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1. Core Mechanism and Working Principles
Pendle's core is to standardize yield-bearing assets (such as stETH, USDe, RWA certificates, etc.) through the SY token standard, then split them into:
PT (Principal Token): Similar to zero-coupon bonds, redeemable at maturity 1:1 for the underlying principal (no yield). Users can buy PT at a discount to achieve fixed income or leverage.
YT (Yield Token): Represents all future yield streams, tradable for speculative yield rates (long/short interest).
Splitting and Trading Process:
Users deposit yield-bearing assets (e.g., 1 stETH) → mint PT + YT.
Trade PT/YT through Pendle AMM pools (considering time decay in pricing models).
At maturity: PT redeems the principal, YT's value approaches zero.
LPs can provide PT/YT liquidity to earn trading fees + PENDLE incentives.
Advanced Features (V2/V3):
BOROS Margin: Leverage trading of any yield rate (including off-chain interest rates), no locking, no liquidation risk.
vePENDLE / sPENDLE: Governance + yield enhancement, introducing liquid staking models in 2026 to improve capital efficiency.
AgentFi/RWA Integration: Supports automated strategies, smart agent yield optimization, deep interoperability with lending protocols like Aave, Morpho, etc. d273da
Pendle does not generate yield directly but provides pricing and liquidity discovery tools for underlying DeFi protocols (such as Lido, Ethena, RWA projects), creating a strong network effect.