Pendle Co-founder: Yield Curve Becomes Key to DeFi as On-Chain Interest Rate Market Welcomes New Opportunities

On June 26, the co-founder of Pendle posted on social media, "The formation of the yield curve and interest rate market has become the next key leap. And Pendle is at the heart of this transformation."

Pendle is a protocol that pioneered fixed income and yield trading in DeFi, providing tools and a platform for the "price discovery" mechanism in the cryptocurrency interest rate market. Today, the fixed income for ETH and stablecoins on Pendle has returned from an early 100%+ APY to a more sustainable fixed annual interest rate of 3–15%, reflecting a gradual stabilization in market demand, more reliable capital flow, and the maturation of DeFi.

Micro level: Incentive mechanisms and early participation democratization. Pendle's dual-token mechanism (PT & YT) is not only used for yield separation but has also become a key platform for initiating liquidity and incentive distribution for emerging protocols. Users can earn airdrops and incentive expectations through YT, while PT provides certainty of returns. This structure provides clear yield pricing signals to the market.

Macroeconomic level: Building DeFi yield curve on-chain. Just as traditional finance uses yield curves to gain insights into macro trends, Pendle is constructing a similar framework for the crypto market. Through on-chain trading of interest rates with different maturities, users can observe short-term and long-term yield expectations, forming macro judgments about market liquidity, risk appetite, and more. The upcoming Boros module will introduce the world's first on-chain Funding Rate Curve, providing new interest rate tools and strategy space for DeFi.

PENDLE5.93%
DEFI0.78%
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GasFeeCriervip
· 06-28 10:59
Here we go again talking about APY, who believes that?
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LiquiditySurfervip
· 06-27 21:09
The traditional yield curve is just the wave I crossed~ the arbitrage point is just right.
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GasOptimizervip
· 06-26 06:32
Annualized rates of 3%~15%... The arbitrage threshold is too low, need to rebuild a yield model matrix to calculate.
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ser_we_are_ngmivip
· 06-26 06:30
Even seasoned DeFi players have become conservative.
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RunWhenCutvip
· 06-26 06:24
I already entered a position in Pendle, I suggest you enter a position.
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ApeWithNoFearvip
· 06-26 06:08
It has been said that sustainability is important, and returning to 15% is also appealing.
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