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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.

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.

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.

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

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.

South Korea's NH Investment & Securities maintains a "Buy" rating on SK Hynix, but cuts its target price to 3.4 million Korean won.

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3 minutes ago

Citrini: If the "25-year-old AI stock guru" completes its fundraising and lifts its hedging positions, the new funds could push AI stocks to hit bottom.

Citrini stated that initial investors in 25-year-old AI stock prodigy Leopold Aschenbrenner’s AI-themed hedge fund Situational Awareness backed the fund not just for its exposure to AI, but for Aschenbrenner’s judgment on AI’s development trajectory and the fund’s strategy of concentrated long positions in high-beta AI assets. Since its launch in 2024, the fund once posted returns of around 2200%, but recently suffered a sharp pullback amid declines in related stocks. Citrini noted that such AI-devoted investors are unlikely to turn bearish on AI solely because SK Hynix’s stock halved in six weeks. Even if an investor put $100 million into the fund at its inception and lost 90% of their assets in July, their holdings would still be worth roughly $230 million, thanks to the cumulative 2200% return. Citrini expects existing investors may continue buying the dip, and Situational Awareness is likely to secure the new capital it’s seeking. After fundraising is completed, the fund may unwind some short-term hedges and allocate the new capital to what it terms “the best buying opportunity since April 2025”; market makers that sold hedging instruments may also cover their related hedge positions simultaneously. Leopold is not necessarily in trouble; instead, he could potentially push AI stocks to form a temporary bottom through fundraising, hedge unwinding, and repurchases. However, if these AI-devoted investors, who still hold large unrealized gains, refuse to add positions on dips, related stocks may continue to fall sharply.

3 minutes ago

Goldman Sachs: Asian equity hedge funds suffer their largest monthly drawdown on record amid a sharp plunge in AI concept stocks.

Goldman Sachs’ report shows that Asian-focused equity hedge funds are facing their largest single-month drawdown on record, driven by a broad sell-off in AI-related stocks that has erased most gains from earlier concentrated bets on the sector. As of July 28, the average decline for Asian-focused fundamental long-short equity hedge funds stood at 18.6% for the month. In the first half of this year, these funds became among the world’s best performers thanks to early bets on AI hardware leaders including South Korean chipmakers SK Hynix and Samsung Electronics, with some posting returns exceeding 100%. However, the market has since seen a sharp reversal. Goldman Sachs noted that since hitting a year-to-date peak return of 40% on July 22, these funds have given back 21 percentage points of their YTD gains. The crowded AI trades that fueled the funds’ sharp rally in H1 are now the “key factor driving this month’s unusually large drawdown,” Goldman Sachs pointed out. Funds with higher AI exposure suffered heavier losses. Amid extreme market volatility, hedge funds have been locking in profits and reducing risk. Goldman Sachs data shows that as of July 27, Asian hedge funds have cut their exposures for eight consecutive trading days, with the “cumulative total exposure reduction over five days” hitting a record high. (Source: Jinshi)

3 minutes ago

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 introduces PT auto-looping feature for V2 update

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When a metaverse token and a DeFi yield protocol suddenly top the whale activity charts, something is shifting in the order books. According to the on-chain update from Santiment, Decentraland’s MANA saw a 833% weekly increase in the number of whale transactions over $100,000. Pendle on Arbitrum wasn’t far behind at 800%, followed by a mix of stablecoins and smaller-cap tokens.

The data highlights a sudden repositioning by larger wallets across a set of assets that don’t usually dominate whale activity rankings. USAT jumped 400%, MakerDAO’s DAI on Optimism also rose 400%, Telcoin climbed 350%, and Virtuals Protocol’s VIRTUAL recorded a 300% increase. Even stablecoin transfer counts spiked—MakerDAO’s USDS, for example, moved 154% higher in large transaction count. The screener, which tracks divergences in on-chain metrics, underscores how rapid shifts in whale behavior can signal underlying market structure changes before price reflects them.

Such increases in whale transfers often hint that large holders are preparing for something—whether that’s deploying capital into DeFi protocols, moving funds between chains, or repositioning ahead of ecosystem developments. The presence of stablecoin pairs also suggests possible liquidity provision or off-ramping. Pairing that with the fact that some of these tokens, like MANA, are tied to metaverse NFTs, adds another layer. Recently, $X@AI BRC-20 NFTs and Courtyard topped weekly NFT sales rankings, reflecting a broader resurgence of interest in digital collectibles. Whale accumulation in related tokens may follow that trend.

However, investors should be careful about drawing straight lines between on-chain whale activity and imminent price moves. A spike in large transactions can just as easily reflect distribution as accumulation. The data from Santiment only shows an increase in transaction count—not whether wallets are buying or selling. Without additional on-chain metrics like exchange netflow or realized profit/loss, the picture remains incomplete. Whales may be moving tokens to centralized exchanges for sale, or to cold storage for long-term holding.

What This Means for Altcoin Traders Whale transaction spikes on low-volume altcoins like Telcoin or Virtuals can have outsized effects on liquidity and short-term volatility. While a recent top crypto gainers roundup featured TON and SIREN making big moves, none of the tokens on Santiment’s whale list appeared there. That divergence is worth noting—it suggests the whale action may not yet be reflected in market price, or it could indicate positioning for a move that hasn’t materialized. Monitoring whether these transaction counts hold or increase further could offer a pre-price signal for savvy market participants.

For traders, the data adds a signal to monitor alongside order book depth and funding rates. Tokens like Pendle and Ether.fi, which are central to liquid staking and yield markets, could see renewed interest if whale accumulation continues. But for now, the surge in transaction counts tells us that size is paying attention—just not yet in which direction.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

Smart money address 0x15a, dormant for months, has re-entered the market, opening a 40x long position worth $12.6 million in Bitcoin.

According to monitoring by OnchainLens, the smart money address 0x15a, which has been dormant for several months, deposited $1 million USDC into Hyperliquid and opened a 40x leveraged long position of 200 BTC, with the position valued at roughly $12.58 million. The address’s last on-chain activity occurred in March this year, and its historical cumulative profit from perpetual contracts stands at approximately $2.28 million.

7 minutes ago

The US stock market's storage sector saw broad pre-market gains, with SanDisk rising 4.81%.

According to market data from BIT (bit.com), the US stock storage sector saw broad pre-market gains, with: Seagate Technology (STX) up 3.26%; Western Digital (WDC) up 4.15%; SanDisk (SNDK) up 4.81%; Micron Technology (MU) up 3.02%.

7 minutes ago

Bank of America: Semiconductors' strong performance drove growth funds to outperform the broader market, and active funds delivered strong results in June.

Bank of America released data showing that in June, 53% of large-cap active equity funds outperformed their benchmark indices. Mid-cap and small-cap active funds performed even more strongly, with 71% and 91% respectively beating their benchmarks. BofA noted that in the first half of 2026, growth-style funds overall outperformed value-style funds, boosted by the strong rally in semiconductor stocks, while value-style funds lagged relatively due to their lower allocation to semiconductor shares.

7 minutes ago

SK Hynix officially kicks off the roadshow process for its US stock market listing.

SK Hynix officially kicked off its roadshow for its US stock listing this Monday, aiming to capitalize on sustained investor enthusiasm for the memory chip sector to advance its US listing. According to regulatory filings, SK Hynix plans to offer American Depositary Receipts (ADRs) representing approximately 17.79 million common shares. Based on last Friday’s closing price in the South Korean market, the offering is valued at around $28 billion. As a leading supplier of High Bandwidth Memory (HBM) chips, SK Hynix’s US listing will open up an efficient financing channel for the company. Per previously disclosed regulatory documents, SK Hynix expects its ADRs to start trading on July 10 (this Friday). Based on the current proposed offering size, this ADR issuance will rank among the top three largest IPOs in history (the exact amount depends on exchange rates), and is expected to rival Saudi Aramco’s $29.4 billion IPO in 2019.

7 minutes ago

Tokenized fund USTB saw its deposit volume into Aave rise by around 300% quarter-on-quarter in Q2.

According to data from Token Terminal, the amount of Invesco’s tokenized U.S. Treasury fund USTB deposited on Aave rose roughly 300% quarter-over-quarter. Managed by Invesco and issued based on Superstate’s FundOS transfer agent and tokenization infrastructure, USTB demonstrates the ongoing deepening integration between real-world assets (RWA) and DeFi protocols.

7 minutes ago

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 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.

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As the broader crypto market consolidates, one industry analyst has identified a select group of altcoins that could see exponential gains during the anticipated “super-cycle” expected in the latter half of 2024. In a detailed social media post, the analyst, known as OxNobler, delves into the cyclical nature of the crypto market and highlights the factors driving the impending uptrend phase.

Crypto ‘Supercycle’ Imminent? According to OxNobler, the crypto market consistently follows a four-phase cycle: Accumulation, Markup (Uptrend), Distribution, and Markdown (Downtrend). The analyst argues that understanding these distinct phases is crucial for investors seeking to capitalize on low cap altcoins and market trends to maximize their returns.

“We are currently on the brink of entering the Uptrend phase, which is set to be fueled by a confluence of factors, including the upcoming US election, potential rate cuts, the global adoption of crypto ETFs, continued technological advancements, and shifts in China’s regulatory landscape,” explains OxNobler.

Drawing on this market insight, the analyst has curated a list of six altcoins that are poised to experience substantial growth during the anticipated crypto super-cycle. 

These tokens span a diverse range of sectors, including artificial intelligence (AI), decentralized finance (DeFi), real-world asset (RWA) tokenization, and more.

6 Low-Cap Altcoins Tipped To Skyrocket First on the list is Numerai (NRM), an Ethereum-based platform that allows developers and data scientists to experiment with and create more reliable machine learning models. 

With a current price of $11.75 and a market capitalization of $86 million, the analyst believes Numerai’s positioning in the trending AI sector makes it a compelling investment opportunity.

Another altcoin highlighted is TokenFi (TOKEN), a crypto and RWA tokenization platform aiming to simplify the tokenization process and emerge as a leading player in the space. Currently trading at $0.06 with a $60 million market cap, TokenFi’s role in bridging the gap between traditional and decentralized finance is seen as a key growth driver.

Ravencoin (RVN), an open-source proof-of-work blockchain enabling the issuance and control of utility tokens, non-fungible tokens (NFTs), and other digital assets, also makes the list. 

With a market price of $0.015 and a $223 million market capitalization, Ravencoin’s positioning in the growing DeFi sector adds to its potential upside.

The Fluence Project, with its native token FLT currently valued at $0.27, is another intriguing prospect. As the first decentralized “Cloudless” computing platform, Fluence aims to provide an open alternative to the dominant cloud computing giants, aligning with the analyst’s bullish outlook on the AI sector.

Realio Network (RIO), an end-to-end blockchain-based platform for the issuance, investment, and management of digital securities and crypto assets, is also included. Trading at $0.89 with a modest $5 million market cap, Realio Network’s focus on the RWA tokenization space is seen as a notable bullish catalyst for the analyst.

Last on the list, is the largest altcoin among the six by market cap, Pendle (PENDLE), a protocol enabling the tokenization and trading of future yield, rounds out the list. Currently priced at $2.63 with a market capitalization of $419 million, Pendle’s positioning in the DeFi sector aligns with the analyst’s broader thesis.

The daily chart shows PENDLE’s price downtrend experienced over the last months. Source: PENDLEUSDT on TradingView.com Featured image from DALL-E, chart from TradingView.com

Bitcoin (CRYPTO: BTC) moved higher, with the cryptocurrency prices trading past the key $43,000 level on Tuesday.

Ethereum (CRYPTO: ETH) also recorded gains, trading above the key $2,300 mark this morning.

Pendle (CRYPTO: PENDLE) was the top gainer over the prior 24 hours, while Manta Network (CRYPTO: MANTA) turned out to be the biggest loser.

At the time of writing, the global crypto market cap rose to $1.67 trillion, recording a 24-hour gain of 2.5%. BTC was trading higher by 2.9% at $43,475 while ETH rose by around 1.9% to $2,315 on Tuesday.

Here are the top ten crypto gainers and losers over the past 24 hours:

GainersPendle (CRYPTO: PENDLE)
Price: $2.74
24-hour gain: 21.9%

Sei (CRYPTO: SEI)
Price: $0.7402
24-hour gain: 12.4%

Mina (CRYPTO: MINA)
Price: $1.20
24-hour gain: 11.2%

Sui (CRYPTO: SUI)
Price: $1.61
24-hour gain: 11%

ORDI (CRYPTO: ORDI)
Price: $62.64
24-hour gain: 10%

LosersManta Network (CRYPTO: MANTA)
Price: $3.54
24-hour drop: 5.8%

Conflux (CRYPTO: CFX)
Price: $0.2329
24-hour drop: 3.2%

IOTA (CRYPTO: IOTA)
Price: $0.2542
24-hour drop: 2.6%

Chiliz (CRYPTO: CHZ)
Price: $0.1066
24-hour drop: 1.7%

Lido DAO (CRYPTO: LDO)
Price: $3.07
24-hour drop: 1%

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Pendle Finance has unveiled support for sUSDD, the yield-bearing version of USDD, in a move that could broaden access to structured yield products for users across the TRON ecosystem and beyond.

In a post on X, Pendle described the launch of “sUSDD” as arriving on 27 August 2026 and said the market will come with $300,000 worth of exclusive USDD rewards. The announcement also noted additional $TRX airdrops for YT holders, adding another layer of incentive for users who choose to participate in the new market.

The launch brings one of TRON’s best-known ecosystem assets into Pendle’s fixed-yield and yield-trading framework. USDD, often described by supporters as Justin Sun’s preferred stablecoin, is a decentralized, over-collateralized stablecoin designed to maintain a 1:1 peg to the US dollar.

Its yield-bearing counterpart, sUSDD, is built to generate returns for holders by tapping into the protocol’s yield-sharing design. According to Pendle’s explanation, the yield on sUSDD is mainly powered by Smart Allocator, USDD’s yield-sharing initiative.

Under that system, capital from USDD’s cash reserve is deployed into investment opportunities intended to generate returns through interest and platform rewards. That means users holding sUSDD are not only exposed to the stablecoin structure itself, but also to the yield mechanics behind it.

Boosts, Fixed APY, and YT Airdrops Pendle also highlighted that USDD is available through its PSM, where users can swap USDT for USDD at a 1:1 ratio. Beyond that, USDD is backed by a basket of crypto assets that includes TRX, staked TRX or sTRX, and WBTC.

The broader backing structure is part of what Pendle is pointing to as it positions the new market as a fresh addition to its yield infrastructure. For Pendle users, sUSDD opens up three familiar routes. PT, or principal token, allows users to lock in a fixed yield on sUSDD.

YT, or yield token, gives traders a way to take a directional view on sUSDD’s future yield performance. LP participants can earn swap fees and $PENDLE rewards on top of the underlying yield.

In other words, the market is designed not just for passive holders, but also for users who want to express a view on yield itself. Pendle said the $300,000 in USDD rewards will be distributed across the market, helping boost yields across all positions.

The protocol also said the incentive structure will support an enhanced fixed APY through PT, above the native rate, which could make the market more attractive to users looking for predictability in return streams.

The added $TRX airdrops for YT users could also draw attention from traders willing to take on more variability in exchange for additional upside. Pendle said these airdrops will be distributed at key milestones and through other media interactions, suggesting that the incentives may continue to evolve after launch.

The launch is notable because TRON remains one of crypto’s oldest and most active ecosystems, while USDD is the only decentralized stablecoin natively deployed on TRON.

By bringing sUSDD to Pendle, the project is extending that ecosystem into a more advanced yield environment where users can trade, hedge, and structure exposure in ways that were not previously available. For Pendle, the integration appears to strengthen its position as a destination for yield experimentation.

For USDD, it adds another venue where the stablecoin can be used beyond simple holding or swapping. And for TRON users, the new market could offer a more flexible way to put stablecoin capital to work while tapping into both fixed and variable yield opportunities.

AUTHOR

Mushumir Butt is a seasoned crypto journalist with over three years of experience reporting on the world of blockchain and cryptocurrency. At Blockchain Reporter, he delivers insightful news, in‐depth project reviews, and precise price analysis and predictions. With a strong background in SEO and digital marketing, Mushumir excels at breaking down complex trends into clear, accessible content, ensuring readers stay ahead in the fast‐paced crypto space.

Nick Sawinyh on 16 Mar 2026

Yearn Finance launched yvUSD on January 19, 2026. It’s a V3 cross-chain, cross-asset stablecoin vault, not a simple USDC-only vault, with zero management fees, zero performance fees, and two deposit modes. At the time of writing it runs nine active yield strategies, though that number is dynamic and managed by the vault operator. If you’ve been watching the stablecoin yield space this year, those numbers alone probably caught your attention. Zero fees on a yield aggregator is unusual. Strategies spanning lending, fixed income, and points farming is ambitious. And the two-mode system (unlocked vs. locked) is a design choice I haven’t seen done quite this cleanly before.

This article breaks down how the vault actually works, where the yield comes from, what the risks look like in practice, and how it stacks up against the alternatives. I’ve tried to write the kind of analysis I’d want to read before putting real money into this thing.

What yvUSD is, mechanically At the contract level, yvUSD is a Yearn V3 Allocator Vault. That means it’s an ERC-4626 compliant smart contract that accepts USDC deposits on Ethereum mainnet, mints shares proportional to your deposit, and then deploys that capital across a portfolio of yield-generating strategies spanning multiple stablecoins and chains. Yearn’s own announcement describes it as “a cross-chain, cross-asset vault for best in class stablecoin yield.” The deposit token is USDC, but the vault’s strategies convert into sUSDS, siUSD, and other stablecoin derivatives as part of normal operation.

ERC-4626 matters here because it’s become the standard interface for tokenized vaults in DeFi. Any protocol that supports 4626 can plug into yvUSD without custom integration work. Your shares are yield-bearing ERC-20 tokens, which means they’re transferable, composable, and can be used as collateral elsewhere if a lending market accepts them.

The V3 architecture is a big upgrade from Yearn’s V2 system. In V2, strategies were locked to a single vault in a one-to-one relationship. In V3, strategies are themselves standalone ERC-4626 compliant contracts, Yearn calls them “Tokenized Strategies.” Per Yearn’s V3 docs: “strategies are now fully ERC-4626 compliant, stand-alone vaults” that “can now be connected to many different vaults simultaneously and can also be deposited into directly by an end user.” This is a meaningful architectural change: strategies can serve multiple allocator vaults, and users can deposit into individual strategies directly if they want to bypass the allocator entirely.

The practical implication: yvUSD’s current strategies are modular. They can be added, removed, or rebalanced without migrating the entire vault. The Debt Allocator contract handles capital distribution across strategies based on target allocations set by the vault manager, and an on-chain APR Oracle helps inform those allocation decisions.

Vault specs as of March 13, 2026:

Asset: USDC (Ethereum mainnet, cross-chain via Circle’s CCTP) TVL: $3.02M Fees: 0% management, 0% performance Risk score: 3/5 (Yearn’s self-assessment) Contract: 0x696d02Db93291651ED510704c9b286841d506987 (per the Yearn UI vault page; note that yvUSD may use multiple contracts across its allocator and strategy architecture, always verify the address you’re interacting with on yearn.fi directly) The unlocked/locked design This is the architectural decision that distinguishes yvUSD from a standard Yearn vault. When you deposit, you choose between two modes.

Unlocked gives you withdrawal access at any time, subject to the vault’s liquidity buffer. At the time of writing, the displayed estimated APY is around 7.14%, but this number is a trailing estimate that fluctuates based on strategy performance, incentive programs, and capital allocation. The Yearn UI may show substantially different numbers depending on the calculation window (7-day, 30-day, inception). Don’t treat any displayed APY as a fixed rate. The vault ensures it always has enough capital parked in short-duration, liquid strategies (sUSDS, basic Morpho lending) so that unlocked depositors can exit without delay.

Locked imposes a 14-day cooldown period after you signal your intent to withdraw, followed by a 5-day window during which you can actually pull your funds. In exchange, the vault can deploy your capital into longer-duration positions that pay more, things like Pendle principal tokens with fixed maturities, deeper leverage loops on Morpho, and cross-chain L2 plays.

The idea borrows from a concept that InfiniFi (one of the protocols integrated into the vault) has been developing: depositor-directed duration matching. Traditional banks take deposits and invest them into long-duration assets while hoping everyone doesn’t withdraw at once. yvUSD instead lets depositors explicitly reveal their liquidity preferences, then builds the portfolio accordingly. Locked capital funds the higher-yield, longer-duration strategies. Unlocked capital stays in liquid backstops. The vault knows exactly how much of its capital has a 14-day minimum lockup, which means it can allocate with more precision than a vault that has to assume 100% of deposits might leave tomorrow.

It’s a clean tradeoff, and worth thinking through carefully. If you’re not sure you’ll need the money in the next three weeks, locked mode is strictly better. If there’s any chance you’ll need fast access, stay unlocked and accept the lower rate.

Active strategies: where the yield comes from Everything is published on-chain, and the DeBank bundle shows live positions in real time. The vault currently runs nine strategies (this count is dynamic and managed by the vault operator). Here’s the approximate allocation as of March 13, 2026.

Morpho Yearn OG USDC Compounder (28% allocation, ~3.81% APY) This is the vault’s largest single position and its most conservative strategy. It deposits USDC into Morpho Blue’s isolated lending markets, specifically into markets curated by Yearn’s own risk team.

Morpho Blue, for those unfamiliar, is a permissionless lending primitive that launched as an evolution of Morpho’s original peer-to-peer optimization layer. Each Morpho Blue market is an isolated pair (one collateral asset, one loan asset) with immutable parameters. Risk doesn’t bleed between markets the way it can in pooled protocols like Aave. The tradeoff is that you need to pick your markets carefully, or delegate that decision to a curator.

The 3.81% APY comes from borrower interest. It’s real yield in the most traditional DeFi sense: someone is paying to borrow USDC, and you’re earning a share of that interest. Conservative, predictable, and the risk profile is well-understood after years of lending protocol history.

USD3 Pendle PT Maxi (20% allocation, ~7.99% APY) This is where the vault’s yield starts to get interesting. The strategy buys Pendle Principal Tokens (PTs) denominated in USD3 at a discount to face value and holds them to maturity.

A quick primer on how Pendle PTs work. Pendle splits a yield-bearing asset into two tokens: a Principal Token (PT) that’s redeemable 1:1 for the underlying at maturity, and a Yield Token (YT) that captures all the variable yield until that date. If you buy PT at a discount before maturity, you’ve effectively locked in a fixed yield, the spread between your purchase price and the redemption value.

So if PT-USD3 trades at $0.96 with a 6-month maturity, buying it and holding to expiration gives you roughly 8% annualized. No variable rate risk, no dependency on borrow demand staying high. The yield is encoded in the purchase price.

The risk here is duration. If the vault needs to exit this position before maturity, it has to sell the PT on the open market, potentially at a loss if rates have moved against it. This is one of the key reasons the locked/unlocked design exists. Locked capital can ride PTs to maturity. Unlocked capital stays out of these positions (or the vault maintains enough liquid buffer to cover unlocked withdrawals regardless).

Pendle has become a dominant venue for this kind of fixed-income DeFi. According to CoinMarketCap’s Pendle analysis, stablecoins now account for roughly 83% of Pendle’s TVL. The protocol also transitioned from vePENDLE to a liquid staking model (sPENDLE) on January 20, 2026, replacing multi-year lock-ups with a 14-day withdrawal period and directing up to 80% of protocol revenue to PENDLE buybacks for sPENDLE holders.

InfiniFi sIUSD Morpho Looper (19% allocation, 0% base APY) This is the most unusual position in the vault, and the one that confuses people when they look at the strategy list. It shows 0% APY. Why would the vault put 19% of its capital into something earning zero?

The answer is points farming.

InfiniFi is a DeFi protocol that replicates fractional reserve banking on-chain. Users deposit USDC, mint iUSD receipt tokens, then choose between liquid staking (siUSD) or locked positions (liUSD) with different yield profiles. Per DefiLlama, InfiniFi holds roughly $170M in TVL, and Messari reports $175M. The protocol is heading toward a token generation event (TGE) expected in early-to-mid 2026.

The vault deposits into InfiniFi, receives siUSD, then loops that position through Morpho to amplify its exposure. The 0% base APY is accurate in that no interest is being paid right now. But InfiniFi Points are accruing on the position, with enhanced multipliers for the strategies involved. Pendle’s siUSD pools are offering up to 4.5x point multipliers on YT positions.

When InfiniFi’s TGE happens, Yearn will monetize the accumulated points, likely through their signature permissionless Dutch auction system or OTC deals, and funnel the proceeds back into the vault. Your price-per-share goes up, and the retroactive APY on this strategy could end up being substantial. Or it could be modest. Nobody knows what InfiniFi tokens will be worth at launch.

This is the speculative component of the vault, and you should be clear-eyed about it. About 19% of the vault’s capital is sitting in a position that earns nothing today, betting on future token value. Yearn has historically been good at monetizing these positions (they’ve been doing it since the Curve wars era), but it’s still a bet, not a guaranteed yield stream.

USDC to sUSDS Depositor (10% allocation, ~3.82% APY) This strategy converts USDC to USDS, Sky Protocol’s stablecoin, and deposits it into the Sky Savings Rate module, receiving sUSDS in return. USDS is positioned as the successor to DAI within the Sky ecosystem (formerly MakerDAO), with a 1:1 upgrade path from DAI to USDS. Both tokens still exist; DAI has not been retired or renamed, but USDS is where Sky Protocol is directing new development and integrations.

The Sky Savings Rate is funded by Sky Protocol’s revenue, which comes from crypto collateralized loans, U.S. Treasury bill investments, and liquidity provisioning into SparkLend. As of March 2026, sUSDS yields around 4% APY. Sky Frontier Foundation’s own press release from March 6, 2026 describes sUSDS as having “+$10 Billion in supply,” making it the largest yield-generating stablecoin by market cap. (Note: this $10B figure refers to total sUSDS tokens in circulation, not to be confused with the larger DAI/USDS base stablecoin supply.)

For the vault, sUSDS serves a dual purpose. It generates reliable baseline yield (Sky Protocol’s revenue model is diversified and has operated for years under its prior MakerDAO branding), and it’s highly liquid with no withdrawal constraints. This is part of the vault’s liquidity buffer, the safe money that ensures unlocked depositors can always exit.

The risk here is mostly stablecoin peg risk: USDS could theoretically depeg from the dollar, or the conversion path USDC to USDS could involve slippage. In practice, USDS has maintained its peg reliably through years of market stress as DAI, and the conversion path is well-established.

syrupUSDC/USDC Morpho Looper (10% allocation, 0% base APY) Similar to the InfiniFi strategy, this position earns 0% in direct interest but farms points from Maple Finance’s syrupUSDC program. It’s a leveraged lending position on Morpho that amplifies exposure to Maple’s rewards program.

Maple has been rebuilding after its 2022 credit crisis, and syrupUSDC represents their new institutional lending product. The points here are a bet on Maple’s token economics and the value of being early to their relaunched ecosystem.

Same logic as the InfiniFi position: no yield today, speculative upside tomorrow. Same honest assessment: it could pay off well, or it could amount to very little.

PT siUSD March Morpho Looper (6% allocation, ~10.8% APY) This is the highest-APY strategy in the vault. It buys Pendle PT-siUSD tokens (which mature March 26, 2026) and leverages the position through Morpho to amplify the fixed yield.

The base PT yield is attractive on its own, around 9% fixed according to InfiniFi’s Pendle V2 pool data. The Morpho loop borrows against the PT position to buy more PTs, stacking the fixed yield. If the PT yield is 9% and you can borrow USDC at 4%, the spread gets amplified through leverage.

The risk here is compounded: you have PT duration risk, Morpho liquidation risk if collateral ratios move unfavorably, and the underlying InfiniFi counterparty risk, all stacked. At only 6% of the vault, this is sized as a satellite position rather than a core holding, which seems appropriate given the risk stack.

Smaller allocations (remaining ~7%) Three additional strategies round out the portfolio. The exact compositions shift as the vault rebalances, but they generally involve smaller Morpho lending positions and additional PT exposures across different maturities. They provide diversification within the strategy mix without materially changing the overall risk profile.

Where the APY numbers actually come from Here’s the honest version of what to expect.

Sustainable baseline (unlocked): roughly 6-8% APY, estimated. This range is derived from the combination of Morpho lending (~3.8%), Pendle PT strategies (~8-10%), and sUSDS (~3.8%), blended across the portfolio. Even if every points program goes to zero, this baseline should hold because it’s driven by real borrow demand, fixed-income instruments, and protocol revenue. It already beats Aave’s 3-5% and Morpho direct lending’s 4-8% after their respective fee structures. But this is an estimate based on current allocations. It is not a guaranteed rate, and it will shift as strategies are rebalanced and market conditions change.

Points premium: highly variable. The InfiniFi and syrupUSDC strategies (about 29% of the vault combined) are currently earning zero direct yield. Their eventual contribution depends entirely on token launch valuations and Yearn’s monetization execution. In a good scenario, this could add several percentage points to the annualized return. In a disappointing scenario, it might add very little.

The 54.4% 30-day APY on the vault page is misleading. It includes temporary launch incentives and early points monetization events that won’t recur. If you’re making a deposit decision based on that number, recalibrate. Plan around 6-8% and treat anything above that as a bonus.

How Yearn monetizes points (and why it matters that you don’t have to) This is one of the smartest parts of the design, and it’s worth understanding.

When you deposit into yvUSD, all points and reward tokens accrue to the vault’s contract address, not to your wallet. You never claim anything. You never pay gas to harvest. You never have to research which airdrop campaigns are running or track eligibility criteria.

When a points program converts to tokens (at TGE or during a liquidity event), Yearn’s system handles monetization. They typically use one of two mechanisms: OTC deals with market makers who want early token access, or their permissionless Dutch auction system where tokens are sold on-chain in a declining-price auction until clearing.

The proceeds flow back into the vault as additional USDC. Your share of that USDC shows up as an increase in the vault’s price-per-share (PPS). From your perspective, your yvUSD tokens are simply worth more when you redeem them.

The tradeoff is real, though. If InfiniFi’s token launches and immediately does a 50x, you don’t capture that upside, because Yearn sold the tokens at whatever price cleared the auction. You traded potential token moonshot exposure for guaranteed passivity. For most people holding stablecoins, that’s the right tradeoff. But if you’re the type who wants to hold and time individual airdrops, yvUSD isn’t designed for you.

Risk analysis Yearn rates yvUSD at 3/5 on their internal risk scale. That’s an honest number, not a conservative one. Here’s what’s driving it.

Smart contract risk: medium-high Multiple strategies (nine at the time of writing, subject to change) means a large set of smart contracts interacting with the vault. Each strategy interfaces with at least one external protocol (Morpho, Pendle, InfiniFi, Sky). The total smart contract surface area is large. Yearn’s V3 codebase has been audited and has processed hundreds of millions in TVL across other vaults, but the specific strategies in yvUSD are newer and less battle-tested.

A bug in any single strategy could result in losses to the portion of capital deployed there. Yearn’s architecture does provide some containment, since strategies can be revoked and capital recalled if issues are detected, but forced revocation during an exploit can still crystallize losses.

Leverage risk: present The Morpho looper strategies (InfiniFi looper, syrupUSDC looper, PT siUSD looper) use leverage. They borrow against their positions to amplify exposure. In normal markets, this amplifies yield. In stressed markets, it amplifies losses and can trigger liquidation.

Morpho’s isolated market design means a liquidation in one market doesn’t cascade into others, which is meaningfully better than pooled alternatives. But if a borrowed position hits its LLTV (Liquidation Loan-to-Value) threshold at oracle prices, the collateral gets sold. For looped positions, this can unwind rapidly.

Duration risk: present (especially in locked mode) Pendle PT strategies have fixed maturities. The USD3 Maxi position and the PT siUSD looper are both committed to specific expiry dates. If conditions change and the vault needs to exit early, it has to sell at market prices, which may be unfavorable.

The locked/unlocked design mitigates this significantly. Locked capital is deployed into duration-sensitive strategies with the explicit understanding that it won’t be withdrawn for at least 14 days. Unlocked capital avoids these positions. But if a large amount of unlocked capital tries to exit simultaneously and the liquid buffer is insufficient, there could be withdrawal delays.

Counterparty risk: moderate The vault depends on InfiniFi, Sky Protocol, Pendle, and Morpho functioning correctly. Each of these is a separate protocol with its own governance, codebase, and risk profile.

InfiniFi, in particular, is the youngest and least proven of the group. It has roughly $170M TVL per DefiLlama and a pre-TGE token, meaning its incentive structures are still evolving. Sky Protocol (the rebranded MakerDAO ecosystem) is at the opposite end of the spectrum, one of the most established DeFi protocols in existence.

Bridge risk: low Cross-chain activity uses Circle’s CCTP (Cross-Chain Transfer Protocol), which burns and mints native USDC rather than relying on wrapped tokens or bridges with independent validator sets. CCTP is widely regarded as the safest cross-chain mechanism for stablecoins, since it leverages Circle’s own attestation network. The risk isn’t zero (Circle is a centralized entity), but it’s meaningfully lower than most bridge alternatives.

Competitive landscape   Aave V3 Morpho direct yvUSD (unlocked) yvUSD (locked) Expected APY 3-5% 4-8% 6-8% sustainable Higher (not disclosed) Fees Variable Curator-dependent 0% / 0% 0% / 0% Withdrawal Instant Instant Instant (with buffer) 14-day cooldown Smart contract risk Very low Low-medium Medium-high Medium-high Leverage exposure None None Yes (partial) Yes (more) Effort required None Low None None Points/airdrop exposure None Possible (via curator) Yes (passive) Yes (passive) Aave remains the obvious choice if you want the simplest, most proven option. Five years of operation, enormous TVL, instant withdrawals. The yield reflects that safety, you’re paying for simplicity with lower returns. Currently around 3-5% on USDC after the protocol’s fee cut.

Morpho direct lending (via curated MetaMorpho vaults) gives you 4-8% with more granular risk selection. You choose which vault, which curator, which risk profile. The recent Telegram integration and institutional partnerships suggest Morpho’s distribution is expanding, which should sustain borrow demand. But you’re trusting a curator’s allocation decisions, and the newer isolated markets have a shorter track record.

yvUSD sits at the higher end of both yield and complexity. The 6-8% sustainable baseline comes from combining multiple yield sources that individually would be accessible but tedious to manage. The zero-fee structure means every basis point of yield goes to depositors, which is rare for an aggregator. Yearn’s V2 vaults charged 2% management and 20% performance fees. The V3 yvUSD vault charges nothing.

The competitive question is whether the additional 2-4% yield over Aave justifies the additional risk surface. For someone sitting on stablecoins they don’t need for three months, I think the answer is probably yes, especially in unlocked mode where you retain withdrawal flexibility. For someone who can’t tolerate any smart contract risk beyond the most battle-tested protocols, Aave is still the right call.

Projected returns on $100K Assuming daily compounding:

Timeframe Conservative 7% APY Boosted ~40% APY (temporary) 1 month ~$583 ~$3,300 3 months ~$1,750 ~$10,000 6 months ~$3,500 ~$20,000 12 months ~$7,000 N/A (won’t persist) The 7% column is your planning number. The boosted column is useful for understanding what the first few weeks or months might look like while incentive programs are active, but don’t build a financial plan around it.

Getting started Navigate to yearn.fi/v3/1/0x696d02Db93291651ED510704c9b286841d506987 Connect your wallet Choose unlocked or locked mode Deposit USDC and receive yvUSD shares There is no step 5. No claiming, no harvesting, no rebalancing. Your PPS increases as the vault accrues yield. To monitor positions: DeBank transparency bundle

What’s next: yvBTC Yearn has signaled that yvBTC is coming, following the same zero-fee, cross-chain, delta-neutral philosophy applied to Bitcoin. If yvUSD proves the model works for stablecoins, yvBTC would extend it to the most held crypto asset. Worth watching, though no timeline has been confirmed.

Where I land yvUSD is a well-designed product for a specific user: someone holding USDC who wants more than money-market rates, doesn’t want to actively manage positions across five different protocols, and is comfortable with a 3/5 risk profile in exchange for 6-8% passive yield.

The zero-fee structure is the detail that moves it from “interesting” to “worth seriously considering.” In most yield aggregators, fees eat 20% or more of your returns. Here, every basis point goes to depositors. That’s a meaningful edge over time.

The risk is real. Multiple strategies, leverage in the mix, points bets on pre-TGE tokens, duration exposure in Pendle PTs. None of this is Aave-simple, and the vault page doesn’t hide that (the 3/5 self-rating is refreshingly honest). But the risks are transparent, verifiable on-chain, and sized proportionally within the portfolio. The conservative core (Morpho lending + sUSDS) accounts for nearly 40% of the vault. The speculative tail (points farming) accounts for about 29%. The fixed-income middle (Pendle PTs) fills the rest.

If you’re comfortable with that structure, deposit what you can afford to have illiquid for a couple of weeks in the worst case. Start with unlocked mode if you’re cautious. And check the DeBank bundle periodically to verify the vault’s positions match what’s described here, because in DeFi, the ability to verify is the whole point.

This article is for informational purposes only and does not constitute financial advice. Always conduct your own research and understand the risks before making any investment decisions.

Danske Bank: Federal Reserve may raise interest rates at least twice

Danske Bank senior analyst Kirstine Kundby-Nielsen and chief analyst Jens Peter Sorensen stated in a report that they expect the U.S. Federal Reserve to raise interest rates twice, in December 2026 and March 2027 respectively, bringing the federal funds rate to 4.00%-4.25%. "However, we emphasize there is a risk that rate hikes could come earlier and that the number of hikes may exceed two," they said. The first Federal Reserve meeting led by Kevin Warsh sent a clear signal that the Fed is increasingly moving away from forward guidance surrounding future monetary policy decisions. "All signs indicate that (the Fed) is leaning toward having greater discretion in future policy decisions," the Danske Bank analysts added. Source: Jin10

2 minutes ago

SK Hynix's stock price rise widened to 15.4%, while Samsung Electronics gained 6.3%.

According to Bitget data, SK Hynix’s stock price gain has widened to 15.4%, with Samsung Electronics up 6.3%.

2 minutes ago

The entire cryptocurrency market is down across the board; funding rates indicate BTC remains in bearish territory, while ETH’s bullish sentiment is significantly stronger than BTC’s.

According to HTX market data, Bitcoin is currently trading at $61,684.51, down 1.88% in the past 24 hours; Ethereum is at $1,647.36, down 1.48% over the same period. Current funding rates on major centralized exchanges (CEXs) show a clear divergence between BTC and ETH: BTC rates across all platforms have fallen back into bearish territory, while ETH rates on most platforms remain above the neutral range, indicating significantly stronger bullish sentiment for ETH than BTC. BlockBeats Note: Funding rates are fees set by cryptocurrency trading platforms to maintain the balance between contract prices and underlying asset prices, typically applicable to perpetual contracts. They serve as a fund exchange mechanism between long and short traders; platforms do not collect these fees, instead using them to adjust the cost or return of traders holding contracts, so that contract prices stay close to the underlying asset prices. A funding rate of 0.01% is the benchmark. A rate above 0.01% indicates broad bullish market sentiment, while a rate below 0.005% signals widespread bearish sentiment.

2 minutes ago

South Korea's KOSPI index climbs back above the 9,000 mark, up 6.25% on the day.

According to Bitget data, South Korea’s KOSPI index has returned to the 9,000 level, gaining 6.25% on the day.

2 minutes ago

Silver plunged 6% intraday, breaching the defense of long positions, as a smart money entity reaped $2.16 million in shorting profits.

According to Hyperinsight’s monitoring, the Silver (SILVER) contract on Hyperliquid is currently priced at $56.78, down 6.34% over 24 hours, with a trading volume of $263 million, ranking first in the precious metals sector. Driven by gold prices falling below $4,000 and safe-haven funds flowing back into chip stocks, short sellers have reaped significant profits. Notably, smart money address 0x49e has been shorting Silver on 3x leverage since April 29 at a high of $78.79, holding a position worth $5.77 million, and has already booked a precise profit of $2.16 million (+81%). On-chain Silver whales are overall bearish: the nominal position size of short sellers is approximately 1.5 times that of long positions. The average entry price for short positions is around $65.05, and the current price is 12.7% lower than this level. Long positions are overall trapped, with an average entry price of about $59.75, roughly 5% above the current price. Current short sellers have sufficient safety margins: the nearest short liquidation line stands at $77.18, some 36% above the current price, meaning short sellers face almost no liquidation pressure. Address: 0xe9ffe7698f46f96f980f2877e18c43f5b4165903-HyperInsight Bot is now live. Add @HyperInsightBot to your TG group and set it as an admin (enable message sending permission) to automatically sync on-chain updates.

2 minutes ago

China's Supreme People's Procuratorate announced a major drug-related money laundering case: Li Moubo laundered over 48 million yuan via virtual currency and was sentenced to death after combined punishment for multiple crimes.

On June 25, China’s Supreme People’s Procuratorate (SPP) held a press conference. Miao Shengming, SPP’s deputy procurator-general, stated that procuratorial organs are thoroughly investigating both self-money laundering and third-party money laundering crimes, and vigorously promoting the recovery of drug-related assets to ensure full coverage in the investigation and punishment of drug-related money laundering offenses. From January 2025 to May 2026, procuratorial bodies nationwide prosecuted more than 1,200 individuals for drug-related money laundering crimes. A notable example is the major cross-border case of drug smuggling, trafficking, transportation and money laundering involving Li Moubo and others, which was supervised by the SPP and handled by Chongqing’s procuratorial organs. Li laundered over 48 million yuan via virtual currency and was sentenced to death after receiving combined punishment for multiple crimes in accordance with the law. (Xinhua News Agency)

2 minutes ago

PANews reported on May 28th that, according to SoSoValue data, the cryptocurrency market declined across the board after several days of consolidation. The RWA sector led the decline with a 6.57% drop in the past 24 hours. Within the sector, Keeta (KTA) and Pendle (PENDLE) fell by 11.88% and 13.36% respectively. Meanwhile, Bitcoin (BTC) fell 2.13%, breaking below $75,000; Ethereum (ETH) fell 2.61%, dropping to around $2,000.

In other sectors, the PayFi sector fell 0.86% in the last 24 hours, with Stellar (XLM) bucking the trend and rising 17.04%; the CeFi sector fell 1.54%, with NEXO (NEXO) remaining relatively strong, rising 0.73%; the Meme sector fell 1.87%, with SPX6900 (SPX) falling 5.87%; the Layer 1 sector fell 2.27%, with Zcash (ZEC) falling 6.47%; the Layer 2 sector fell 2.98%, with Celestia (TIA) falling 6.04%; and the DeFi sector fell 3.29%, with Ondo Finance (ONDO) falling 7.45%.

TRX: Fixed Yield, YT Trading, LP Incentives: sUSDD Unlocks More Opportunities on Pendle

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.

Explore the market at app.pendle

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.

PANews reported on June 8th that the decentralized stablecoin USDD officially announced the launch of the PT-sUSDD/USDT and PT-sUSDD/USDC markets on Morpho. Users can exchange USDT for PT-sUSDD on Pendle and then borrow USDT or USDC on Morpho by pledging PT-sUSDD.

This strategy is supported by Gauntlet. Currently, the relevant Vaults have low borrowing rates. Combined with the annualized return of PT-sUSDD, there is room for leverage operations. Theoretically, 10 revolving loans can yield an annualized return of nearly 30%. Users can participate according to their own risk preferences.