The Pendle Print #54
Turning Cathie into Pendie
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 Pools
It may be bear market for price, but it’s still a bull market for yields.
Especially if you know where to look…
New BTCfi Pools (26 June 2025 maturity)
Astherus asUSDF 29May2025
asUSDF is the staked version of USDF, Astherus' stablecoin, which generates neutral arbitrage strategy returns.
Think Ethena’s sUSDe but instead of ETH shorts, the USDT used to mint USDF are utilized to buy a basket of tokens on exchanges and open corresponding short positions in the futures market via Ceffu.
In other words, long yield here would be equivalent to betting on the Astherus team’s market making ability.
Current asUSDF yield is ~8.1% APY, plus you also get a Pendle special 25x Au (Astherus points redeemable for $ASS down the road).
Oh and thanks to PT-asUSDF, BNB Chain is now home to the highest stablecoin Fixed APY in the space:
Ethereal eUSDe 29MAY2025
eUSDe is essentially USDe deposited on Ethereal’s Season Zero pre-deposit campaign, a spot and perpetuals DEX built on the Ethena Network.
Doing so lets you earn USDe 50x Sats + 1.6x Ethereal Points (Pendle exclusive multipliers). But it’s more than just points.
Thus far, eUSDe has been one of the fastest growing pools on Pendle, garnering ~$54M of liquidity in just 3 days, plus one of the highest stablecoin Fixed APYs available:
Ethena USDe 31JULY2025
More maturities for Ethena pools!
USDe has always been underrated in the shadow of its sUSDe cousin but 50x Sats makes up the difference in the lack of yield.
In terms of Fixed APYs, for all intents and purposes, but sUSDe and USDe are essentially just more USDe so just pick whichever offers the higher Fixed APY.
TL;DR DO NOT sleep on USDe
Curve GHO/USR Bribes
ICYMI Aave Liquidity Committee bribed for the Curve GHO/USR pool in current, ongoing epoch.
Those with vlPNP and vlEQB should keep an eye out for more opportunities to earn some extra side income in the subsequent epochs too.
Pendle is Hiring!
Yes, we’re looking to expand our team!
So if you know any friends, cousins, aunties, uncles, grandmas etc. who might do wonders for your PENDLE bags, please direct them to our X Profile Header for the list of jobs 🫡
Intern Insights
Pendle works.
Also if you didn’t know, we have a Whale Tracker channel on Telegram here.
syrupUSDC was one of the best performing yield-bearing stablecoins in 2024 and it’s still getting slept on:
An absolute MUST READ for all vePENDLE holders. Tips and tricks on how you can maximize your vePENDLE votes and transform into one of the top voters:
Penconomy
Pendies who have completed at least one transaction on Pendle before February 1, 2025 00:00 UTC qualify for a special 1.1x boost for DESK Points. More info:
Trades of the Week 🔥
0xed0 bought $27.0M worth of PT-sUSDE 27FEB2025 (Txn 1 | Txn 2 | Txn 3)
0xea9 added $9.9M worth of liquidity to sUSDa 24APR2025
0xafc added $5.4M worth of liquidity to sUSDa 24APR2025
0x111 added $5.2M worth of liquidity to Ethereal eUSDE 29MAY2025
0x8a3 added $4.9M worth of liquidity to Ethereal eUSDE 29MAY2025
Twitter Highlights
Nansen’s deep dive into Boros’ outlook and potential:
Why you should pay attention to Pendle’s eUSDe pool:
Understanding our new stablecoin additions:
35.55% APR delta-neutral farming + exposure to 5 airdrop campaigns:
And last but certainly not least… new chain soon? 🤔
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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