Pendle
A yield-tokenisation protocol that splits yield-bearing tokens into Principal (PT) and Yield (YT) tokens with a fixed maturity.
Pendle lets users lock in a fixed yield (buy PT, hold to maturity) or trade pure yield exposure (buy YT). PTs of stablecoin LPs (sUSDe, USDM, sUSDS, eUSD) are among DeFi's deepest fixed-income markets. Risks: smart-contract layer, underlying yield-source risk, secondary-market liquidity.
See on StableLens
/protocol/pendle — live data, risk grade, and methodology citation.
Related terms
- PT (Principal Token)Pendle's tokenised principal claim — purchased at a discount, redeemable 1:1 for the underlying at maturity.
- YT (Yield Token)Pendle's tokenised pure yield claim — represents the right to all yield accrued by the underlying until maturity.
- Fixed yieldA yield rate locked in at deposit time — typically via a tokenised principal claim with a maturity date.
- USDeEthena's synthetic dollar — collateralised by LSTs / LRTs hedged with short ETH perps.