Pendle se za méně než měsíc stal druhým největším DeFi protokolem na XLayer s TVL v hodnotě 37,5 milionu USD. Téměř všechen kapitál pocházel z trhu kolem USDG.
Pendle needed less than 30 days to become the second-largest DeFi protocol on XLayer, OKX’s EVM-compatible Layer 2 network. The yield tokenization platform has amassed $37.5 million in TVL on the chain, a figure that represents a remarkable chunk of XLayer’s total DeFi TVL of roughly $150 million.
What makes this even more striking: nearly all of that capital flowed through a single market built around USDG, the Paxos-issued stablecoin backed by USD reserves and Treasuries.
How Pendle carved out a quarter of XLayer’s DeFi Pendle launched natively on XLayer around August 11, 2026. Within weeks, the protocol’s TVL surged by 268% over a seven-day stretch, according to DefiLlama data.
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The catalyst was a carefully orchestrated combination of liquidity incentives and cross-protocol integration. On the incentive side, Pendle rolled out LP rewards designed to attract capital into its USDG yield market. On the integration side, the real accelerant was Aave V3.
Around August 31 to September 1, Aave V3 on XLayer began accepting Pendle’s PT-USDG, the principal token representing fixed-yield positions on USDG, as collateral. The loan-to-value ratio came in at 93.59%, which means depositors can borrow up to roughly 94 cents for every dollar of PT-USDG posted. Aave also attached a $150,000 incentive pool to sweeten the deal.
The result was a classic DeFi composability loop. Users could deposit into Pendle’s yield market, receive PT-USDG, post it as collateral on Aave, borrow against it, and potentially reinvest. Each step in the chain created additional demand for the underlying asset, pulling more capital into both protocols simultaneously.
USDG’s quiet dominance on XLayer The Paxos-issued stablecoin accounts for over 92% of XLayer’s approximately $1.7 billion stablecoin market cap. That concentration means any protocol that builds compelling yield products around USDG gets a direct pipeline to most of the ecosystem’s stable capital.
The multi-chain playbook Pendle now operates across 14 different blockchain networks, with a cumulative TVL exceeding $1.2 billion. On XLayer specifically, the strategy has been focused on stablecoins and Real World Asset-linked yield markets. The protocol works by splitting yield-bearing assets into Principal Tokens (PTs), which offer fixed returns at maturity, and Yield Tokens (YTs), which allow holders to capture variable yield.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle spustil na Robinhood Chain svůj první trh pro obchodování s výnosem se sNET, který umožní oddělit a obchodovat jistinu a budoucí výnos až do splatnosti 17. září 2026.
Pendle has launched its first yield-trading market on Robinhood Chain, giving sNET holders access to fixed and variable yield positions until the market matures on Sept. 17, 2026.
Summary
Pendle has deployed on Robinhood Chain with sNET as its first supported market. The sNET market will let users separate and trade principal and future yield. Robinhood Chain launched on July 1 as an Ethereum Layer 2 built with Arbitrum technology. Pendle held about $1.23 billion in total value locked at the time of reporting. Pendle opens its first Robinhood Chain market Pendle said in a Sep. 4 announcement that its protocol is now live on Robinhood Chain, adding fixed-yield products and yield trading to the network’s decentralized finance ecosystem.
The deployment begins with one sNET market scheduled to mature on Sept. 17. Pendle did not identify the assets planned for subsequent markets or provide a timetable for adding them, saying only that more products would arrive as the ecosystem develops.
Pendle is live on Robinhood Chain by @RobinhoodCrypto.
Adding a native layer for fixed yield and yield trading to the chain’s DeFi economy.
First up is sNET (17 Sep 2026 maturity), with more markets to follow as we expand across the ecosystem! pic.twitter.com/VerEaWzQhK
— Pendle (@pendle_fi) September 4, 2026 Issued by NetNet Capital, sNET is the staked form of NET, a reserve-backed token native to Robinhood Chain. NetNet’s public materials describe the protocol as a reserve manager for NET, with a treasury containing assets that include the USDG stablecoin. Users who stake NET receive sNET and become eligible for distributions generated under the protocol’s staking model.
NetNet also uses bond sales to acquire assets for its treasury. Its model draws from reserve-backed token systems in which market participants exchange selected assets for discounted NET, while the protocol controls the deposited liquidity. NetNet has described USDG as one of the assets held in the treasury, although the value of NET and returns from sNET remain exposed to the protocol’s reserves, market structure and smart contracts.
Adding sNET to Pendle allows traders to separate the asset’s principal from the yield it may generate before Sept. 17. The structure turns a single yield-bearing position into components that users can trade according to their expectations for future returns.
How Pendle splits sNET principal and yield According to Pendle’s documentation, the protocol wraps supported yield-bearing assets through its Standardized Yield format before dividing a position into Principal Tokens and Yield Tokens.
A Principal Token, commonly shown as PT, represents the underlying principal that becomes redeemable when the market reaches maturity. PT can also trade before that date, allowing a buyer to purchase the future principal at the prevailing market price.
Yield Tokens, or YT, provide the right to yield generated by the underlying asset until maturity. Holders can claim accrued returns through Pendle’s interface, but YT stops earning once the market expires. Its remaining value, therefore, declines as maturity approaches unless changes in the underlying rate or incentives support demand.
For the sNET market, the Sept. 17 date establishes when PT becomes redeemable and YT stops collecting returns. Traders who buy PT can seek an implied fixed return by holding the position through maturity, while YT buyers take exposure to changes in sNET’s yield during the remaining term.
Pendle calculates the implied annual percentage yield from the relative prices of PT and YT. Although the platform describes the rate available through PT as a fixed APY, its terms state that the figure is an implied annualized return based on the purchase price and an assumption that the position remains open until maturity. It is not a contractual guarantee.
Buying YT can amplify exposure because a trader pays for the yield component rather than the full underlying asset. Pendle warns in its documentation that long-yield returns can be negative when the income collected before maturity falls below the amount paid for YT.
Liquidity providers face a different mix of returns. Pendle says its pools contain PT and Standardized Yield assets, with providers potentially receiving swap fees, underlying yield, an implied return from PT, and protocol incentives where available.
Robinhood Chain adds another DeFi protocol Robinhood opened the chain’s public mainnet on July 1 as a permissionless Ethereum Layer 2 built using Arbitrum technology. The network uses ETH for transaction fees, supports Ethereum-compatible wallets, and posts transaction data to Ethereum.
Its first group of infrastructure and trading partners included Uniswap, Pleiades, Alchemy, BitGo, and Chainlink. Robinhood said the network was designed for tokenized financial assets, lending, trading, and applications that can use real-world assets inside smart contracts.
Robinhood Crypto executive Johann Kerbrat said during the mainnet announcement that decentralized finance had offered functions unavailable in traditional markets but had historically required technical knowledge to use.
“We’re bringing the best of traditional finance and DeFi together, and in doing so, expanding financial ownership to every corner of the globe.”
Activity grew quickly after the launch. As crypto.news previously reported, Robinhood Chain processed about $945 million in decentralized exchange volume on Aug. 25, up from its former daily record of $563 million on July 8. Cumulative DEX volume exceeded $47 billion in less than two months, while total value locked reached roughly $1.4 billion by late August.
Uniswap has served as a major liquidity venue since the mainnet opened. In August, its stock-token volume passed $1 billion, covering combined swaps across several tokenized equities rather than deposits or activity from a single asset.
Robinhood Chain generated $4.01 million in application revenue from $4.45 million in fees on Sept. 2, according to a recent revenue report. The DeFiLlama snapshot placed it above Solana, Ethereum and Tron for the measured day, although much of the fee activity came from trading applications and memecoin platforms rather than tokenized stocks.
Robinhood has covered gas costs for eligible transactions completed through Robinhood Wallet during a 90-day promotion that began with the mainnet launch. The subsidy is scheduled to end around Sept. 29, while people using third-party wallets already pay network fees in ETH.
U.S. access depends on the product Robinhood describes its blockchain as permissionless, meaning users can connect with supported self-custody wallets without opening a Robinhood brokerage account. The company also states that activity on the network remains separate from investments and balances held through its brokerage and centralized crypto services.
Product restrictions still apply at the application and asset levels. Robinhood says its Stock Tokens are unavailable to U.S. residents even though they track companies listed on American exchanges, including Apple, Alphabet, and Nvidia.
Stock Tokens are debt securities issued by Robinhood Assets Jersey Limited and provide economic exposure to referenced securities. Robinhood’s disclosures state that token holders do not gain legal or beneficial ownership of the underlying shares, including shareholder voting rights.
Pendle’s announcement did not say whether its sNET market carries geographic restrictions or whether Robinhood Wallet will surface the product directly to American users. Access through the permissionless network does not establish that a particular interface or financial product is legally available in every jurisdiction.
Pendle expands its multichain presence Before the Robinhood Chain deployment, Pendle operated across networks including Ethereum, Arbitrum, BNB Chain, Base, Mantle, Optimism, HyperEVM, Monad and Plasma. Its earlier Plasma expansion introduced five markets tied to assets such as USDe, sUSDe, USDai, and syrupUSDT.
DefiLlama data showed approximately $1.23 billion locked across Pendle products at the time of reporting, with Ethereum accounting for more than half of the total. The data provider also recorded about $542 million in Pendle decentralized exchange volume during the previous 30 days.
PENDLE traded near $1.90 on Sept. 4, rising about 1.2% over 24 hours and 9.1% across seven days. Its market capitalization stood near $327 million, based on roughly 172 million tokens in circulation.
NetNet’s NET changed hands near $1,012 on the same day, according to CoinGecko, after trading between approximately $863 and $1,371 over 24 hours. The data provider placed its circulating market capitalization near $4.5 million and identified NET-USDG on Uniswap V4 as its most active trading pair.
Na Morpho došlo k likvidacím za 36,1 milionu USD poté, co obchod s výnosovými tokeny v Pendle srazil cenu principal tokenu a spustil uzavírání pákových pozic. Žádný špatný dluh nevznikl.
A wallet bought yield tokens in a $9 million Pendle pool, pushing the principal token price down 2.8% and clearing out looped positions on a Morpho market carrying $52 million in borrows. No bad debt was incurred.
Trades in a thinly traded Pendle yield market triggered $36.1 million of liquidations on Morpho early Tuesday, closing out leveraged positions in about 14 minutes while leaving lenders whole. Pendle and vault curator Steakhouse Financial both said the price feed did what it was built to do.
The setup is the recurring failure mode in looped yield strategies: a lending market sized far larger than the pool that prices its collateral. The Pendle reUSD pool maturing Dec. 10 holds $8.97 million of liquidity, according to Pendle's API. The Morpho market that accepts its principal tokens as collateral held $67.5 million of collateral against $52.2 million of borrows at a 91.5% liquidation threshold. Borrowers who had looped up to health factors of 1.03 were carrying less than a 3% buffer against any price move.
PENDLE fell 4.3% over 24 hours to $1.74 and MORPHO fell 5% to $2.52 as of 16:01 UTC, per CoinGecko, against a 3.2% decline in total crypto market cap. Both remain up over the week, PENDLE by about 29%. Pendle's fees ran to $91,863 on Tuesday, DefiLlama data shows, after $54,640 on Monday and $15,306 on Sunday. Its total value locked is $1.18 billion, down 88.5% from $10.3 billion a year ago.
PENDLE price, past 30 daysFourteen Minutes, Thirty-Three LiquidationsMorpho's API records 33 liquidation events between 04:37:47 and 04:51:23 UTC across the two affected markets, repaying $36.14 million of debt and seizing 38.6 million principal tokens. The USDC market accounted for $35.19 million of that and the USDT market $956,000. Realized bad debt in both is zero. The three largest borrowers liquidated lost positions of $13.01 million, $11.01 million and $6.83 million. One liquidator contract handled 96% of the repayments.
Those two markets were effectively all of Morpho's liquidation activity on Tuesday. Every other market on Ethereum and Base combined totaled $731 over the same day.
Correct By Design"The oracle for this market was set up correctly and functioned as intended," Pendle said. "This was not a misconfiguration, despite the unfortunate outcome."
The feed Steakhouse configured references the lower of two prices: the principal token's own market price on Pendle as a 15-minute average, and a fixed curve rising to $1 at maturity along a 6% annual discount. When the market price fell, the 15-minute average became the reference and cut collateral values on looped positions. Positions already sitting at health factors below 1.03 crossed the liquidation threshold, Pendle said. The Pendle Ecosystem Vault on Morpho was unaffected.
Steakhouse put the move at 2.8% on high volume and said its systems withdrew liquidity from all affected markets as a precaution before restoring it. Onchain data matches: supply in the USDC market fell 25% from $82.9 million at midnight UTC to $62 million by mid-afternoon, and borrows dropped 27% from $71.1 million at 04:00 UTC.
Pendle's own integration guide calls 15 or 30 minutes the recommended window, "but it can vary depending on the market," and tells integrators to pick "a market with high trading activities & deep liquidity."
Who Bought The Yield TokensSecurity firm PeckShield said a wallet ending 690d market-bought reUSD yield tokens, pushing the implied yield to 20%, then dumped the position, triggering roughly $36.39 million in liquidations on looped principal-token positions. Buying yield tokens mechanically pushes principal tokens into the pool and lowers their price.
Onchain analyst 0scar reconstructed the sequence: the wallet bought yield tokens on a time-weighted schedule, pushing 5.4 million principal tokens into a pool holding 3.1 million, which dragged the 15-minute average price to $0.9647 and flagged a borrower sitting at 90.9% loan-to-value.
"Liquidator and YT buyer are the same entity, because the liquidator paid for the buyer's gas multiple times," 0scar wrote, putting realized gains at "at least $360k." The Defiant confirmed onchain that in one transaction at 04:38:23 UTC, an address ending 7F44 borrowed $9.94 million of USDC and supplied 11,710,808 principal tokens in the same block as the $11.01 million liquidation that seized exactly that many. 0scar's profit figure has not been independently confirmed.
Re Protocol, which issues reUSD, said it is "investigating whether the PT market price was intentionally manipulated and are working with the relevant teams on a safer oracle configuration." No protocol involved has said manipulation occurred. reUSD itself was unaffected: its net asset value stands at $1.0968 with a 6.44% APY, per Re's API, and circulating supply is $212.5 million on DefiLlama, up 27% in a month.
Flagged Eight Days EarlyThe size mismatch was documented publicly before it mattered. On Aug. 17 a user posting as SrAugust wrote on the Morpho governance forum that the market showed "55,887,325 borrowed against 7,309,040 liquid," calling the figures reproducible from Morpho's public GraphQL endpoint in a single query. The comment landed in an RFC filed by Sigma Labs in June proposing a collateral-transparency standard, one of whose four stated problems is that a passive vault depositor's capital is "silently leveraged by the looper's activity."
Steakhouse itself described the tradeoff in a June 2025 forum post: "Market-based oracles are closer to the 'true' price of the collateral but are often thinly traded and can be manipulated." Its April 2026 oracle upgrade, which moved BTC and ETH markets to Chainlink feeds with a 2% deviation threshold, did not cover Pendle principal-token markets.
Steakhouse is Morpho's largest curator with $2.16 billion in assets, though its own Smokehouse vaults held about $8.3 million of exposure to this collateral as of Tuesday afternoon, after the withdrawals it described. The four largest suppliers to the USDC market are addresses holding between $7.2 million and $17.5 million each, none of them listed vaults, meaning most of the market was supplied directly.
The episode is the inverse of the $25 million Resolv exploit in March, where a hardcoded oracle held wstUSR at $1.13 while it traded at $0.63 and left more than $10 million of bad debt at Fluid alone. Here a market oracle repriced fast, protected lenders and liquidated borrowers. That is the case curators made in April, when Steakhouse told The Defiant that its vaults had absorbed zero bad debt and kept full withdrawal liquidity through a drawdown that put about $238 million of liquidations through Morpho in late January and early February.
Nový USDC vault Pendle na Morpho nasbíral 50 milionů USDC od 230 vkladatelů během zhruba týdne a půl. Téměř veškerý kapitál míří do trhu PT-reUSD/USDC.
Pendle’s new USDC vault on the Morpho lending protocol has vacuumed up 50 million USDC from 230 depositors in roughly a week and a half. For a vault that launched on August 4, that’s the kind of traction most DeFi products spend months hoping for.
The vault, co-curated with Armitage (Wintermute’s vault curation arm), quickly became the largest vault Armitage has ever managed. It funnels stablecoin deposits into Principal Token collateral markets on Morpho, solving a problem that’s quietly plagued Pendle’s ecosystem: there simply wasn’t enough liquidity on the borrowing side of PT-backed markets.
From zero to $50M in ten days The growth trajectory tells the story. Shortly after launch, deposits sat around $15 million. Within two days, that figure hit $25 million. By August 21, it crossed $35 million.
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Now, at roughly the 1.5-week mark, the vault holds $50 million from 230 individual depositors. That’s an average deposit north of $217K, suggesting this isn’t retail tourists chasing yield. It’s larger allocators who’ve done the math.
Nearly all of the capital, approximately 99.7%, flows into a single market: PT-reUSD/USDC.
The yield equation Depositors aren’t parking stablecoins out of charity. The vault distributes 7,500 PENDLE tokens per week as rewards on top of the base lending yield.
Early APY figures painted an attractive picture: 14.08% net yield, broken down as 4.75% base yield plus 9.32% from token rewards. More recent figures have settled into a range of roughly 7.15% to 7.88%, which makes sense as the denominator (total deposits) has grown significantly while the weekly token distribution has stayed constant.
Why this matters for Pendle and Morpho Pendle has carved out a niche as DeFi’s primary marketplace for trading future yield. Users can split yield-bearing assets into Principal Tokens (representing the underlying value at maturity) and Yield Tokens (representing the stream of income). Before this vault launched, borrowers who wanted to use PT as collateral on Morpho faced thin liquidity. Lenders weren’t showing up in sufficient numbers, which meant borrowing rates were volatile and capacity was limited. The vault acts as a coordinated supply-side solution, aggregating lender capital and directing it precisely where borrowers need it.
For Morpho, the success validates its modular lending architecture. Unlike monolithic lending protocols where governance committees decide every parameter, Morpho allows curators like Armitage to build targeted vaults with specific risk profiles and allocation strategies.
The partnership with Armitage, Wintermute’s curation division, also adds a layer of institutional credibility. Wintermute is one of crypto’s largest market makers, and having its vault curation arm involved signals that serious players see commercial opportunity in PT-backed lending markets.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle Finance just raised the pool caps on its PT Looping incentives program to $15 million, a move that opens the door for significantly more capital to flow into one of DeFi’s more sophisticated yield strategies. The updated caps apply to two specific pools, PT-USD3 on Morpho and PT-USDG on both Aave and Morpho, during an incentive window running from August 17 to 27, 2026.
At the top end, users running leveraged looping strategies through these pools can earn up to 53.7% APY.
How PT Looping actually generates those yields Pendle’s core product revolves around splitting yield-bearing assets into two components: Principal Tokens (PTs) and Yield Tokens (YTs). PTs represent the principal value of an asset at maturity, essentially locking in a fixed yield. YTs capture the variable yield generated along the way.
PT Looping takes this a step further. Users deposit PTs as collateral on lending platforms like Aave or Morpho, borrow against them, and use the borrowed funds to purchase more PTs.
The base incentive from Pendle is an extra 2% APY, paid in PENDLE tokens, layered on top of whatever fixed yield the PT itself offers. That 2% is calculated before any leverage is applied. When a user cranks the leverage to 10x, that modest-sounding bonus compounds into roughly 20% additional yield on top of the underlying PT rate.
The 53.7% headline figure reflects the maximum effective APY achievable when combining the PT’s fixed yield, the PENDLE incentive, and aggressive leverage.
Why the cap increase matters Previous iterations of Pendle’s PT Looping incentive program started with caps as low as $500K. The jump to $15 million across these two pools represents a dramatic scaling of the program.
The two eligible pools both involve stablecoin-denominated assets. PT-USD3 is available on Morpho, while PT-USDG can be accessed on both Aave and Morpho.
Rewards for this incentive period are time-weighted and distributed after the window closes on August 27. That means users who deposit early and maintain positions throughout the full period capture a larger share of the PENDLE rewards than those who jump in at the last minute.
Pendle’s broader DeFi integration play The PT Looping program is part of Pendle’s broader strategy of embedding its yield-tokenization infrastructure into the lending layer of DeFi. By making PTs accepted collateral on protocols like Aave and Morpho, Pendle effectively turns its tokens into building blocks that other protocols can use.
For users considering participation, the key variables to monitor are the utilization rate of the $15 million cap, the borrowing costs on Aave and Morpho for the relevant assets, and the price stability of PENDLE tokens themselves. The incentive rewards are paid in PENDLE, so the dollar value of those rewards fluctuates with the token’s market price. A sharp decline in PENDLE’s value could meaningfully reduce the effective APY, even if the token-denominated yield stays constant.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle spustil na Morpho nový USDC vault, který už nasbíral zhruba 15,04 milionu USD a má podpořit likviditu na trzích s Principal Tokeny. Nabízí čistý roční výnos 14,08 %.
Pendle has rolled out a new USDC vault on the Morpho lending protocol, designed to funnel stablecoin liquidity directly into its Principal Token markets. The vault, which went live on August 4 and has already accumulated roughly $15.04 million in deposits, represents a deliberate effort to solve one of DeFi’s more persistent headaches: making sure borrowers can actually find the liquidity they need when using exotic collateral types.
For depositors, the pitch is straightforward. Park your USDC, earn a net APY of 14.08%, and collect weekly PENDLE token distributions on top of it. For the broader Pendle ecosystem, the vault acts as a liquidity engine for PT-backed borrowing, a market segment that has historically been constrained by shallow lending pools.
How the vault works The Ecosystem USDC vault was built in collaboration with Armitage, the curation arm of market maker Wintermute. Think of Armitage as the portfolio manager here: it decides where deposited USDC gets routed across Pendle’s various PT collateral markets on Morpho.
Right now, the allocation is almost entirely concentrated. Approximately 99.7% of funds flow into the PT-reUSD/USDC market, with smaller allocations directed toward PT-sUSDS and PT-USDG markets. That concentration isn’t random. It reflects where the borrowing demand actually lives.
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The utilization rate on the PT-reUSD market sits around 72%, which is a healthy number in DeFi lending. For context, utilization rates above 80% typically trigger rate increases to attract more lenders, while rates below 50% suggest tepid demand. At 72%, the market is busy enough to generate meaningful yield without creating the kind of liquidity crunch that makes depositors nervous about withdrawals.
The 14.08% net APY breaks down into two components. There’s a 4.75% base rate generated organically from borrow demand, plus an additional 9.32% sourced from PENDLE token rewards. That second figure is calculated after Morpho’s 5% performance fee, so the gross reward rate is slightly higher. Depositors also receive a weekly distribution of 7,500 PENDLE tokens, spread proportionally across all vault participants.
Why PT liquidity matters To understand why Pendle built this vault, you need to understand what Principal Tokens actually are. Pendle’s protocol separates yield-bearing assets into two pieces: the principal (PT) and the yield (YT). If you hold a stablecoin that earns 5% annually, Pendle lets you sell the future yield to someone else and keep just the discounted principal, or vice versa.
PTs trade at a discount to their underlying asset and converge to full value at maturity, functioning a bit like zero-coupon bonds in traditional finance. Traders use them in what’s called “PT-looping” strategies, where they borrow against PT collateral, buy more PTs at a discount, and repeat. The spread between the borrowing cost and the PT discount is the profit.
With up to $11.8 million in available borrowing capacity, the vault meaningfully expands the runway for these strategies.
The competitive landscape The vault sits at the intersection of two major DeFi trends: the modular lending stack and the tokenized yield market. Morpho, the protocol hosting the vault, has positioned itself as a permissionless lending layer where curators like Armitage can spin up bespoke lending markets without needing governance approval.
The 14.08% APY is competitive for a stablecoin-denominated product, particularly one that doesn’t require depositors to take on directional price risk. Most vanilla USDC lending rates on major platforms hover in the low-to-mid single digits, so the premium here comes almost entirely from the PENDLE token incentives.
That dynamic creates an important distinction for potential depositors. The base yield of 4.75% is sustainable as long as borrowing demand persists. The remaining 9.32% depends on Pendle continuing to allocate PENDLE tokens to the vault.
The concentration of 99.7% of assets in a single market, PT-reUSD/USDC, is worth watching. While it reflects current demand patterns, it also means depositors are effectively exposed to the credit risk and liquidity dynamics of that one market. Armitage’s role as curator suggests the allocation could shift over time as other PT markets mature, but for now, diversification this is not.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
LlamaRisk spustil LlamaGuard PT, údajně první automatizovaný risk oracle postavený na platformě Chainlink CRE. Má v reálném čase spravovat riziko Principal Tokens na Aave místo ručních zásahů.
A New Standard for DeFi Risk Management@LlamaRisk has launched LlamaGuard PT, billed as the world's first automated risk oracle built on the @Chainlink Runtime Environment (CRE). The product is designed to handle real-time risk management for @PendleFinance Principal Tokens (PTs) used as collateral on @Aave, replacing a process that until now relied heavily on manual intervention.
LlamaRisk had been running the PT oracle manually and pushing parameter changes through the Risk Stewards path since Chaos Labs stepped down from Aave risk management in April. That arrangement was described as "a transitional path that was never meant to be permanent."
The shift to an automated pipeline addresses a structural gap in how DeFi protocols manage fast-moving risk. Traditional governance processes can take days to implement parameter changes, while market conditions can deteriorate in minutes. LlamaGuard PT is designed to close that gap by operating continuously, without waiting for a governance vote.
How LlamaGuard PT Works on Chainlink CREThree Chainlink CRE workflows replace the manual process. The workflows compute smoothed implied rates, discount rates, and per-E-Mode liquidation parameters for each Pendle PT market, each publishing a signed report that a new onchain router validates. The router writes atomically to the oracle and triggers execution in a single transaction, with every parameter change recorded on-chain and independently verifiable.
Under the new structure, Aave Governance owns every contract, the risk manager only proposes, and every parameter and tuning decision is recorded onchain. This represents a meaningful shift in accountability compared to the prior setup, where risk managers held write authority over key oracle parameters with limited on-chain auditability.
LlamaGuard adjusts lending parameters autonomously to prevent cascading failures, continuously optimising system settings based on real-time risk assessments and market conditions. CRE also enables LlamaGuard to initiate automated management actions to contain risk, such as triggering circuit breakers or adjusting parameters on target DeFi protocols.
Certora audits will cover both the new contracts and the CRE workflow code. Two of the three new contracts, the LlamaguardRiskOracle and ParameterRegistry, were already audited by two security teams as part of an earlier LlamaGuard NAV deployment.
Sources:
The Defiant: Aave Proposes Protocol-Wide Risk Framework After KelpDAO Exploit
Aave Governance: ARFC Upgrade PT Risk Oracle to Protocol-Owned Infrastructure on CRE
LlamaRisk: LlamaGuard Overview
Pendle spustil na XLayer svůj první výnosový trh pro USDG s expirací v říjnu 2026. Pro tento trh slibuje exkluzivní pobídky a chystanou integraci s Aave.
Pendle Finance has expanded to XLayer, OKX’s zkEVM Layer 2 network, with its first yield market for USDG. The market, which carries an October 2026 maturity date, lets users lock in fixed returns on a regulated dollar-pegged stablecoin.
The move marks another step in Pendle’s multi-chain expansion and its growing push into real-world asset and stablecoin yield markets throughout 2026. It also represents a meaningful moment for USDG, the Paxos-issued stablecoin that has been live on XLayer since September 2025, now gaining a dedicated venue for yield generation.
How the market works Pendle’s core product splits yield-bearing assets into two components: Principal Tokens (PT) and Yield Tokens (YT).
PT holders receive a fixed return at maturity. Buy a PT representing $100 of USDG at a discount today, redeem it for the full $100 worth in October. The difference is your yield, known upfront.
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YT holders take the opposite side of that trade. They’re speculating that the floating yield on USDG will exceed what the market currently prices in. If rates spike, YT holders win. If rates fall, they eat the loss.
Bringing the same mechanics to XLayer means users can access these strategies with lower transaction costs, courtesy of the Polygon-based zkEVM architecture that underpins OKX’s Layer 2.
Why USDG matters here USDG isn’t just another stablecoin. Issued by Paxos under the Global Dollar Network, it’s backed 1:1 by US dollars held in cash and short-term Treasury securities.
Paxos has built its reputation on regulatory compliance, having previously issued PayPal’s PYUSD stablecoin. USDG’s presence on XLayer since September 2025 gave the stablecoin time to establish liquidity on the network before Pendle arrived to build yield infrastructure on top of it.
Incentives and Aave integration Pendle has signaled that exclusive incentives are coming for the USDG market on XLayer. The protocol has noted an anticipated Aave integration that would layer additional rewards on top of the base yield mechanics.
Pendle’s prior pools for USDG have demonstrated substantial TVL and user concentration on Ethereum, reflecting strong demand for yield-generation strategies.
What this means for DeFi fixed income XLayer, as OKX’s native Layer 2, brings direct access to OKX’s user base. Users already custodying assets on OKX can bridge to XLayer with minimal friction, potentially discovering yield strategies they wouldn’t have sought out on Ethereum mainnet where gas costs make small positions uneconomical.
The October 2026 maturity window is relatively short, which keeps duration risk minimal for PT buyers. It also means the market will need to roll over quickly, giving Pendle a near-term test of whether XLayer users will re-enter subsequent maturities.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Yield trading protocol Pendle has expanded onto the Monad blockchain with srUSDat, the senior tranche of Saturn’s structured credit stack, now available as fixed-yield markets for on-chain investors.
The launch happened around June 19, 2026, and the market responded immediately. Pendle crossed $51 million in Total Value Locked within ten days, racked up $22 million in trading volume in the first week alone, and has since climbed past $111 million in TVL, placing it among the top protocols on the Monad chain.
What srUSDat actually is srUSDat is the senior slice of Saturn’s USDat and sUSDat yield-bearing token system. Senior tranche investors receive fixed yields and retain principal protection until the junior tranche has absorbed losses entirely.
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The underlying exposure runs through STRC, which represents Strategy’s cumulative perpetual preferred equity. That connects the yield to Bitcoin-related corporate credit, a real-world asset category. Pendle’s tokenization of this exposure gives on-chain users a way to access that yield stream without navigating traditional brokerage infrastructure.
Current pool rates reflect the senior tranche’s risk profile. Live srUSDat and sUSDat pools on Pendle show fixed APYs around 15.54% on a 160-day sUSDat maturity, with broader market options showing fixed yields in the 13-15% range across pools maturing in August 2026 and January 2027.
Pendle’s Monad expansion in context Pendle’s core mechanic splits any yield-bearing token into two components: a Principal Token, which trades like a zero-coupon bond and can be redeemed at face value at maturity, and a Yield Token, which captures all the floating yield upside. This split lets one investor lock in a fixed rate while another speculates on yield movements, and both trade freely in Pendle’s automated market maker.
Saturn has added incentives to deepen liquidity. The protocol rolled out double points for participants in Pendle’s USDat and sUSDat markets on Monad during August 4 through 13, 2026, alongside MON token rewards targeted specifically at Yield Token positions.
Users interacting with these markets have multiple strategic options. Liquidity providers can deposit into the pool and earn trading fees plus the incentive stack. Yield Token buyers take on leveraged exposure to rate movements. Principal Token buyers lock in the fixed rate. Each strategy appeals to a different risk tolerance without requiring any of them to leave the on-chain environment.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle Finance has expanded its PT Looping feature to include two new markets on Morpho: PT-USDai and PT-sUSDD. The addition, announced on August 4, 2026, gives users a one-click path to leveraged yield on stablecoin-backed principal tokens, with the top offering clocking in at an estimated maximum APY of 27.13%.
For context on what that number means in practice: PT Looping automates a cycle of supplying a principal token as collateral, borrowing a stablecoin against it, and swapping that stablecoin back into the same PT to repeat the process. The one-click version handles the whole loop in a single operation.
The two new markets, explained PT-USDai carries the headline figure: an estimated maximum looping APY of 27.13%, with a maturity date of October 14, 2026. PT-sUSDD comes in at an estimated maximum looping APY of 15.96%, maturing slightly earlier on August 26, 2026.
Because PT tokens have a predictable redemption value at maturity, lenders on Morpho can price the collateral risk with more confidence than they could with a volatile token whose floor is essentially unknown. Borrow against something you know will be worth a specific amount on a specific date, and the liquidation calculus becomes considerably less nerve-wracking.
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Pendle’s PT Looping feature already supported markets on Aave and Euler before this expansion. Adding Morpho broadens the range of lending venues available to PT holders who want to put their tokens to work rather than simply hold to maturity.
Why PT Looping is a bigger deal than it sounds One-click automation changes the risk profile in a meaningful way. The transaction either executes cleanly at the target parameters or it doesn’t go through. Users set their leverage level upfront and the protocol handles the rest, removing the window for human error that opens up when someone is manually executing five steps under time pressure.
Leveraged positions still carry liquidation exposure if the underlying asset depegs or if borrowing rates shift materially before maturity. The predictability of PT tokens reduces that exposure compared to volatile collateral, but it does not eliminate it.
The 27.13% figure is also the estimated maximum looping APY, which means it represents the top end of the range at a given leverage multiple. Actual realized yields will depend on the leverage ratio a user selects, the borrowing costs on Morpho at the time of entry, and any changes to those rates over the life of the position.
Where this fits in Pendle’s broader trajectory Pendle’s core product splits yield-bearing tokens into two components: a Principal Token, which represents the underlying asset redeemable at maturity, and a Yield Token, which captures the variable income stream in the interim. PT Looping is essentially a second layer on top of that architecture, letting users amplify the fixed-yield side of the equation through leverage rather than simply holding a PT to maturity.
Expanding to Morpho specifically is notable because Morpho has built a reputation as a flexible, permissionless lending layer that allows for more granular market configurations than monolithic lending protocols. Pendle can create a PT-specific market with parameters suited to the fixed-maturity collateral structure, rather than shoehorning PTs into a lending pool designed for perpetual assets.
The combination of Aave, Euler, and now Morpho as supported venues gives PT holders three distinct options for where to execute their looping strategy, each with its own interest rate dynamics and risk parameters.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Kaito spustilo Katalyst, odměnovou vrstvu pro tvůrce založenou na ověřených výsledcích. Současně uzavřelo oficiální datové partnerství s X a obnovilo přímý přístup k datům v reálném čase.
@KaitoAI has launched Kaito Katalyst, a performance-based reward layer designed to replace speculative marketing budgets with verified, outcome-driven creator payments. The product arrives as Kaito moves to deepen its relationship with X following a turbulent start to 2026.
From API Restrictions to a Direct Data Deal The backdrop matters. In January 2026, X imposed API access restrictions that effectively cut off Kaito's ability to pull real-time social data from the platform, sending the $KAITO token down 20% on the news. Kaito subsequently shut down its Yaps post-to-earn program after X revoked API access for apps that reward users for posting. The company has since rebuilt around a formal data arrangement. Kaito has now entered into an official data partnership with X, restoring direct access to the platform's real-time social data to support AI-powered analytics, InfoFi applications, and market intelligence services.
Katalyst is the first major product to sit on top of that restored pipeline. The infrastructure pairs the direct X data feed with @Brevis_zk verification to attribute creator rewards with what Kaito describes as terminal-level precision. Qualifying outcomes include mindshare growth, sign-ups, and on-chain deposits, shifting the incentive model away from broad reach metrics toward measurable results.
How the Token Economics Work Under the Katalyst architecture, 80% of token pools flows directly to creators who drive verified outcomes. The remaining 20% accrues to $KAITO stakers and YT-sKAITO holders on @Pendle_fi. That staking mechanic is already live on Kaito's Base-deployed contracts. Users who stake $KAITO receive sKAITO tokens, which are atomically swapped on the Base blockchain, and earn ongoing rewards through the staking portal. The $KAITO token serves a triple function: as a governance token for community-led protocol decisions, as the primary network currency for transactions, and as a staking asset to earn rewards.
Kaito is an AI-powered InfoFi (Information Finance) platform that organizes and distributes crypto intelligence, attention, and capital. Katalyst extends that model into the creator economy, giving projects a structured way to tie marketing spend directly to on-chain and off-chain outcomes rather than relying on impression counts or follower reach. The pay-for-results framing is a meaningful shift for an industry where influencer campaigns have long been difficult to audit.
Crypto Briefing: Kaito AI enters data agreement with X
CoinGecko: What Is Kaito? 2026 Guide to Studio, Markets and KAITO Token
Kaito Connect FAQ: Staking Mechanics
Pendle Finance ve své roadmapě pro druhou polovinu roku 2026 sází hlavně na RWA a institucionální DeFi. TVL v roce 2025 vzrostl z 6,9 miliardy USD na 13,4 miliardy USD.
Pendle Finance unveiled its second-half 2026 roadmap on July 23, and the message is clear: real-world assets are the main course, not a side dish. The protocol is doubling down on RWA infrastructure, expanding listings, and actively courting issuers to grow its on-chain yield product suite.
Pendle’s numbers suggest it has already built the plumbing to make this work, with total value locked nearly doubling from $6.9 billion to $13.4 billion and $45 billion in settled value for Principal Token holders during 2025.
Boros hits $200M in open interest as Pendle expands beyond crypto-native yields The most concrete proof point in Pendle’s expansion story is Boros, its rates trading platform. As of July 22, Boros reported $200 million in open interest. Boros has also been branching into commodities and equities, extending Pendle’s rate speculation concept across asset classes.
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Pendle lets you split yield-bearing assets into their principal and yield components, then trade them separately. Boros extends that concept to rate speculation across asset classes.
Institutional doors are opening, literally Pendle’s institutional play got a concrete boost on July 16, when Galaxy Curator launched on Fireblocks. That integration gives institutional players access to yield vaults supporting Principal Tokens through Fireblocks’ custody infrastructure.
Pendle’s Citadels initiative, first announced in January 2025, targets KYC-compliant institutional frameworks and has pursued Shariah-compliant yield offerings. Citadels also has a cross-chain dimension, targeting non-EVM chains to broaden Pendle’s reach beyond the Ethereum ecosystem.
The RWA thesis and why tokenized Treasuries are just the beginning Pendle’s Principal Tokens function like zero-coupon bonds, letting holders lock in a fixed yield. Yield Tokens let speculators take leveraged bets on variable yields. The protocol’s H2 roadmap includes continued stablecoin-related pool listings planned through late 2026, alongside incentive programs designed to bootstrap liquidity in new markets.
The TVL growth from $6.9 billion to $13.4 billion during 2025, roughly a 94% increase, reflects capital allocator interest in Pendle’s yield tokenization model. Settling $45 billion in value for PT holders in the same period shows real economic activity flowing through its contracts.
What this means for investors The Fireblocks integration and Citadels initiative lower the barriers for institutional participation. Pendle’s success depends heavily on continued growth in the tokenized RWA market, which itself relies on regulatory clarity that remains uneven across jurisdictions.
For traders watching Boros specifically, $200 million in open interest is a solid foundation, but the platform’s expansion into commodities and equities means it’s competing in much larger, more established markets. The next few quarters will reveal whether Pendle can attract enough volume in these new verticals to justify the infrastructure investment, or whether crypto-native rate trading remains its core revenue driver.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle, the yield tokenization protocol that lets traders split and trade future yield, has crossed $111M in total value locked on the Monad blockchain. That makes it the fifth-largest protocol on the chain, less than a month after launching there on June 19.
The growth engine behind the numbers is AUSD, the Agora Dollar stablecoin backed 1:1 by cash, US Treasury bills, and repos. AUSD supply on Monad has ballooned to roughly $115M, making it the second-largest stablecoin on the chain behind USDC.
From zero to $111M in under a month Pendle hit approximately $51M in TVL within its first 10 days on Monad, then more than doubled. Pendle currently runs at least three active markets on Monad, all built around AUSD and its yield-bearing cousin, earnAUSD. The maturities on these markets cluster around October 8, 2026, giving traders a defined window to speculate on or lock in yields.
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Pendle’s Monad deployment has processed over $52M in trading volume over the past 30 days.
Pendle works by taking yield-bearing assets and splitting them into two tokens. One represents the principal, the other represents the future yield. Traders can sell their future interest payments to someone else today, or buy someone else’s future yield at a discount.
The incentive machine behind the growth Pendle’s Monad expansion has been turbocharged by weekly liquidity incentives of up to $75,000 for AUSD liquidity on the platform, roughly $300K per month in direct subsidies flowing to liquidity providers.
Pendle’s recent integration with Aave v3 pulled in more than $75M in deposits within the first 24 hours.
Across all chains, Pendle’s ecosystem now holds more than $1.14B in total value locked. The Monad deployment, at $111M, represents roughly 10% of that total.
The PENDLE token itself trades around $1.64, giving it a market cap of approximately $281.55M.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle oznámil upgrade Bungee Exchange V3, který přináší rychlejší routing, nižší poplatky a cross-chain swapy jedním kliknutím bez nutnosti držet nativní gas tokeny na cílovém řetězci.
Pendle just made cross-chain DeFi a whole lot less painful. The yield-trading protocol announced a full upgrade to BungeeExchange V3, bringing faster routing, lower fees, and a feature that sounds almost too convenient: single-click cross-chain token swaps that don’t require users to hold native gas tokens on the destination chain.
In English: you can now swap any token on any chain directly into Pendle’s principal tokens (PT) or yield tokens (YT) without first scrambling to acquire ETH, MATIC, or whatever gas currency the receiving network demands. The protocol picks up that tab automatically.
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What the upgrade actually changes Bungee, powered by SOCKET infrastructure, functions as a bridge aggregator, scanning multiple bridges and DEX routes to find the cheapest and fastest path for a swap. Pendle describes it as “the most powerful bridge aggregator,” and the numbers offer some backing for that claim: Bungee has facilitated over $25 billion in cumulative transaction volume across its lifetime.
The V3 upgrade specifically improves three areas. Routing speed has been enhanced, meaning the protocol can find optimal swap paths more quickly. Transaction fees have been reduced, though Pendle hasn’t disclosed specific percentage improvements. And the gasless execution feature eliminates what has long been one of the most annoying onboarding hurdles in multi-chain DeFi.
Why Pendle is betting big on cross-chain Pendle’s core product lets users split yield-bearing assets into two components: principal tokens (PT) and yield tokens (YT). PT represents the underlying asset’s value at maturity, while YT captures the yield generated over a given period.
By embedding a bridge aggregator directly into the swap flow, Pendle removes the multi-step process that previously required users to leave the platform, bridge manually, and return. The entire journey from holding Token A on Chain X to holding PT or YT on Chain Y now happens in one click.
Prior to this upgrade, community-built tools had already started enabling PT token trading through Bungee’s SOCKET infrastructure. The V3 release formalizes and expands that functionality.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle překročil hranici 100 milionů stakovaných PENDLE, což je asi 36 % nabídky, a emise snížil o 71 %. Protokol už také provedl buybacky v objemu přes 1,96 milionu PENDLE.
Pendle Finance just crossed a milestone that most DeFi protocols only daydream about. More than 100 million PENDLE tokens are now staked, representing roughly 36% of the project’s total supply, and emissions have been cut by 71%.
From vePENDLE to sPENDLE: a strategic overhaul Back in January 2026, Pendle scrapped its vePENDLE system, the vote-escrowed lockup model that had become standard fare across DeFi. The problem was simple. Only about 20% of the token supply was actively locked under vePENDLE, which meant the model wasn’t doing its job of aligning long-term incentives.
The replacement, sPENDLE, introduced liquid staking with a 14-day withdrawal period. The 36% staking rate against total supply proves the thesis: give users flexibility, and they’ll still commit capital voluntarily.
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The protocol also deployed an Algorithmic Incentive Module, or AIM, to dynamically manage token emissions. The original target was a 30% reduction in emissions. AIM overshot that goal by a wide margin, delivering a 71% cut instead.
Buybacks and airdrops sweeten the deal Since sPENDLE launched, Pendle has executed over 1.96 million PENDLE in open-market buybacks. Every single one of those tokens was distributed directly to stakers. On top of that, approximately $1.5 million in airdrops has been allocated to incentivize participation.
PENDLE’s circulating supply sits around 171 million tokens out of a total supply of approximately 278 million. With 100 million now staked, that leaves a meaningfully smaller float for trading.
Why the old model failed and the new one works The vePENDLE model suffered from a problem common across DeFi governance tokens. Long lockup periods discourage all but the most committed participants. When only 20% of supply is locked, the governance power concentrates in fewer hands, and the vast majority of holders sit on unlocked tokens with no particular reason not to sell.
sPENDLE’s 14-day withdrawal period threads the needle. It’s long enough to prevent purely speculative hot money from gaming staking rewards. It’s short enough that users don’t feel they’re making a years-long commitment in a market where conditions change weekly. The result is a staking rate that jumped from roughly 20% to 36% of total supply.
What this means for investors Investors should watch two things closely going forward. First, whether staking participation continues climbing or plateaus around current levels. Second, the sustainability of buybacks matters. Buybacks funded by genuine protocol revenue are bullish. Buybacks funded by treasury drawdowns are a different story entirely, and the distinction is worth monitoring.
One risk that often gets overlooked in staking-heavy models: a 14-day withdrawal period provides some buffer, but during a genuine market crash, that buffer can feel like an eternity. If a significant portion of stakers rush for the exit simultaneously, the withdrawal queue and subsequent sell pressure could create a cascading effect. It’s the tradeoff for all that locked-up liquidity, and it’s one that hasn’t been stress-tested in truly adverse conditions yet.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle se během necelých dvou týdnů dostal na 5. místo mezi protokoly na Monad s TVL kolem 51,25 milionu USD. Za stejnou dobu zaznamenal také objem obchodů ve výši 22 milionů USD.
Pendle needed less than two weeks to muscle its way into Monad’s top five protocols. The yield-trading platform launched on the chain around June 19 and has already accumulated roughly $51.25 million in total value locked, placing it fifth among all protocols on the network.
That’s not a slow drip of capital, either. Pendle also generated $22 million in trading volume during the same stretch, suggesting traders aren’t just parking assets. They’re actively using the platform.
Where Pendle fits in Monad’s growing DeFi landscape Monad’s total DeFi TVL sits near $366 million. Euler V2 leads the pack with approximately $110 million, followed closely by K3 Capital at around $108 million. Pendle, at fifth, is roughly half the size of those leaders but growing at a pace that makes the gap feel temporary.
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Monad only activated its mainnet in late 2025, which means the entire ecosystem is still young. The protocol sweetened the deal with weekly incentives of up to $100,000 for participants in its AUSD and earnAUSD yield pools.
What Pendle actually does, and why it matters Pendle is a yield tokenization protocol. It lets users split yield-bearing assets into two separate tokens, one representing the principal and one representing the future yield. Want a fixed yield on your deposit? You can lock it in. Want to speculate that yields will go higher? You can buy just the yield token with leverage.
The platform describes itself as the largest yield-trading platform globally, with over 100 historical protocol deployments across multiple blockchains. Across all chains, Pendle’s total ecosystem TVL sits at approximately $933 million. The Monad deployment, at $51.25 million, represents about 5.5% of that total.
Sky Money’s fixed-yield products on Pendle provide a useful benchmark here. Those products alone amassed between $50 million and $51 million in TVL within two weeks of launch, essentially matching what Pendle achieved on Monad in the same timeframe.
What this means for investors The $100,000 weekly incentive budget is generous, but incentive-driven launches tend to follow a predictable arc: TVL spikes during the rewards period, then either stabilizes at a lower level or collapses entirely once the money faucet turns off.
For traders specifically, Pendle’s yield tokenization mechanics create trading opportunities that simply don’t exist on standard lending protocols. The ability to take directional positions on yields, rather than just passively earning them, adds a layer of sophistication to Monad’s DeFi toolkit. The $22 million in ten-day trading volume suggests early adopters already understand this.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
nOPAL je nyní na Pendle ETH mainnetu a nabízí 120denní trh s přibližně 11% pevným APY pro kupce PT. Jde o tokenizovaný vault BlackOpal Finance krytý brazilskými pohledávkami z kreditních karet.
RWA is Pendle's dominant Q2 2026 narrative, and today, one of the most structurally distinct entrants joins the market. nOPAL is now live on Pendle ETH mainnet, offering a 120-day market with a ~11% current fixed APY for PT buyers.
LP nOPAL current 77.47% APY
This is real credit, settled by Visa and Mastercard, brought on-chain.
Explore the nOPAL LP Market HERE
What Is nOPAL?nOPAL is a tokenized vault issued by BlackOpal Finance, backed by Brazilian credit card receivables. BlackOpal purchases future receivables from merchants at a discount, a true sale registered in Brazil's Central Bank C3 Registry, and collections flow automatically through Visa / Mastercard settlement rails. No merchant repayment risk.
The vault delivers:
~11.5% current base yield (USD-denominated, FX-hedged)has a 0% default rate since inceptionis audited by 0xMacro and Spearbit. BlackOpal brings 25+ years of credit market experience and $200M+ in institutional backing to the structure.
New to nOPAL? Here's how to get started:
Mint nOPAL on Nest → https://www.nest.credit/vaults/nest-opal-vault Deposit pUSD or USDC to mint nOPAL directly on Plume. No KYC required, no redemption fees.Bridge nOPAL to Ethereum We've built a LayerZero bridge directly into the Nest UI, no third-party bridge needed. Once you've minted nOPAL, go to your portfolio, click Bridge, and send your nOPAL to Ethereum mainnet in one click.Deposit into the Pendle market Head to the Pendle market link above, connect your Ethereum wallet, and deposit nOPAL to access PT or LP positions.The Pendle MarketPendle splits nOPAL into two tokens:
PT (Principal Token) locks in a fixed yield and redeems at face value at maturity. PT buyers are currently targeting ~11% implied fixed APY over 120 days, roughly 2.5–3x what T-bill-backed stables and USDG alternatives currently yield on Pendle.
YT (Yield Token) captures the floating yield generated by nOPAL and is levered to yield movements. YT is capital-efficient: a small amount of capital controls exposure to the full underlying yield stream. If realized yield exceeds the implied yield at the time of purchase, YT holders profit, and vice versa. YT is suited for users with a directional view on credit yields or those looking for leveraged RWA exposure without holding the underlying asset directly.
Important for YT buyers: At launch, pool depth is being seeded and liquidity will be thinner in the early days. We recommend using limit orders rather than market orders to avoid slippage when buying or selling YT. As LP depth builds over the first few weeks, execution will tighten.
Incentives & How to ParticipateTo buy PT (lock in fixed yield):
Go to app.pendle.finance.nOPAL Select PT-nOPAL on ETH mainnetBuy PT to lock in your fixed APY through the 120-day maturityHold to maturity and redeem at face value, or sell PT on the secondary market anytimeTo buy YT (go long on floating yield):
Select YT-nOPAL at the same link aboveYT is capital-efficient and levered to yield, use limit orders at launch to avoid slippage while the pool is being seededTo LP (earn incentives + fees):
Provide nOPAL liquidity into the Pendle poolEarn swap fees from PT/YT trading activity, LP incentives in PLUME, and PENDLE emissions from Pendle's AIM programWhy nOPALThe 120-day tenor, zero default history, and card-network settlement infrastructure make nOPAL one of the most compelling fixed-rate RWA positions available on-chain right now. For DeFi users who've been waiting for high-yield, short-duration credit that doesn't just repackage Treasury exposure, this is it.
Sky spustil Fixed Yield na Pendle v2, který držitelům sUSDS nabízí zafixovaný výnos do splatnosti. Produkt míří na pool sUSDS o kapitalizaci 6,16 miliardy USD.
Sky (formerly MakerDAO) launched Fixed Yield on Wednesday — a term-based alternative to the variable Sky Savings Rate built on Pendle Protocol v2, giving sUSDS depositors a locked rate to a named maturity date.
Sky (formerly MakerDAO), the protocol behind the $11 billion USDS stablecoin, launched a fixed-yield product Wednesday that lets depositors lock in a set return to a named maturity date using Pendle's yield-tokenization infrastructure. The product, called Fixed Yield, is now live at sky.money/fixed-yield, Sky said on X.
The launch targets users of sUSDS, Sky's savings-rate token, which holds $6.16 billion in market capitalization, by offering a term-based alternative to the variable Sky Savings Rate (SSR). At the time of writing, th fixed-yield market shows a 5.38% APY with a Nov. 26 maturity date, per the sky.money product page. The SSR's own variable rate sits at 3.60% APY for the same sUSDS pool on DefiLlama.
The product is built on Pendle Protocol v2, which splits yield-bearing tokens into Principal Tokens and Yield Tokens. When a user supplies USDS, USDC, or sUSDS into a Fixed Yield market, the protocol issues PT-sUSDS — a Pendle principal token that matures on a date chosen by Sky. Holding to maturity locks the entry rate. Exiting early means selling the PT position at prevailing market prices, which may be above or below the entry price.
Sky's Role and Pendle's InfrastructureSky sets the maturity dates when it opens each market. The rate itself is market-driven, set by trading activity in the Pendle pool rather than by Sky's governance. Sky makes clear on its product page that it does not set, control, or guarantee the rate.
Sky (sky-lending) holds $5.91 billion in total value locked, per DefiLlama, making it one of DeFi's largest CDP protocols. Pendle, the fixed-yield infrastructure layer, holds $1.23 billion in TVL across Ethereum, Arbitrum and Plasma.
The launch follows Wednesday's Pendle listing on Revolut, the European fintech with roughly 20 million crypto users, which expanded token distribution but not Pendle's actual fixed-yield product access. This integration goes the other direction: it brings Pendle's PT mechanics onto Sky's own product surface, inside the protocol rather than on a trading app.
The SSR has drifted lower over recent months. A fixed product offering a premium above spot gives rate-sensitive depositors a reason to commit capital to a term rather than stay floating.
