Pendle is not a typical AMM or lending protocol, but a yield market infrastructure that separates the principal and future profits of profit-generating assets and makes them tradable. According to the official documentation, Pendle operates as a second derivative layer built on top of existing DeFi revenue-generating assets such as LST, LRT, stablecoins, and RWA. The official website explains that Pendle V2 offers “spot yield” trading, fixed income, and long-term yield exposure. The official app description states that Pendle V2 will be deployed across multiple chains, allowing users to trade yields from major DeFi protocols. 1. SY, Standardized Yield on-chain...
Pendle built rates market infrastructure, but recurring revenue and yield cycle dependence remain maturity bottlenecks.
Investment View
Pendle’s next rating depends on whether sPENDLE buybacks, PT collateral use, and Boros turn into durable fees.