Pendle

Pendle (PENDLE) is a protocol for tokenizing and trading future yield. It lets users separate expected yield from an underlying asset and handle it as its own instrument.

The protocol relies on a new automated market maker designed for assets whose value changes as they approach maturity. This design gives users more control over future yield and more ways to use it.

Pendle presents itself as a large crypto yield trading platform. Users can trade spot yield, hold a fixed yield, or take a leveraged long position on yield. The platform states that these options carry no lockups and no liquidation risk.

Its stated themes include trading, hedging, fixing and leveraging yield. It also describes support for trading yield from off-chain rates, using leverage and a capital-efficient structure.