Pendle

TL;DR for the lazy readers 👇🏻 APYX 🚀 • TVL grew 14.3x to $371M in ~2.5 months • Pendle now holds ~$296M across all APYX markets, ~77% of APYX's total TVL • 2,340 unique addresses hold PT/YT/LP positions in apxUSD markets - more than native apxUSD holders • APYX PTs are now the largest PT markets on Morpho with ~$50.5M combined TVL • PT looping strategies are generating effective yields of 60-110% APY on top of a fixed 15-19% base Saturn 🪐 • TVL grew 3.3x to $159.8M in 30 days • Pendle holds $76.65M across USDat and sUSDat, ~48% of Saturn's total TVL • Pendle wallets (PT + YT + LP) holding USDat positions (1,472) are more than double the native USDat holder count • 827 users hold sUSDat positions (PT + YT + LP) on Pendle; 160% vs. native holders Looking Ahead 🔭 • Pendle now holds ~1.29M $STRC indirectly across its markets • $STRC's addressable TAM sits at ~$8.5B, with STRK, STRF, and STRD as potential additions to the onchain pipeline • The CLARITY Act, if passed, would formally distinguish yield from active market participation, directing more capital toward exactly the activity Pendle enables $PENDLE 🫡

Pendle now holds 2,453,331 $STRC non-custodially through our $STRC yield coin markets, forming the primary venue for yield discovery and liquidity in onchain digital credit.

This is @JamesWynnReal. Mr. Wynn has a negative $22M P&L (and counting) on @hyperliquid, ~$7.8M of which is from FUNDING RATE payments. We can fix him. And his funding. Call our OTC desk, James 🤙🏻

Link: ethgas.com/open-gas/campa…

Don't miss out on these gas rebates for Pendies who've provided liquidity to the following $USDG, @apyx_fi and @saturn_credit pools!

@global_dollar Link to market: app.pendle.finance/trade/markets/…

The $USDG pool on Pendle has crossed $200M TVL 🚀 For a pool that launched as part of Pendle's push into RWA, reaching this scale reflects sustained demand for fixed-rate exposure to regulated stablecoin yield. $PENDLE 🫡

Most people still describe @pendle_fi as a “yield trading platform.” I think that misses the bigger picture entirely. What Pendle actually does is reshape distribution. Once an asset gets PT/YT markets, it stops being just a passive token sitting in wallets and starts becoming financial infrastructure people can position around, hedge, borrow against, or lock fixed exposure into. That changes behavior. And behavior changes demand.

@saylor @Strategy @apyx_fi @saturn_credit Link to $STRC markets: app.pendle.finance/trade/markets?…

PT-USDG: app.pendle.finance/trade/markets/… Aave market: app.aave.com/reserve-overvi…

GM, @global_dollar PT-USDG market cap raised from 80M to 120M on @aave 25% APY is now back on the table 🫡

Death, taxes, and funding. Except you can actually save yourself from one of them now.

Pendle's yield infrastructure is built for any assets globally with yield. LSTs, LRTs, stablecoins, BTCfi. Each cycle, the same pattern where a new yield-bearing asset emerges, Pendle adds the market, and new strategies form around it. STRC is the latest proof point. Preferred share dividends from a publicly listed company, now tradeable as fixed or leveraged yield onchain. Pendle's infrastructure value isn't confined to just onchain yield sources, but also any offchain RWAs too, enabling new dimensions of yield strategies. $PENDLE babyyyy~

@Pendle ’s beta didn’t end with point farming. The source of demand is simply shifting: from airdrop leverage to real yield trading, with RWA assets becoming an increasingly important yield engine. This is where Pendle stands out — not as a points-farming venue, but as the yield distribution layer institutional capital actually needs. 97% of its top 10 TVL is now RWA-backed. That’s not a coincidence. Our latest read on why Pendle matters for institutional DeFi 👇 🔗 gate.com/blog/what-role…

Introducing the Four Horsemen of the Digital Credit-ocalypse: 1⃣ srUSDat for those on the fence 2⃣ USDat for point maxis 3⃣ sUSDat for $STRC maxis 4⃣ jrUSDat for leveraged $STRC maxis Choose your fighter 😋 @saturn_credit @strata_markets

Pendle YT-USDat is trading at an implied yield of 8.5% ... and it looks much less FOMO-driven than it did half a month ago. In my view, with the new STRC point meta, it is becoming harder to stay sidelined from YT participation on @pendle_fi. The reason is simple: We are betting on the cost of buying YT in exchange for the possibility of earning rewards several times larger when the project announces TGE. @saturn_credit is an STRC-related project that grew to $150M in a month after launch, so maybe we already missed the chance to buy YT at a low IY. But now, YT pricing looks much more attractive. In other words, YT has become cheaper for those who want to farm Saturn Points. A quick comparison for holding YT-USDat: > 1260x leverage compared to holding USDat only > 60x compared to LPing on Curve at 20x From my personal view, STRC gives me a similar vibe to the early Ethereum LST era on Pendle. And Saturn, as the leading project in this STRC niche, might potentially deliver a 5x - 7x performance like EtherFi did.

We just published a deep-dive into what we're calling the "Pendle Effect", the demand surge a token experiences when @pendle_fi launches PT/YT markets for it. The headline finding: holder counts are stickier than supply or deposits. By a lot. For small assets (USR, USDai): 2,300x holders for USR from pre-Pendle base. Capital is transient, but the addresses persist. For already-distributed assets (USDG): Pendle's SY contract became the single largest holder of USDG on Ethereum within 7 weeks — ~1 in every 4 tokens. Supply grew concurrently. That's net new demand. For established assets (sUSDe): PT-sUSDe deposits on Aave and Morpho peaked at $2.81B — more than 50% of total supply at the time. Pendle isn't one tool. It's three different tools depending on where you are in your distribution journey. All built on @Dune's stablecoins dataset — 200+ stablecoins, every major chain. dune.com/blog/the-pendl…