⏳ Pendle Internals

Pendle lets you trade future yield. By splitting yield-bearing tokens (like stETH or aUSDC) into a Principal Token (PT) and a Yield Token (YT), Pendle creates a yield market where you can lock in fixed rates, speculate on yield changes, or provide liquidity. Think of it as an interest rate derivatives market — but permissionless and on-chain.

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Yield Tokenization

How Pendle splits yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT)

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Fixed Yield & Trading

Lock in guaranteed yields by buying PT at a discount — DeFi's answer to zero-coupon bonds

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Pendle AMM

Custom AMM designed for time-decaying assets — how PT/YT prices converge at maturity