Pendle is the ultimate yield market in DeFi – fixed yields, floating yields, leveraged yield trading, yield liquidity provision.
The objective of The Pendle Print is to distill the developments in DeFi yield markets into a succinct and actionable format.
$ETHFI Airdrop for YT-eETH Holders
$ETHFI airdrop happened earlier this week and was listed on Binance for trading – the returns from the $ETHFI airdrop alone (excluding EigenLayer points) resulted in a 2-3x return for most YT-eETH holders:
YT Bidding Leads to ATH Daily Trading Volumes
LRT YTs have picked up the bid in anticipation of future token airdrops from not just ether.fi (Season 2), but also other LRT pools by Renzo, Kelp, Swell, etc.
As a result, this week Pendle’s daily trading volumes hit >$200M for five days in a row, with each day marking a new daily ATH.
Most of the trading volumes were from the ezETH 25 Apr 2024 (Arbitrum), eETH (both Arbitrum and Ethereum pools) as well as other LRT pools.
What’s next after $ETHFI?
The Pendle community has put together projections on the potential return ranges for the various LRT projects’ airdrops:
Case Studies on top YT Buyers
Largest YT-weETH-27JUN2024 holder: 305 ETH equivalent in YT-weETH costs → $1.7M in profit (solely from $ETHFI returns):
More case studies covered by Pendle Intern:
Farming Points for Free?
With how much YT prices / implied yields have risen, early YT holders are in a position to sell YT for ETH profits AND accumulate points in mean time.
On the Flip Side… Opportunity for PT Buyers
For those forgoing points, this is a great opportunity for ETH holders to secure up to 58% fixed APY!
Trades of the Week 🔥
Close out 4,415 PT-eETH 27-JUN-2024 (Ethereum) ($11M) for eETH, realizing +233 eETH in total profits
LP 1,658 stETH ($5.8M) into rswETH Pool 27 Jun 2024 (Ethereum) @ >60% boosted APY
Swap 1,477 ezETH ($5M) for 1,538 PT-ezETH 25-APR-2024 (Ethereum) @ 39% fixed APY
Another 4 Pools Launched this Week
Other Highlights
Final week for Arbitrum STIP rewards next week – $ARB rewards for LPs, yield traders, limit order makers on Arbitrum pools and strategies with third-party DeFi partner protocols.
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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