Wilbert

@crypto_linn @Rightsideonly @pendle_fi pendletardio

@_whalebird @Rightsideonly @pendle_fi pendletardio

Might be surprising to some but one can still easily find fixed yields on @pendle_fi PTs above 12.5% APY on stables with decent liquidity Best part about having too much PT demand is that implied yields get underpriced at some point so it becomes attractive for YT buyers too. One of the most powerful yield flywheels in defi

Pendle is starting to get interesting again. 3 new fixed-yield markets caught my eye: → apxUSD: 14.29% fixed APY, 53 days → sUSDat: 12.36% fixed APY, 123 days → msY: 11.99% fixed APY, 95 days But the interesting part is not just the APY. It is how different the yield sources are. --- ➣ apxUSD by @apyx_fi Highest APY. Shortest maturity. Live on @base. That alone makes it stand out. apxUSD is a synthetic dollar built as a liquidity layer for the Apyx ecosystem, with backing linked to Digital Asset Treasuries. The main thing to understand is that apxUSD itself is not the yield-bearing token. In the Apyx system, that role belongs to apyUSD. So the fixed yield on Pendle comes from the PT structure and market discount, not from apxUSD simply paying yield like a normal yield-bearing stablecoin. Good setup, but worth understanding the backing, liquidity, and yield mechanics before sizing meaningfully. --- ➣ sUSDat by @saturn_credit This is probably the most unique pool of the three. The 12.36% fixed APY is attractive, and the yield is tied to Saturn’s digital credit exposure and STRC mechanics. That makes the setup more interesting than a normal stablecoin yield trade, but also means users should understand how the structure works. A few things worth watching: STRC price, peg stability, dividend timing, oracle mechanics, and large redemption impact. Also, YT-sUSDat yield accrual has been affected by the STRC ex-dividend event before. That is a YT-specific issue, while PT fixed APY works differently on Pendle. Overall, sUSDat is one of the more interesting fixed-yield setups here, especially for users who like researching new credit-based yield designs. --- ➣ msY by @Main_St_Finance This one feels like the cleanest structure of the three. msUSD is described as a 1:1 USDC token, while msY generates yield through delta-neutral options box spreads. So instead of betting directly on market direction, the design aims for a more stable, Treasury-like yield profile. The APY is a bit lower at 11.99%, but the yield story is easier to understand. It also comes with on-chain yield exposure and Gamma Points, which adds another layer for users who care about points. --- My simple read: → apxUSD = highest APY, shortest duration → sUSDat = most interesting, but most research-heavy → msY = cleaner and more balanced structure This is why @pendle_fi keeps winning mindshare. It does not just show you APY. It lets you compare duration, yield source, risk, liquidity, and points in one place. More pools like this just make Pendle more important as the yield trading layer of DeFi.

Some asked if I diversify beyond STRC-backed stablecoins. Answer is yes. Here are the other PTs on @pendle_fi I'm farming. Solid yields + good APRs 👇 1 - PT USDai (7.5% APR) by @USDai_Official USDai is 100% backed by PayPal's PYUSD. No exposure to the GPU loan book that backs sUSDai (explained below). 7.5% on a PYUSD-backed stable is a good deal. 2 - PT sUSDai (9.36% APR) by @USDai_Official sUSDai is the yield bearing version of USDai, backed by PYUSD and GPU loans. Native staking yield sits at 7.11% with a clear unstaking period. Yield comes from GPU loans. One of the most solid yield generation approaches I've seen in the new cohort. Been farming it for a while. 3 - PT thBILL (9.63% APR) by @Theo_Network thBILL is a tokenized US T-Bills product via partners like Libeara and Wellington. Near risk-free T-bill yields, minus some spread. APR recently jumped from Pendle LP incentives. 9.6% fixed on T-Bills is good enough to farm. 4 - PT SIERRA (10.72% APR) by @SierraIsMoney Sierra generates yield through reserve assets in a diversified RWA + DeFi portfolio. Current allocation: Morpho Gauntlet, Collateralized Loan Obligations (CLO), and investment-grade commercial paper. SIERRA has more moving parts than the others. 10.72% fixed is starting to get attention. NFA. DYOR. Always diverdify.

One thing I’ve always liked about how @pendle_fi approaches DeFi is that it doesn’t treat yield like a single lane. You start seeing opportunities across different types of assets at the same time. Stablecoins, RWAs, structured yield strategies. It slowly builds a market where people can choose how they want to position rather than just chasing the same pool everyone else is farming. This new epoch with incentives across 9 YT and LP markets is a good example of that. It feels less like a temporary campaign and more like the ecosystem gradually expanding the ways yield can actually be structured onchain.

@KYDLabs @KYDNimale @CBSNews @tixprotocol These are the kind of tokenized RWA credit yields I’d love to be able to trade on Pendle

“Ticketing companies act as banks. Whenever a show goes on, a venue typically signs a deal where they get capital upfront to pay the artist and the production. Service fees are interest rates for that loan that the venue has taken from the ticketing company.“ @KYDNimale on @CBSNews discussing ticket prices for the 2028 LA Olympics.

$STRC Ramping up our purchases

Tokenization is expanding fast, but where are the real opportunities today? Join us April 24, 3 PM UTC with: 🔹 @Neotamandua from @DuskFoundation 🔸 @_whalebird from @pendle_fi 🔹 @deankd_ from @RWA_xyz 🔸 @kasstawi from @hamilton_labs Don’t miss it 👇 x.com/i/spaces/1DxLd…

@0xCheeezzyyyy This is a really good writeup. @saylor has to pick up on this

One of the cleanest illustrations yet of how DeFi is quietly importing structured, non reflexive yield is the STRC flywheel and its Pendle integration What stands out even more in today’s environment is the resilience premium this setup carries. Traditional onchain yields (whether from LSTs, restaking, or early YBS) often rely on endogenous incentives, token emissions, or leveraged speculation that compress hard when liquidity tightens or sentiment sours STRC by contrast, draws from an external corporate engine, Strategy’s ability to issue at/above par, recycle capital into BTC accumulation, and step up dividends with real balance sheet growth That creates a different risk profile. The yield isn’t purely crypto-native, it’s anchored to Bitcoin’s longterm appreciation potential and a proven capital-raising mechanism that has already demonstrated seven consecutive dividend hikes In a crypto world where many real yield narratives still mask reflexive mechanics, this feels like one of the more credible bridges we’ve seen between TradFi grade structures and onchain distribution The secondorder layer via @pendle_fi + wrappers like @apyx_fi , @saturn_credit, etc. takes it further. Not only are we seeing fixed implied yields in the 10-15% range with meaningful depth, but the ability to loop PTs on @Morpho at low borrow rates turns the spread into something scalable That ~80%+ effective APY in leveraged setups shows it’s a signal that sophisticated capital can now express conviction on both the underlying BTC-backed yield and the efficiency of yield tokenization itself As these primitives mature and more protocols build on STRC exposure, the differentiation will shift from who offers the highest headline yield to who manages the credit and custody layers most cleanly Overcollateralization, redemption mechanics, and the actual enforceability of the preferred equity claims will matter more than ever. Early movers like Apyx are already pushing the envelope on aggressive yield maximization, but sustainability at scale will test how well these onchain wrappers handle basis risk and liquidity stress Ultimately, this is what the midgame of RWA-Fi looks like in practice, not just tokenizing realworld assets, but engineering durable income streams that DeFi can then slice, price, and compound with superior capital efficiency When reflexive yield fades, capital flows toward sources that can survive tighter conditions and right now, Bitcoin backed structures packaged through @pendle_fi are carving out a compelling lane The dual flywheel is a mechanism that gets stronger precisely when broader DeFi liquidity is more selective. Worth paying close attention to how the TVL, pool depths, and implied rates evolve from here Solid work here laying this out by my fren @0xCheeezzyyyy, this is the kind of primitive evolution that separates the next cycle’s durable yield regimes from the last one’s noise

Pendle Strategy has acquired 102.69m apxUSD and 15.8m sUSDat and has achieved preferred dividend yield of 11.50% APY. As of 4/21/2026, we non-custodially hodl 885,522 $STRC powered by @apyx_fi, @saturn_credit, and @saylor

Despite massive outflows across DeFi this weekend, there's now over $265M in tokenized $STRC on Ethereum, and over $131M in liquidity trading on @pendle_fi. Investors can lock in a fixed yield with @apyx_fi and @saturn_credit swapping for these PTs: PT-apyUSD = 15% for 58 days PT-apxUSD = 14% for 58 days PT-apxUSD = 13.6% for 58 days (Base) PT-sUSDat = 11.7% for 128 days PT-USDat = 7.8% for 128 days

STRC 目前正在进行投票，从原本的一个月发一次利息，改为从一个月发两次。会带来什么影响？ 根据之前的推文，可以算出按照11.5%的除息原本是12次，改为了24次 每次派息 = $100 × 11.5% ÷ 24 = $0.479 每次除息的价格冲击砍掉一半，会使得strc的价格更稳定 传导到 @saturn_credit 就是 sUSDat 的NAV 不再是每月一次 0.48% 的下跌，而是每半月一次 0.24% 的小跌，波动更平滑。 saylor的意思是 "减少再投资滞后"现在拿到 $0.958，要等一个月才有下一笔。改成半月，$0.479 更快到手，更快再投资。 "增强流动性和市场效率"除息跌幅更小，市场每次需要消化的冲击更小，价格更容易被买盘接住。 "提高价格稳定性"这是最直接的——$0.479 的跌幅比 $0.958 更容易被市场接住，Strategy 维持 $100 面值的难度降低了。 新的故事，开始了？

最近很多小伙伴询问 @saturn_credit 的独特设计下，Pendle sUSDat PT和YT在各种情况下的收益机制是什么。 譬如说最近除息期间， YT-sUSDat 的收益暂停，因为 4 月 14 日 STRC 除息，导致 sUSDat 的汇率掉到Watermark「水位线」下面。只要 STRC 涨回 $100 （rate完全恢复而且STRC的分配收益率不变，Saturn规则也不改变），Watermark就自动抓回来，收益继续累积，而且YT仔之前少掉的全部会补回来。 📍到底是怎么回事？ sUSDat 是一种「会生利息」的资产，它的汇率（1 个 sUSDat 可以换多少 USDat）同时受两个东西影响： - 它自己每天累积的收益 - STRC 这支股票的价格 这两个东西加在一起，才决定汇率会涨还是跌。 🍎拿 wstETH 来比： wstETH 的汇率永远只往上爬，因为它只跟累积的质押奖励有关，不会往下掉。 但 sUSDat 不一样，当 STRC 股价低于 $100 以下（比如这次除息），汇率就有可能往下掉，这就是为什么需要「Watermark」这个机制。 🤽‍♀️Watermark水位线是什么？ 就是 sUSDat:USDat 历史上曾经到过的最高汇率。 一旦汇率低于这个最高点，YT-sUSDat 就暂停累积收益（保护机制）。 🛑那暂停期间怎么办？ 只要 STRC 之后涨回 $100，Watermark就会被重新抓到： 收益立刻继续累积 而且之前暂停期间「少掉」的收益，也会一次补给你！最后你拿到的总收益，跟没发生除息、没掉Watermark的情况一样。 ❗️❗️❗️不过有一个重点： 这一切都要建立在 STRC 真的回到 $100 才行。 现在这次掉汇率，就是因为 4 月 14 日 STRC 正常除息（所有分红股都会发生），不是什么大问题。如果 STRC 之后一直卡在 $100 以下，汇率也一直低于Watermark，那 YT 的收益就会继续暂停。 📍简单来说： 除息日期间只是「暂停」，不是「没收」。 只要 STRC 回 $100，你就不会少收益，反而最后全部补齐！ 📍换而言之： - 只要PT和YT一直持有不卖出的话，到期时，只要底层恢复正常（exchange rate above watermark rate），PT就会拿到fixed APR的收益，YT正常拿到底息和积分；但如果底层出了问题，两边都会亏损，底息会优先补贴PT； - 如果整体价值一直稳固攀升，PT和 YT玩家可能获得超额收益，但这个premier是来自二级的sUSDat/USDat exchange rate，而不是来自于PT和YT的互相博弈。 - Pendle sUSDat 池子会在8月27日到期，所以8月中旬到期前会有最后一次除息期间，临期池子的交易就个人自己斟酌想走什么策略了喔。 📍本文旨在理性解释机制，不是投资建议喔。 如果想要尝试STRC系列的孩纸们还请多多做好自己的风控和投研考察。

@TonyHua75926122 @pendle_grandma @saturn_credit @pendle_fi @PendleIntern @0xanonnnn STRC doesn’t suddenly go to $100, it usually happens over the course of 1-2 weeks with gradual fluctuations. And YT holders that try to time this by buying before STRC pumps will lose out on gravity poinfs from Saturn as well

@pendle_grandma @saturn_credit @pendle_fi @_whalebird @PendleIntern @0xanonnnn YT 在 STRC repeg 後一次補齊會不會被 front-runners 狙擊？他們可以在STRC 快要 repeg 回100元之前買YT，稀釋掉「一次性補齊」發放的YT收益，對於從depeg前就持有YT的人來說不公平？

TLDR: YT-sUSDat safu if STRC goes back to $100

Who said fixed income has to be boring? Pendle has the best RWA yields in DeFi, with offerings for every risk appetite. Up to 18.54% Fixed APY, locked in at purchase, across gold vaults, insurance underwriting, private credit, preferred shares, and T-bill backed dollars.

This is not FA. This is a story of why I like the stock and by extension, the Pendle PT (even more). From understanding STRC's structure as a preferred share, and how it's essentially a super overcollateralized loan to Strategy. STRC + @saturn_credit PT-sUSDat Megathread 👇🏻🧵

@coinfoin_ @saturn_credit 👀

I bought YT $USDAT (@saturn_credit). I think an 8% implied yield (IY) is relatively cheap Compared to YT $apxUSD, which has increased from 8% to 14% (both are stablecoins backed by STRC dividends). My concern is that USDAT is also backed by M0 (T-bills). An 8% fixed yield might be attractive to T-bill maxis (lower risk), which could push the IY even lower. Also, the Points Program is expected to end in August (based on their docs). DCA is a good strategy, but YT carries higher risk. Pendle USDAT: app.pendle.finance/trade/markets/… Saturn: app.saturn.credit/portfolio Ref code: SAT-E09987CB