Pendle

Pendle is a DeFi protocol that enables the tokenization and trading of future yield. It splits yield-bearing tokens into principal tokens (PT) and yield tokens (YT), allowing users to trade future yield separately from the underlying asset. This enables fixed-rate yield strategies, yield speculation, and advanced DeFi composability. Pendle uses a custom AMM optimized for time-decaying assets. The protocol operates on Ethereum, Arbitrum, BNB Chain, and Optimism, supporting yield-bearing assets...

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