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Pendle Finance

Tokenize and trade yield for fixed or variable returns

Yield Tokenization

Pendle revolutionizes DeFi yield management by splitting yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT). This enables users to lock in fixed yields or speculate on variable rates through an innovative AMM designed for yield trading.

Current Yields

12-18% APYFixed yields on various assets

As of Sep 1, 2025 - Check Pendle for latest rates

Key Features

✓Split yield-bearing assets into PT (Principal) and YT (Yield) tokens
✓Lock in fixed yields by buying PT at a discount
✓Trade future yield exposure through YT tokens
✓No lock-up period - exit anytime via AMM
✓Concentrated liquidity with minimal impermanent loss
✓Support for multiple yield sources (Ethena, Frax, etc.)

How It Works

1Deposit yield-bearing asset (e.g., sUSDe) into Pendle
2Asset splits into PT (Principal Token) and YT (Yield Token)
3Buy PT at discount to lock in fixed yield until maturity
4PT redeemable 1:1 for underlying asset at maturity
5YT captures all variable yield until maturity
6Trade PT/YT on AMM to go long or short on yields

Safeguards for Depositors

🛡️Battle-tested smart contracts with multiple audits
🛡️AMM design minimizes impermanent loss
🛡️Transparent on-chain pricing and yields
🛡️No admin keys or centralized control
🛡️Established protocol with $100M+ TVL

Risk Considerations

•Smart contract risk from Pendle and underlying protocols
•Market risk from yield speculation
•Liquidity risk if exiting before maturity
•Underlying protocol risks (Ethena, Frax, etc.)
•Complexity risk from yield tokenization mechanics
Launch App →DocumentationTwitterBlog Post

📊 Rates as of September 1, 2025: Fixed yields change based on market demand and time to maturity. Visit Pendle Finance for current rates and available markets.

Current Fixed Yield Opportunities

USDe

14.51%

Base Ethena synthetic dollar with delta-neutral yield

•Core Ethena yield
•Futures funding + staking
LOW RISK

sUSDe

12.22%

Staked USDe with protocol revenue share

•$107.61M liquidity
•Native Ethena staking
MEDIUM RISK

sUSDf

18.22%

Likely leveraged/folded strategy for higher yield

•Highest fixed yield
•Leverage amplified
HIGH RISK

How Principal Tokens (PT) Work

1.
Swap at Discount

Buy PT-sUSDe at a discount to sUSDe (e.g., pay $0.88 for $1 of future value)

2.
Fixed Yield Locked

The discount represents your fixed yield (12.22% APY for sUSDe)

3.
Redeem at Maturity

At maturity (Sept 24, 2025), redeem PT 1:1 for underlying asset

24h Volume

$5.22M

+210%

Total Liquidity

$107.61M

-0.12%

Maturity

Sept 24, 2025

24 days left

Deposit Cap

2.55B sUSDe

98% filled

Trading Strategies

🔒 Fixed Yield (Long PT)

Buy PT tokens to lock in guaranteed fixed returns

✓ Predictable returns

✓ No yield volatility

✓ Simple buy & hold

📈 Yield Speculation (Long YT)

Buy YT tokens to capture all variable yield upside

✓ Leveraged yield exposure

✓ Profit if yields rise

✓ Capital efficient