ペンドル：深刻に過小評価されているDefiの新たなリーダー

Introduction

Pendle aims to provide a "Yield to Maturity" trading market for "yield-generating tokens". Pendle introduces the concept of "separation of principal and interest" in the traditional financial market into the Defi field, dividing tokens that can generate income into principal tokens and income tokens, while providing trading liquidity for these two tokens.

Users can maximize asset utilization and achieve multiple benefits through Pendle, bringing new possibilities to the DeFi market.

Basic project information

Project team

Core team

TN Lee: Founder, formerly a founding team member and business leader of Kyber Network, established Dana Labs in 2019, mainly to make FPGA customized semiconductors.

Vu Nguyen: Co-founder, once served as CTO at Digix DAO, specializing in RWA projects for tokenization of physical assets. He co-founded Pendle with TN Lee.

Long Vuong Hoang: Engineering Supervisor, received a bachelor's degree in computer science from the National University of Singapore. Joined Jump Trading as a software engineering intern in May 2021, joined Pendle as a smart contract engineer in January 2021, and was promoted in December 2022. Position as engineering supervisor.

Ken Chia: Director of Institutional Relations, received a bachelor's degree from Monash University. He once worked as an investment banking intern at CIMB, Malaysia's second largest bank, and then worked as an asset planning expert in a private investment bank at JPMorgan Chase. He entered Web3 in 2018 and worked in a The exchange serves as COO. In April 2023, he joined Pendle as an institutional director, responsible for the institutional market—proprietary trading companies, cryptocurrency funds, DAO/agreement treasury, and family offices.

Financing status:

Seed round:

April 2021, led by Mechanism Capital, HashKey Capital, Crypto.comCapital. CMS Holdings, imToken Ventures, SpartanGroup, Alliance DAO, Lemniscap, LedgerPrimeParataxis Capital, Signum Capital, Harvest FinanceYoubi Capital Sora ventures, D1 ventures, OriginCapital, Bitscale Capital, Fisher8 Capital, Hongbo. Taiyang Zhang also participated in the investment, amounting to US$3.7 million.

Private equity round:

In April 2023, Bixin Ventures announced its investment in Pendle, but the amount was not announced.

In August 2023, Binance Labs announced its investment in Pendle, but the amount was not announced.

Judging from Pendle’s financing situation, the top investment companies in the market are very optimistic about its prospects.

Development strength

Pendle project was established in 2020 and was founded by founder Yong Ming Lau. The key events in the development of the project are shown in the following table:

Time	Key events	Progress
2020	Pendle announces project	Completed
2021	Mechanism Capital led Pendle’s seed round of financing	Completed
2021	PENDLE token is online	Completed
In 2021	Pendle mainnet will be launched on Ethereum	Completed
Proposed in 2022	Permissionless planning allows anyone to open assets on it Pool	Completed
2022	Pendle will go online V2 version	Completed
2023	Binance LaunchPoolでPENDLEを開始	完了
2023	BinanceがPendleへの投資を発表	完了

Judging from the key events in the development of Pendle, Pendle has been making steady progress and the project operation is stable.

Operating Mode

Pendle packages the tokens that generate income into SY (standardized income token), and then SY is divided into two parts: principal and income, which are PT (principal token) and YT (income token) , they can be traded through customized V2 AMM respectively. Users can purchase assets at a discount, long and short returns, and low-risk fixed income.

In Pendle, the owner of SY decided to separate earnings and principal, thus creating PT and YT. Since YT represents the right to future earnings, the price of PT will be lower than the price of the original bond (ST). The value of PT actually represents the recovery value of the principal when the bond matures. As the maturity date approaches, the market value of PT will gradually increase because market participants expect that at maturity, PT holders will be able to pay The PT is realized at a price equal to the value of the underlying asset (i.e., the principal amount of the bond). If the face value of the bond is $100, then in theory the price of PT should gradually rise back to $100. At maturity, PT holders can use PT to pay the bond principal equivalent to US$100. Therefore, even if PT initially trades at a discount (e.g. $95), as time passes and the expiration date approaches, its value will gradually increase, eventually returning to the full value of the underlying asset, which is $100. Among counterparties, people are trading or hedging future yields. Selling YT means smoothing the future yield curve in advance and cashing out, or being bearish on future yields; while buying YT means being optimistic about future yields. Buying PT means you can buy it at a certain discount and believe that the yield will be lower during this period.

SY代币拆分示意图

Revenue Tokenization

YT represents the real-time access to all the revenue generated by the base revenue token, and the generated revenue can be claimed manually at any time from the Pendle dashboard. If a user owns 1 YT-stETH and stETH's annual average return is 3.4%, then the user will accumulate 0.034 stETH after expiration. YT can be traded at any time, even before expiration.

Pendle AMM

In the Pendle project, the mutual exchange between SY, PT and YT requires the use of Pendle's V2 AMM. V2 AMM is also the core of Pendle finance. Pendle’s V2 AMM is designed for trading returns, with the AMM curve changing to account for returns over time and narrowing the PT’s price range as expiration approaches. By concentrating liquidity into a narrow, meaningful range, the capital efficiency of trading yields increases as the PT approaches maturity. Additionally, through the AMM we are able to facilitate PT and YT swaps using only a single liquidity pool. Through the PT/SY pool, PT can trade directly with SY, and YT can also trade through flash swap. The Pendle V2 AMM design ensures that IL (minimum impermanent loss) issues are negligible. Pendle’s AMM releases PT’s natural price appreciation by mitigating time-related IL (minimum impermanent loss) by shifting the AMM curve, pushing PT price towards its underlying value over time.

Pendle’s AMM curve can be customized to meet tokens with different yield fluctuations. Yields are often cyclical, often fluctuating between highs and lows.

VePendle

VePENDLE is the governance token of Pendle. If you pledge PENDLE, you will get VePENDLE. Holding VePENDLE can participate in the management and voting of Pendle, and share the income of the Pendle protocol. The income received by VePENDLE holders includes:

• Interest collected from YT (approximately 3%) and expired PT rewards (excess income generated by not redeeming it in time after PT expires) constitute VePENDLE Basic APY;

• VePENDLE voters are also entitled to receive 80% of the swap fees from the voting pool;

• Deposit VePENDLE into the LP pool to provide liquidity, and you will receive PENDLE rewards in the LP pool , so the income will also be further improved, up to 250%.

The VePENDLE obtained after staking PENDLE will be unlocked linearly over a period of time (up to two years).

How to obtain PENDLE: Deposit LST or native asset tokens into the LP pool of the selected PT to obtain rewards, or deposit VePENDLE into the LP pool to provide liquidity and obtain rewards.

VePENDLE工作原理示意图

项目优势：

本息分离概念

依托Pendle将本金和利息收入分离开来的机制，用户可以根据自身的情况更加灵活的去制定各种收益管理策略。

• 如果用户觉得年化收益率会下降，比如说现在以太坊上海升级后，质押ETH比例会增加，会导致质押收益率下降，那么可以选择卖出YT资产，相当于提前兑现收入。在一年到期的时候，用户可以买回YT资产，跟PT资产配对，兑换成SY资产；

• 如果用户觉得年化收益会上升，那么可以买入YT资产，因为YT资产未来会增值。由于YT资产代表的是收益率，价值要比本金要便宜。比如100个aUSDC中，YT资产价值5美金。这相当于，用户可以放大了20倍的收益；

• 如果用户觉得收益率会保持不动，可以提供流动性池子，为买卖PT、YT资产的用户提供流动性。而用户可以在获得原有收益的情况下，额外获得交易手续费。

更高的资本效率

Pendle使用了自动做市商（AMM）的机制，而且Pendle的这个AMM机制是一个专门为收益市场设计的协议。这意味着在交易的过程中会有较低的滑点，而AMM曲线会随着时间的推移发生变化，以反映随着时间的推移产生的收益。在PT（Pendle Token）接近到期时，AMM曲线会缩小其价格范围。随着PT接近到期，可能的价格范围会缩小，从而将流动性集中在一个有意义的范围内。这种设计能够提高资本效率，使得交易收益率得以提高。

更简单的操作和选择

虽然Pendle的经济模型很复杂，包括了SY、PT和YT，并且专门为了交易PT和YT设置了AMM。但是用户在使用Pendle产品的时候非常轻松简洁，选择铸造SY之后，简单的选择PT和YT的数量，并且还有42个LP池，包括在质押PENDLE的页面也是非常简洁，便于用户的操作。在其他项目通常是将本金和利息归结于一个代币，比如stETH等等，这样用户将面对在预期未来质押收益可能下降的同时，又不愿意放弃持有ETH的困境。在有了Pendle之后，这种问题迎刃而解，将本金和收益分离，根据自己对未来预期的判断制定自己的策略。

项目模型

业务模型

Pendle的经济模型由两个角色组成：流动性提供者和参与交易者。

流动性提供者：流动性提供者是Pendle中的重要组成者，AMM机制是Pendle的运行核心，只有保持充足的流动性才能够使得Pendle正常运行，并且在Pendle中SY对于SWAP池子，都是作为一个中介资产的存在，所以流动性提供者需要提供YT-SY/PT-SY代币的交易对。从中流动性提供者可以获得矿池产生的掉期费用、PENDLE的代币奖励和基础资产发出的协议激励作为奖励来激励更多的流动性提供者提供流动性。

参与交易者：Pendle的用户就是参与交易者，通过对PT和YT的交易来实现折价购买资产、做多做空收益率和低风险固定收益，从中获取收益。

Pendle的主要收入是：

• YT费用：Pendle从YT（Yield Token）产生的所有收益中提取3%的费用。此外，Pendle还会从所有未兑现PT的SY的收益中收取费用。

• 交易费用：Pendle从交易金额中提取0.1%。

代币模型

代币分配

PENDLE的当前流通总量为：155,807,014.67，团队的代币已经全部解锁（1375万枚），供应量每周减少1.1%，直到 2026年4月，届时按照每年2%的发放量作为激励措施。

代币的赋能

Pendle的代币设计参考了Curve的Ve模型，给予代币更多的赋能来提升价值。

• 治理功能：用户通过将PENDLE质押得到vePENDLE，可以发起链上提案并参与投票，直接影响项目决策。

• 激励价值：用户在质押PENDLE之后还能够获得更多的经济利益，Pendle 从所有YT的收益中收取 3% 的费用。这笔费用的 100% 分配给vePENDLE持有者，并且vePENDLE 投票者还有权从投票池中获得 80% 的利率互换费用。

代币价格表现

根据Coingecko统计数据，PENDLE自2023年7月近一年以来，价格已经上涨超过16倍（最低点0.465美元，最高点7.538美元），主要交易场所为Binance，Bybit等一线交易所。

TVL

当前TVL为36.93亿美元

Pendle协议TVL统计

尽管自2024年6月27日开始Pendle的TVL发生了大幅下降，但是总TVL依然维持30亿美元左右，在Defi领域位居前列。

代币的质押率

Pendle代币质押数据统计

被锁定的pendle数量为55873398枚，质押率为：36.02%，质押数量增长率维持稳定，但是当前质押增长速度不足以让Pendle进入通缩状态。

代币价格重大影响因素

2024年6月27日，Blast进行代币空投，其中对代币的分发方式引起了鲸鱼用户的不满，主要是Blast宣布排名前 0.1% 的用户（约 1000 个钱包）将在 6 个月内线性归属部分空投。Binance、OKEX等主流交易所并没有上线Blast代币，造成了市场对其价格的期望值下降。

Blast事件本身与Pendle并无太大关联，但是Blast事件直接影响到了市场玩家对积分项目的信心。现在用户们极大的缩减了自己对积分项目的预期，随着积分预期的下降，导致了用户们并没有太大的动力去参与质押挖矿。大部分Pendle用户主要是为了能够达到“一鱼多吃”的效果，并且纯交易者可以通过YT的方式来给自己达到加杠杆的目的，SY提供者可以做到套保的目的。但是随着收益率预期和市场币价的下降，导致了YT的APY也大幅度下降，用户们都不再去参与质押挖矿，从而将ETH等质押品从Pendle中提出，造成了Pendle的TVL在4天内下降了接近50%，从而也对PENDLE的币价造成了打击。

项目风险

Pendle作为一个DEX赛道的项目，项目本身最大的风险就是其本身合约的风险。

智能合约漏洞：Solidity编写的智能合约存在编码漏洞的可能性；

参数配置风险：Pendle合约有许多可调整的参数,如手续费率、奖励比例等，参数设置不当会引起用户体验下降或资金安全事件；

合约升级风险：随着需求变化，合约将进行升级迭代，如果缺乏健全的升级测试和版本管理流程，可能出现新版本合约破坏系统稳定性的风险。

总结

Pendle将传统金融市场中本息分离的玩法带入到了Crypto中，Pendle允许加密资产持有者锁定未来收益率并提前获得收益，为利率市场带来更多流动性和灵活性。在用户参与灵活的利率市场交易的同时也可以获得一些项目的积分，实现一鱼多吃的效果，使自身的利益最大化。这一创新机制为加密货币持有者提供新收入来源，并为市场注入更多活力和机会。

しかし、ペンドルは現段階でブラストエアドロップ事件の影響を大きく受けており、さらに現段階での市場全体の傾向は理想的ではなく、ユーザーはマイニングのためのステーキングの選択を断念し、その結果、ペンドルは下落しました。ペンドルの TVL と通貨価格が大きくなります。

つまり、Pendle は金利市場の DEX として、トレーダーと裁定取引ユーザーに新たな扉を開きます。現在、市場環境の影響によりペンドルの調子は良くありませんが、今後市場が上昇傾向にあり、各トークンの価格回復によりYTのAPYが上昇した場合、ペンドルは再び爆発的な時期を迎えることになるでしょう。 。

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