Question 1

What is Pendle (PENDLE)?

Accepted Answer

Pendle is a decentralised finance (DeFi) protocol focused on yield tokenisation and trading. It allows users to manage and trade future yield on various yield-bearing assets. Pendle tokenises yield-bearing tokens into two components: Principal Tokens (PT) and Yield Tokens (YT). These components can be traded independently on Pendle’s automated market maker (AMM), which supports different DeFi strategies including fixed yield and speculative yield trading. The protocol's architecture facilitates yield management and enables complex financial strategies like hedging yield fluctuations or gaining leveraged exposure to yield changes.

Pendle operates permissionlessly, supporting diverse yield-bearing assets across various chains, including Ethereum and layer-2 solutions like Arbitrum. The protocol's governance is driven by vePENDLE, a vote-escrowed token system that incentivises participation in governance and liquidity provision.

Question 2

What is Pendle (PENDLE) used for?

Accepted Answer

Pendle is primarily used for yield management and yield trading. The protocol’s main use cases include:

1. **Yield Tokenisation**: Pendle allows users to convert yield-bearing assets (e.g., stETH) into two separate components: Principal Tokens (PT), which represent the principal amount, and Yield Tokens (YT), which represent the future yield. This tokenisation enables users to either lock in fixed yields or speculate on yield fluctuations.

2. **Trading on Pendle AMM**: Users can trade PTs and YTs independently on Pendle’s AMM. By trading PTs, users can lock in future yield or buy yield at a discount. YT holders can speculate on increasing yield by purchasing YTs during low market conditions and selling them at a higher value.

3. **Advanced Yield Strategies**: Users can engage in various strategies, such as fixed yield (earning a predetermined yield on assets), leveraged yield (increasing exposure to yield changes), or hedging against yield volatility. Pendle also supports liquidity provision in its AMM, where users earn rewards from trading fees, vePENDLE incentives, and rewards from yield-bearing assets like stETH.

4. **vePENDLE Governance and Incentives**: Holders of vePENDLE (vote-escrowed PENDLE) can lock their PENDLE tokens to participate in governance and boost their liquidity rewards by up to 250%. Additionally, vePENDLE holders control the flow of rewards to liquidity pools by voting, and they earn a share of the fees generated by the protocol.

Question 3

Who created Pendle (PENDLE)?

Accepted Answer

Pendle was created by Vu Nguyen and Nghia Pham. The team launched the project with the goal of developing a permissionless protocol for trading and managing yield derivatives in the DeFi space. Their work is inspired by concepts from traditional finance, particularly in the interest rate derivative markets, which they aim to replicate in the DeFi ecosystem.

Question 4

Key Features

Accepted Answer

1. **Yield Tokenisation and Trading**: Pendle tokenises yield-bearing assets and separates them into principal and yield components, enabling advanced trading strategies.
   
2. **vePENDLE Governance**: Vote-escrowed PENDLE tokens provide governance rights and enhanced rewards for liquidity providers, incentivising long-term participation.

3. **Cross-Chain Compatibility**: Pendle operates across Ethereum and layer-2 networks like Arbitrum, ensuring flexibility for users and efficient liquidity distribution.

4. **Fixed and Variable Yield Strategies**: Users can implement strategies based on market conditions, such as fixed yield or speculative yield trading.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	PENDLE-USDT PENDLEUSDT	binance	AA	2.33USDT	1.84%	1,973,005.30PENDLE	54,375	2.28USDT	2.39USDT
2	PENDLE-USD PENDLE-USD	coinbase	AA	2.32USD	1.75%	748,876.41PENDLE	11,427	2.28USD	2.39USD
3	PENDLE-USDT PENDLE_USDT	whitebit	BB	2.32USDT	1.71%	367,670.54PENDLE	13,142	2.28USDT	2.38USDT
4	PENDLE-USDT PENDLE-USDT	okex	A	2.33USDT	1.80%	272,275.55PENDLE	8,131	2.28USDT	2.39USDT
5	PENDLE-USDT PENDLEUSDT	bybit	A	2.32USDT	1.71%	232,357.94PENDLE	6,149	2.29USDT	2.39USDT
6	PENDLE-USDC PENDLEUSDC	binance	AA	2.32USDC	1.80%	219,876.50PENDLE	5,309	2.28USDC	2.39USDC
7	PENDLE-TRY PENDLETRY	binance	AA	113.10TRY	1.80%	151,734.60PENDLE	2,562	111.10TRY	116.10TRY
8	PENDLE-USD PENDLEUSD	kraken	AA	2.32USD	1.80%	149,093.63PENDLE	1,938	2.28USD	2.38USD
9	PENDLE-USDC PENDLE_USDC	whitebit	BB	2.33USDC	1.87%	137,296.34PENDLE	916	2.28USDC	2.39USDC
10	PENDLE-USDT PENDLEUSDT_SPBL	bitget	BB	2.33USDT	1.88%	135,565.93PENDLE	3,535	2.28USDT	2.39USDT
11	PENDLE-USDT PENDLE_USDT	gateio	A	2.32USDT	1.75%	135,189.31PENDLE	3,905	2.28USDT	2.39USDT
12	PENDLE-EUR PENDLE_EUR	whitebit	BB	2.02EUR	1.77%	75,213.02PENDLE	883	1.99EUR	2.08EUR
13	PENDLE-USDT PENDLE-USDT	kucoin	BB	2.33USDT	1.88%	69,571.27PENDLE	1,712	2.28USDT	2.39USDT
14	PENDLE-EUR PENDLEEUR	kraken	AA	2.03EUR	1.20%	18,615.09PENDLE	169	2.00EUR	2.07EUR
15	PENDLE-USDC PENDLE_USDC	gateio	A	2.33USDC	1.79%	17,200.82PENDLE	341	2.29USDC	2.39USDC
16	PENDLE-USDC PENDLE-USDC	okex	A	2.33USDC	1.75%	15,472.39PENDLE	1,744	2.29USDC	2.39USDC
17	PENDLE-BTC PENDLEBTC	binance	AA	0.0₄3048BTC	0.99%	13,072.10PENDLE	2,840	0.0₄3018BTC	0.0₄3112BTC
18	PENDLE-EUR PENDLE-EUR	okex	A	2.03EUR	2.63%	6,985.07PENDLE	169	1.98EUR	2.08EUR
19	PENDLE-USD PENDLE_USD	cryptodotcom	AA	2.33USD	2.37%	5,556.90PENDLE	296	2.27USD	2.38USD
20	PENDLE-USD PENDLE-USD	okex	A	2.33USD	2.32%	2,344.55PENDLE	74	2.28USD	2.38USD
21	PENDLE-USDT PENDLE_USDT	cryptodotcom	AA	2.33USDT	2.02%	1,176.40PENDLE	37	2.29USDT	2.38USDT
22	PENDLE-USDT PENDLEUSDT	cexio	BB	2.32USDT	3.78%	14.40PENDLE	1	2.24USDT	2.32USDT
23	PENDLE-USD PENDLEUSD	cexio	BB	2.36USD	9.57%	7.58PENDLE	1	2.15USD	2.36USD
24	PENDLE-USDC PENDLEUSDC	cexio	BB	2.30USDC	2.98%	7.58PENDLE	1	2.23USDC	2.30USDC
25	PENDLE-USDT pendleusdt	huobipro	C	2.33USDT	2.07%	1,029,217.52PENDLE	41,435	2.28USDT	2.39USDT
26	PENDLE-USDT PENDLEUSDT	toobit	C	2.33USDT	1.79%	664,273.50PENDLE	12,740	2.29USDT	2.39USDT
27	PENDLE-USDT PENDLEUSDT	mexc	C	2.33USDT	1.71%	468,530.66PENDLE	21,142	2.29USDT	2.39USDT
28	PENDLE-USDT pendle_usdt	lbank	C	2.32USDT	1.80%	455,514.10PENDLE	10,606	2.28USDT	2.39USDT
29	PENDLE-USDT PENDLEUSDT	bitrue	D	2.33USDT	1.88%	352,196.10PENDLE	15,803	2.28USDT	2.39USDT
30	PENDLE-USDT sPENDLEUSDT	phemex	C	2.33USDT	2.24%	344,231.60PENDLE	5,573	2.28USDT	2.39USDT
31	PENDLE-KRW KRW-PENDLE	upbit	B	3,209.00KRW	2.30%	198,999.34PENDLE	1,604	3,137.00KRW	3,285.00KRW
32	PENDLE-USDT pendle_usdt	xtpub	-	2.33USDT	1.93%	195,904.40PENDLE	12,638	2.28USDT	2.39USDT
33	PENDLE-USDT PENDLE_USDT	bydfi	-	2.33USDT	1.79%	138,091.62PENDLE	5,340	2.29USDT	2.39USDT
34	PENDLE-EUR PENDLE-EUR	bitvavo	B	2.04EUR	2.62%	100,898.19PENDLE	892	1.99EUR	2.07EUR
35	PENDLE-USDT PENDLE_USDT	bitunix	C	2.32USDT	1.75%	94,981.20PENDLE	9,312	2.28USDT	2.39USDT
36	PENDLE-USDT PENDLE-USDT	bingx	D	2.33USDT	1.93%	72,837.76PENDLE	18,327	2.29USDT	2.38USDT
37	PENDLE-KRW PENDLE_KRW	bithumbkorea	-	3,200.00KRW	2.66%	36,989.24PENDLE	407	3,117.00KRW	3,250.00KRW
38	PENDLE-USDT PENDLEUSDT	latoken	D	2.34USDT	2.54%	25,499.12PENDLE	3,743	2.28USDT	2.35USDT
39	PENDLE-USDC PENDLEUSDC	mexc	C	2.32USDC	1.71%	24,623.50PENDLE	2,982	2.28USDC	2.39USDC
40	PENDLE-USDT PENDLEUSDT	coinex	C	2.33USDT	1.95%	24,023.05PENDLE	8,488	2.28USDT	2.39USDT
41	PENDLE-EUR PENDLEEUR	bit2me	B	2.03EUR	1.35%	18,216.47PENDLE	163	2.00EUR	2.07EUR
42	PENDLE-USDT pendle_usdt	digifinex	D	2.32USDT	1.76%	14,887.40PENDLE	8,089	2.28USDT	2.39USDT
43	PENDLE-USD PENDLE-USD	btse	-	2.32USD	1.69%	9,834.58PENDLE	21,675	2.28USD	2.39USD
44	PENDLE-BTC PENDLEBTC	coinex	C	0.0₄3048BTC	0.96%	7,447.06PENDLE	1,460	0.0₄3019BTC	0.0₄3108BTC
45	PENDLE-USDT PENDLE-USDT	btse	-	2.32USDT	1.75%	2,537.14PENDLE	5,397	2.28USDT	2.38USDT
46	PENDLE-KRW pendle_krw	korbit	C	3,300.00KRW	1.54%	995.88PENDLE	4	3,250.00KRW	3,300.00KRW
47	PENDLE-BRL PENDLE-BRL	mercadobtc	C	12.09BRL	-0.52%	954.86PENDLE	69	12.15BRL	12.47BRL
48	PENDLE-IDR pendleidr	indodax	E	40,857.00IDR	0.01%	762.42PENDLE	29	40,853.00IDR	42,244.00IDR
49	PENDLE-AUD PENDLE-AUD	btcmarkets	C	3.30AUD	-7.82%	389.32PENDLE	2	3.58AUD	3.58AUD
50	PENDLE-USDT SPOT_PENDLE_USDT	woo	C	1.37USDT	0.00%	0PENDLE	0	1.37USDT	1.37USDT