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Stock longs on Base use Aave loans, while PendleLoop fees on non-PT positions are waived through Dec. 31.

Stock longs on Base use Aave loans, while PendleLoop fees on non-PT positions are waived through Dec. 31.

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Pendle announced a live market for Centrifuge’s $deJAAA on October 21, 2026, with maturity on November 26, 2026. The market offers fixed-rate and floating-yield trades on a token linked to the Janus Henderson Anemoy AAA CLO Fund. Pendle’s announcement cited more than $30B in Janus Henderson’s AAA CLO strategy. That figure covers the manager’s strategy, not the deposits in this pool.

The market is on Base. Its contract, 0x6c23193128f7907a3570234a6f6f1c2932f1e84b, returned the name “PLP JAAA deRWA 26NOV2026” in a direct RPC reading at Base block 52894248. The reading confirms deployed code and the pool token’s identity. This deployment check does not audit the contracts or verify the fund’s offchain assets.

The note behind the market Centrifuge’s product page describes $deJAAA as a debt product linked to the tokenized fund. It names Open Market Factory Limited as the issuer and classifies the asset as tokenized notes. Pendle’s description names Anemoy Capital SPC Limited as the issuer of the underlying fund, Janus Henderson Investors as its active manager, and Centrifuge as the tokenization provider. The note and the fund occupy different parts of the investment structure.

The fund holds AAA-rated tranches of collateralized loan obligations, backed by pools of senior secured corporate loans. Pendle’s market description says the senior tranche receives payment first and absorbs losses last. Income is floating-rate and accumulates through an increasing net asset value instead of cash distributions. A holder receives that accrued income through the token’s conversion into $USDC.

Centrifuge lists an accreting price mechanism and a minimum investment of 10,000 USD. Its eligibility field specifies non-US persons and entities. These are the published terms on the issuer’s product interface, and the token’s availability on a decentralized exchange does not remove them. The same page describes liquidity as daily through the vault, with trading available around the clock on DEXes.

Centrifuge identifies Chronicle as the oracle provider and Fordefi as wallet infrastructure. Its contract descriptions label the $USDC vault as both the investment and redemption contract and the token’s price oracle. These components handle the operations beneath a holder’s Pendle position, separate from the market that prices principal and yield.

What principal and yield buyers receive Pendle’s protocol documentation describes how it splits a position. A yield-bearing token is wrapped into standardized yield, or SY, then split into principal tokens and yield tokens. PT represents the principal side; YT carries the income side. The new market applies that structure to the existing $deJAAA instrument. It does not issue a new portfolio of loans.

The market page denominates its principal claim in $USDC. It states that a PT represents 1 USDC on Centrifuge at maturity, while a YT receives the yield of 1 USDC on Centrifuge until maturity. The accreting note’s conversion value changes as income accrues. The principal token has a specified maturity claim, giving a buyer a different position from holding the note itself.

According to Pendle’s yield mechanics guide, the fixed return comes from buying PT below its redemption value. The purchase discount becomes the holder’s yield at maturity. A buyer can choose this maturity-dated principal position instead of continuing to hold the full floating-income exposure. The underlying credit still supplies the investment’s cash flows.

An early sale uses the market price. Pendle’s guide says supply and demand can make the realized return higher or lower than the fixed APY shown at entry, including a loss in extreme cases. A holder who sells a principal token before maturity takes the rate buyers will accept when the position is closed, instead of holding it through to its maturity claim.

The YT buyer takes the income exposure. Pendle describes profit as coming from a rise in the token’s resale price or from collected yield exceeding the acquisition cost. In this market, that income originates in a floating-rate CLO strategy. The buyer’s return depends on the price paid for the income and what accrues before the November maturity. Janus Henderson’s overall strategy size is not a measure of that return.

Pendle’s token cheatsheet says YT income is claimable in real time and the token’s price falls to zero at maturity. The yield token gives its holder a finite income window, unlike an ongoing holding of the accreting note. The same documentation says a holder can sell YT at the prevailing market price without a lock or exit penalty.

The pool page also links its deposit and withdrawal routes to Centrifuge’s vault. Pendle says its router chooses between native minting and DEX swaps for entry, and between native withdrawal and DEX swaps for exit. The interface shows a routed swap and a direct vault redemption as separate execution paths.

Liquidity provision adds another position. Pendle’s documentation lists underlying yield, the PT component’s fixed yield, swap fees, and $PENDLE incentives as sources of LP returns. The displayed LP return combines these revenue streams. It measures a different return from the underlying fund’s income or the fixed return on a principal token.

Existing distribution, new rate market Centrifuge had already introduced the transferable token to EVM trading venues. The Pendle listing adds a venue for separating and pricing its income. Pendle also distinguishes permissionless contract creation from inclusion in its official interface, where markets undergo a review process. Readers can check this listing through the public pool page and deployed contract, independently of the interview promoted alongside the announcement.

Pendle’s announcement mentions using composable positions as collateral, but it identifies no lending market accepting this specific PT and publishes no collateral parameters for it. The live market matures on November 26, 2026.

Pendle’s newest stablecoin product needed about a day to cross the $15 million mark. The Pendle Ecosystem High Yield USDC vault on Morpho launched on October 14, 2026, and held approximately $15.76 million in deposits by October 15.

The vault advertises a net APY of 8.31% on USDC, a dollar-pegged stablecoin.

What the vault actually does
Depositors hand over USDC. The vault then lends it to borrowers on Morpho who post Pendle Principal Tokens, known as PTs, as collateral.

The vault runs on Ethereum. Its purpose is to supply liquidity across Pendle’s ecosystem while giving depositors a return. That return comes from two sources: interest paid by borrowers and incentives paid in PENDLE tokens.

The 8.31% net APY includes 1.76% in PENDLE rewards. It is calculated after a 10% performance fee on earnings.

How it differs from the original
This is not Pendle’s first USDC vault on Morpho. The existing Pendle Ecosystem USDC vault grew to more than $60 million in deposits by mid-September 2026.

Instead of mirroring the original, the new vault allocates to a wider set of higher-yield PT collateral markets on Morpho. Named examples include PT-reUSD, PT-USD3, and PT-USDat.

Roughly 98.6% of the vault’s TVL sits in the PT-reUSD market, with about $15.54 million lent there.

Roughly 94% of deposited funds are currently withdrawable.

Who is running the show
The vault is co-curated by Pendle and Armitage, the vault curation arm of trading firm Wintermute. On Morpho, curators decide which markets a vault lends into and how much risk it takes on.

The vault includes a 7-day timelock on new user adapters. If curators want to change certain settings, the change cannot happen instantly. Depositors get a week to see it coming and decide whether to stay.

What this means for depositors and DeFi
The 8.31% figure blends lending interest with PENDLE incentives, and part of the return depends on a token whose price can move.

With roughly 98.6% of TVL in one market, the vault’s performance and risk are closely tied to the PT-reUSD collateral type. If the curators begin allocating more to PT-USD3, PT-USDat, or other markets, the risk profile would shift accordingly.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.

Pendle Finance has a new fixed-yield market, and the collateral is not another wrapped staking token. It is Brazilian credit card debt.

The product, called Senior nOPAL (srnOPAL), shows an annual percentage yield of 11.59% on Pendle. That figure comes from short-term receivables tied to card payments in Brazil.

What srnOPAL actually is srnOPAL is the senior tranche of nOPAL, a tokenized vault. Senior holders eat first. Junior holders get whatever is left, but they are paid more for standing at the back.

In this setup, junior capital provides first-loss coverage. If some receivables go bad, the junior layer absorbs those losses before senior holders feel anything. The minimum coverage is set at approximately 15% of the total investment.

The market went live on September 15, 2026, and matures on January 7, 2027. Pendle’s model lets users lock in a rate until that maturity date, which is why the yield is described as fixed rather than floating.

The base yield on the underlying asset is projected to land between 11% and 12%. The nOPAL token itself targets roughly 11.5%, denominated in US dollars and hedged against foreign exchange swings. That hedge matters, since the receivables originate in Brazil.

The new market also comes with various partner rewards layered on top. Those incentives are part of the pitch, though the 11.59% figure is the headline number on the Pendle app.

Where the yield comes from nOPAL is issued by BlackOpal Finance and runs through the Plume Network. The underlying assets are Brazilian credit card receivables settled via Visa and Mastercard.

When a Brazilian merchant makes a card sale, it may wait for settlement. BlackOpal buys those receivables at a discount, giving the merchant cash immediately. The gap between the discounted purchase price and the eventual settlement is the yield.

BlackOpal says it has recorded zero defaults over more than 25 years and maintained a 0% default rate since inception. The firm also has over $200 million in institutional backing behind it.

A sequel, not a debut srnOPAL extends an earlier nOPAL market on Pendle, which matured in mid-September 2026. The new version rolls things forward with the January 2027 maturity date.

The launch also fits a wider pattern. Platforms including Exponent and Strata Markets have seen activity around similar products, all built on the same idea: slice risk into layers so investors can pick their seat.

Pendle has leaned hard into real-world asset (RWA) markets. Its RWA offerings have collectively crossed $1 billion in total value locked (TVL), meaning more than $1 billion in user funds sits in these tokenized products.

What this means for investors and DeFi The obvious draw is a double-digit fixed rate that does not depend on crypto prices. The senior-junior split lets conservative capital sit behind a loss buffer, while risk-tolerant capital chases higher returns in the junior slot.

The risks are not crypto risks. They are credit risks, emerging-market risks and counterparty risks. If Brazilian consumers or merchants run into trouble, the approximately 15% junior cushion is what stands between losses and senior holders.

There is also the question of how much investors can actually verify. On-chain tokens are transparent. The Brazilian receivables underneath them live off-chain, which means trust in BlackOpal’s underwriting and reporting carries real weight.

The FX hedge reduces one variable but does not remove all of them. Hedges cost money and depend on counterparties, so the USD-denominated yield rests on that arrangement holding up.

For traders, the January 7, 2027 maturity creates a defined window. Short-dated fixed-rate products like this open room for strategies built around locking a rate and holding to term, rather than speculating on price.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.

Fixed income just got a DeFi makeover. Pendle Finance launched a fixed-yield market for USDG, the Paxos-issued stablecoin, on Robinhood Chain on September 30, 2026, targeting a March 2027 maturity date. Users can now lock in a predetermined return on a T-bill-backed asset, rather than riding the variable rate wave that comes with traditional lending vaults.

Before this, Robinhood Earn offered yield on USDG through Morpho lending vaults at roughly 7% APY, a figure that moves up and down with market conditions. The new Pendle integration lets users sidestep that uncertainty entirely.

What Pendle actually does here Pendle’s core mechanic is yield tokenization: it splits a yield-bearing asset into two separate tokens, one representing the principal and one representing the future yield. By purchasing the yield token upfront, users effectively lock in a fixed return through March 2027. The rate is determined at the time of purchase based on market pricing, so what you see is what you get, regardless of where T-bill yields drift between now and maturity.

USDG itself is issued by Paxos, regulated in both Singapore and Europe, and backed 1:1 by USD reserves that include short-term US Treasury securities. The stablecoin’s yield is derived directly from those T-bill returns.

Pendle’s deployment on Robinhood Chain began on September 4, 2026, roughly two months after Robinhood Chain itself went live on July 1, 2026. The USDG market, launched at the end of September, represents the protocol’s first fully fixed-yield offering within that ecosystem.

The Global Dollar Network context USDG is not a standalone stablecoin. It sits inside the Global Dollar Network, a consortium that includes Robinhood, Kraken, and several other significant players. The network operates on a revenue-sharing model, distributing a portion of the yield generated by USDG’s reserve assets back to member partners. That structure gives participants a direct financial incentive to promote and integrate USDG across their platforms.

Pendle’s role in that competition is to add a fixed-income layer that neither Robinhood Earn nor Morpho vaults can offer on their own.

Why this matters for DeFi’s institutional ambitions A fixed-yield product on a regulated, T-bill-backed stablecoin distributed through a platform like Robinhood addresses several objections at once. The underlying asset is regulated. The yield source is transparent and tied to US government debt. The maturity date is defined.

The March 2027 maturity gives the market a roughly six-month runway from launch. Whether subsequent maturities get launched, and at what rates, will be an early indicator of how much demand this product structure actually generates on Robinhood Chain.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.

Pendle just opened a new market that lets DeFi users trade fixed and variable yield on tokenized private infrastructure assets. The product, built around the NGI+ token, essentially brings the kind of cash-flow-generating investments that pension funds and endowments hoard into the world of onchain finance.

The NGI+ market went live on September 17-18 with a maturity date of December 10, 2026, and an initial fixed yield of approximately 19% for principal token holders.

How the mechanics work Users can split the NGI+ token into a principal token (PT) and a yield token (YT). Buy the PT, and you’re locking in a fixed return, similar to buying a bond and holding it to maturity. Buy the YT, and you’re making a bet on variable yield exposure, essentially speculating on whether the underlying infrastructure assets will outperform the fixed rate.

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The underlying NGI+ token, backed by AssetoFinance, tracks the performance of a Partners Group infrastructure strategy called Next Generation Infrastructure. Partners Group manages approximately $186 billion in assets, and the relevant infrastructure strategy fund exceeds $1 billion in assets under management.

The performance case Since its inception in February 2024, the fund has delivered a cumulative net return of 48.8%, with volatility below 2.5% and no reported drawdowns.

By mid-September 2026, the total onchain value of the NGI+ token sat at about $4.17 million. The NGI+ token was first launched on July 7, 2026, and Pendle’s market now adds a layer of liquidity and composability on top of it.

Why this matters for the broader market Pendle co-founder TN Lee described the NGI+ integration as a significant step toward merging institutional-grade private infrastructure with blockchain technology.

The tokenized real-world asset market has now surpassed $300 billion. Treasury tokenization led the first wave. Private credit followed. Private infrastructure is the logical next frontier, because these assets generate steady, long-duration cash flows that map neatly onto bond-like structures.

For retail investors, locking in a fixed yield near 19% on an asset backed by institutional infrastructure, with the option to exit through secondary market liquidity, is a product that simply didn’t exist in DeFi a year ago. The risk trade-offs include smart contract risk, tokenization counterparty risk through AssetoFinance, and the general illiquidity premium embedded in private assets.

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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Pendle, the DeFi protocol that made its name letting people trade future yield like a commodity, just added something that would have sounded absurd two years ago: private infrastructure equity.

Through an integration with NGI+, a tokenized infrastructure product built by Asseto, Pendle users can now deposit the yield-bearing token and split it into two tradable components. One locks in a fixed return. The other captures the variable upside.

How the mechanics actually work
Pendle’s core model has always followed the same playbook. You take a yield-bearing asset, run it through the protocol’s SY wrapper mechanism, and out come two tokens: a Principal Token (PT) and a Yield Token (YT).

The PT trades at a discount to the underlying asset and can be redeemed at face value when it matures. That discount is effectively your fixed return, baked in at the moment of purchase.

The YT, meanwhile, captures whatever variable yield the underlying asset generates until expiry. If the infrastructure fund performs well, YT holders ride that wave. If returns dip, they absorb the downside.

This separation is not new for Pendle. The protocol has been running this model since 2023, primarily with staked ETH and stablecoins. What is new is the asset class sitting underneath the wrapper: private infrastructure equity linked to Partners Group’s Next Generation Infrastructure strategy.

That strategy focuses on direct and secondary infrastructure investments across areas like digitization and decarbonization.

The asset behind the token
NGI+ officially launched on July 7, 2026, and by mid-September it held approximately $4.17 million in total value.

The underlying Partners Group strategy has delivered a cumulative net return of 48.8% since its inception in February 2024. It has maintained volatility below 2.5% with no reported drawdowns.

Over the most recent 30-day window, NGI+ showed a minor decline of about 0.04%.

Asseto, the firm behind NGI+, handles the full on-chain lifecycle for the token, including legal compliance and audits. The open-ended fund structure means investors are not locked into fixed terms the way they would be with a conventional infrastructure fund allocation.

Why Pendle is chasing real-world assets
Pendle’s 2026 strategy has increasingly emphasized tokenized credit and institutional-grade assets. The NGI+ integration fits squarely within that pivot.

For the first few years of its existence, Pendle was mostly a playground for DeFi-native users looking to speculate on or hedge staking yields. By layering real-world asset yields into the same trading infrastructure, the protocol is making a bet that the next wave of DeFi growth comes from traditional finance crossover.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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.

South Korea's NH Investment & Securities maintained a "Buy" rating on SK Hynix, but cut its target price from 4.1 million won to 3.4 million won. Citing the HBM4 shipment timeline and faster-than-expected adoption of long-term agreements (LTAs), the firm took a cautious stance and slightly lowered its 2027-2028 earnings forecasts. Even so, the focus remains on the sustainable supply-demand and profit levels brought by LTA implementation, rather than industry downturn cycles. Currently, the market still has high skepticism about the effectiveness of LTAs, so more time is needed for validation. Once the LTA's effectiveness is confirmed by the market, it is expected to drive a re-rating of the company's valuation. Meanwhile, although the company's cash generation capacity has improved significantly, the lack of a clear shareholder return framework remains disappointing. If the company clarifies its capital allocation guidelines, this will serve as a key catalyst for stock price gains. Given the company's still-solid fundamentals, the recent stock pullback has been excessive. SK Hynix reported 79.3 trillion won in sales for Q2 2026, up 256.8% year-over-year (YoY) and 50.9% quarter-over-quarter (QoQ); operating profit stood at 60.5 trillion won, surging 557.2% YoY and 61.0% QoQ. The company's results slightly missed market expectations due to product mix adjustments and the initial implementation of LTAs. Looking ahead to Q3 2026, with HBM4 shipments accelerating, bit growth for DRAM and NAND is projected to rise 10.0% and 1.3% QoQ respectively, while combined average selling prices (ASPs) are expected to increase 16.5% and 7.0% QoQ. SK Hynix is forecast to post an operating profit of 76.2 trillion won in Q3 2026, up 569.6% YoY and 25.9% QoQ.

3 minutes ago

SK Hynix exited a new $120 million position, with long funding rates rising 37.5% month-over-month.

According to Hyperinsight monitoring, SKHX is currently trading at $921.3, down around 8% intraday, with a 24-hour trading volume of approximately $1.523 billion. Despite the price continuing to decline, capital has not exited; instead, the value of open interest (OI) has risen to about $571 million. Yesterday, SKHX’s OI increased from $443 million to $564 million, a daily rise of roughly $120 million, marking a 27.2% growth. After the price dropped further today, open interest continues to expand, and long position crowding has risen simultaneously. SKHX’s current funding rate is approximately +0.0431% per hour, with a 24-hour cumulative rate of around +0.3948%, a 37.5% sequential increase from the prior 24 hours, further pushing up the cost of long positions. Among whales holding over $1 million in positions, the long-short ratio stands at about 1.24:1, with long positions outpacing short positions by roughly $282 million, meaning both the number and value of positions lean toward longs. However, the closer to top addresses, the weaker the willingness to buy the dip. The overall long-short ratio of all holding addresses is around 4.02:1, but among the top 10 addresses with the largest positions, only 3 are long and 7 are short, bringing the long-short ratio down to 0.43. The top 10 addresses hold a total of about $172 million in positions, accounting for 30.5% of total OI. Currently, SKHX’s dip-buying power is mainly concentrated in long-tail funds.

3 minutes ago

Goldman Sachs: Market deleveraging is nearing its end, though risks have not yet been fully cleared, it advises proactive buying of protection.

Goldman Sachs’ trading team noted that US equities have recently experienced sharp momentum pullbacks and position liquidation, with the deleveraging process likely in its late stages, though substantive risk reduction has not yet been completed. Global total leverage remains at the 93rd percentile of the past five years, and events such as geopolitical tensions, Federal Reserve policy, and earnings season may continue to keep market volatility high. Goldman Sachs expects US stocks’ upside in August will be constrained by seasonal fund outflows, insufficient institutional risk appetite, and dealer positive Gamma positions, with the market likely to trade in a range in the short term. If the market continues to decline, systematic strategies like CTAs may ramp up selling pressure; the estimated sell size in a downside scenario over the next week is $24.9 billion, far exceeding the ~$2.3 billion buy size in an upside scenario. Corporate buybacks will serve as the most stable buying support in the near term. Currently, about 31% of S&P 500 constituents are in their buyback open windows, a proportion projected to exceed 90% by mid-August. However, as individual stock-index correlation rises, the extreme risk of synchronized market sell-offs is increasing. Goldman Sachs advises investors to proactively purchase protective positions, including going long on market correlation, buying three-month put options on the Russell 2000 ETF, and allocating short-term option protection for retail-favored stocks. Current hedging costs remain reasonable, making them suitable for hedging further market downside risks.

3 minutes ago

Coinbase to list Brent Crude and WTI Crude perpetual contracts

According to an official announcement, Coinbase will launch Brent crude oil and WTI crude oil perpetual contracts. Trading for the BRENTOIL-PERP and WTIOIL-PERP perpetual contract markets will open at or after 17:00 Beijing Time on August 3.

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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