Pendle
defi
lsd
staking
rwa
$0
0.00%
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funding information
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Pendle is a permissionless DeFi yield-trading protocol, currently built on the Ethereum blockchain, where users can execute various yield management strategies. We first wrap yield-bearing tokens into SY(standardized yield tokens). Then, SY is split into their principal and yield components, PT (principal token) and YT (yield token) respectively, which allows them to be traded via the custom V2 AMM. This brings the TradFi interest derivative market (worth over $400T in notional value) into DeFi, making it accessible to all. PT is the equivalent of zero-coupon bonds while YT is the equivalent of coupon payments.