the borrowing demand from your own fellow Pendies - the BTC PT loopers specifically!
BTC PT Looping 🚀
Speaking of PT looping, Morpho’s PT-LBTC market is now on Contango! Which means you’re just one-click away from leveraging your BTC Fixed Yield.
For those who are more interested in supplying BTC to serve this demand, Enzyme offers a one-click looping solution for MEV Capital’s Pendle WBTC Vault (see above).
Business as USUAL
ICYMI USD0++ no longer earns Pills!
For LPs and YT-USD0++ holders, what used to be Pills for you will now be USUAL rewards instead.
Without the Pills middleman, it’s possible that things might have become even better for all of us:
I mean, just take a gander at these Fixed APYs 🤩
Update on Airdrops for vePENDLE 🪂
For those who missed it, we recently made on announcement on Discord to address the concerns raised by the community:
Intern Insights
Despite what I said earlier, there’s really nothing Base-ic about Base yields at all (read: extraordinary).
Some of the best deals on Pendle Base at the moment:
Some of the best deals on Pendle, period:
Some of the best deals across the entire Pencosystem:
Contrary to popular belief, you don’t have to take a side, not on Pendle you don’t:
With all the focus now on PTs and YTs for USD0++, LP has become somewhat underrated (up to 77.4% APY now):
YT-USDe and YT-sUSDe are already plenty good on their own, especially when you take into account how sUSDe APYs continue to climb as bullish sentiments and positive funding rage on.
But when combined with YT-sENA?
Oh mama ~
Penconomy
You heard it here second:
Pendle BTCfi on OKX Wallet, with some juicy bonus!
As if 29% Fixed APY weren’t already good enough:
PinLink deploying funds into Pendle PTs as part of their core strategies:
Easy PT looping on Gearbox:
Trades of the Week 🔥
0x705 added $22.7M worth of liquidity (ZPI) to cmETH 13FEB2025
0x8f9 added $20M worth of liquidity to sUSDE 27MAR2025
0xed0 topped up another $5.6M worth of PT-sUSDE 26DEC2024
0xb2e topped up another $5.2M worth of liquidity to SolvBTC.BBN 27MAR2025 (BNB Chain)
0xf24 added $4.4M worth of liquidity to Corn SolvBTC.BBN 26DEC2024
Twitter Highlights
The best BTC yields are on Pendle:
77% APY for stables via Gearbox x Pendle:
Quote from the post: “Leverage that fixed yield up to the tits”:
Our beloved Head of Ecosystem spills the tea on air:
And last but certainly not least… a peek into the potential of Boros 😋
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.
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