#Pendle

Pendle is a DeFi yield marketplace. It takes a yield-bearing asset (stETH, sUSDe, aUSDC, and similar), wraps it, and splits it into PT (principal) and YT (future yield). Buy PT at a discount and hold to maturity for a fixed APY in the underlying. Buy YT if you want leveraged bets on that yield (and points/airdrops). Custom AMM prices the rates. Powerful interest-rate tooling. Easy to misuse. Not a simple “deposit and chill” farm.