The Pendle Print #51
Owning & Controlling the Yield Experience
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.
Gong Xi Fa Cai 🏮
It’s another action-packed week on the eve of Chinese New Year’s Eve (read that again), with 4 new pools being added to our ranks.
And fun fact - did you know that this number was what Pendle averaged in 2024? Talk about a busy year 😵💫
But enough about years bygone…
New Markets on Pendle
Another new BeraChain addition, and this time it’s with our old pals from Solv Protocol.
SolvBTC.Bera 10APR2025
Still confused about Boyco’s pre-pre-launch, pre-launch, launch and all the Berachain mumbo-jumbo? Perhaps this might help 👇
Resolv USR 24APR2025 on Base
It’s official - the fastest way to rack up Resolv Points is now on Pendle.
With USR, you’ll be able to earn 60x Points for the 1st month, which will revert back to 45x after until maturity. For context, native USR only gives 30x Points.
For the math geeks looking to dive deeper into the numbers, check out our Intern’s (NFA) moonsheet here:
syrupUSDC 24APR2025
Speaking of “highest multiplier”, syrupUSDC also returned with a longer maturity and higher Drips boost - the highest to-date to be exact.
Unbeknownst to many, syrupUSDC was actually one of the best, if not the best, yielding stablecoins in the space, averaging ~21% APY last year.
sUSDA 24APR2025
Can’t get enough of stablecoins? Lucky you, there’s a new one in Pendle town.
Introducing sUSDA - the largest BTC-backed stablecoin.
Including AVL, sUSDA currently gives out ~45% APY and is one of the highest yielding stablecoins in the market at the moment.
Community Call Notes 📝
ICYMI we held a Community Call on Pendle Discord last week, in which our glorious leader Mr. TN Lee shared our roadmap for 2025.
A very brief summary:
Citadels
V2 was a huge success last year, making Pendle one of the biggest protocols in the space. This year, we’ll be even more aggressive in expanding this mature product, establishing more distribution routes (i.e. Citadels) for PT Fixed Yields to reach a new wave of users.
3 Citadels that we’ll work on:
PTs in non-EVMs such as Solana, TON etc.
PTs for TradFi, a KYC platform. Pendle will also be working closely with Ethena in this to offer tokenized iUSDe for regulated institutions
Shariah compliant PTs for Islamic finance clients
Boros
Unlike V2 which is a mature product, Boros will be a 0-to-1 product capable of supporting any yields (DeFi, CeFi, even TradFi ones like LIBOR and mortgage rates).
Initial focus will be on yield trading for funding rate - the single largest source of yield in crypto that remains untapped.
Target soft launch is April 2025.
The mission is clear - from DeFi to CeFi and TradFi, Pendle will provide the tools, interfaces and technology to control your entire yield journey.
A more detailed write up will be shared soon so keep them eyes peeled 👀
ANIME Airdrop for PENDLE 🪂
Also it’s not just Azukis who are getting ANIME airdrops!
If you’re one of the Top 750 holders of PENDLE on Arbitrum, you’ll also qualify for it so be sure to triple-check here.
Intern Insights
Spark topped up $50M of liquidity in the PT-sUSDe 29MAY2025 market on Morpho, which means more Fixed Yield looping, and a shot at doubling your returns:
Penconomy
Pendle PTs are now just 1 command away:
And if you’re looking to earn extra points + NFTs on top of them PT Fixed Yields…
Pendle DeFAI dream coming true:
Where points tokenization meets yield trading:
Contango supports one-click looping for PT-wstUSR:
Trades of the Week 🔥
0xd74 added $19.6M of liquidity to BeraSTONE 10APR2025
0xaa1 added $10.3M of liquidity to BeraSTONE 10APR2025
0xc95 bought $8.6M worth of PT-sUSDE 27FEB2025
0xbb2 added $7.8M of liquidity to BeraSTONE 10APR2025
0xcef added $3.9M of liquidity to USR 24APR2025 on Base
Twitter Highlights
Half a billy. Quarter of Bera TVL 🫡
Breaking milestones with our new friends:
The HIGHEST stablecoin Fixed APY on Pendle:
Or perhaps BTC is more up your alley?
Back to basics:
Do not believe his lies. It’s 5.28B.
It’s not just the TVL too:
Now put it all together…
Also last but certainly not least… I’ve never played so I wouldn’t know but are they doing this right?
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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