Pendle is officially live on Base, initially supporting two assets: Coinbase ETH (cbETH) and Lombard BTC (LBTC). Additionally, Pendle will be launching the Morpho Pendle wBTC pool. Here’s a recap of some highlights from last week:

Pendle BTCFi TVL surpasses $1 billion

Pendle's BTCFi TVL surpassed $1 billion last week. With the continuous growth of BTCFi shares, Pendle currently holds approximately 41% of the market's TVL. With increasing market attention on BTC, BTCFi still holds significant untapped potential.

Learn more about Pendle's PNL

Whether in DeFi, CeFi, or traditional finance, the calculation of profit and loss uses standard financial statement templates, mainly including realized PnL and unrealized PnL. In traditional finance, PnL is typically calculated based on standard trade record types (such as buying and selling, going long and short, option premiums, investment income/losses, fees, etc.). This allows traditional finance portfolio management software to handle data through trade-based analysis. In CeFi, although each cryptocurrency trading platform and financial service provider has its unique settlement and naming schemes, their trade records can still be allocated according to standard formats, enabling the analysis and reconciliation of trade records.

The situation in DeFi is similar to CeFi, but there are some differences, primarily reflected in the following activities:

· Swap Trades: Similar to trades in CeFi, trade records in DeFi appear on the blockchain ledger, for example, swapping WBTC and ARB for USDC.

· Interest generated from lending: Similar to lending in traditional finance, but there are no trade records on the blockchain ledger, and interest is recalculated and settled at each block.

· AMM Fee Income and Impermanent Loss: This is the concept of providing liquidity in DeFi, which has no equivalent in traditional finance, nor do trade records appear on the blockchain ledger.

Pendle, as a yield tokenization and trading protocol, involves various strategies, each with different risk and return characteristics, catering to users with varying capital scales and risk preferences. Specific strategies include:

· Principal Tokens (PT) for Fixed Income: Pendle uses principal tokens to generate fixed yields. This is similar to fixed-income products in traditional finance.

· Yield Tokens (YT): These tokens represent the right to liquid yields, but they will gradually depreciate over time, and holders can receive the underlying asset's yields (as well as other reward points) through these tokens.

· Liquidity Pool (LP) Strategies: In Pendle's AMM, LP strategies maximize yield by combining principal tokens (for fixed income) with underlying assets.

· Reward Points: Pendle also allows users to earn reward points, which may eventually translate into airdrops, increasing the potential returns of the protocol.

Pendle's yield tokenization strategy adds a new dimension to traditional yield calculation methods, especially in how to handle fixed income, liquidity pool strategies, and yield tokens that gradually decrease over time. For investors, these strategies provide new ways to utilize capital and manage risks.

In summary, Pendle is a decentralized yield trading protocol. By splitting and tokenizing yield assets into principal parts (PT) and yield parts (YT), Pendle creates a yield market that allows users to speculate separately on these two parts. As a result, users can execute advanced yield strategies such as fixed income and long-term yields.

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All mETH will stop accumulating Powder points in about 7 days

Users need to transfer mETH to cmETH, as the Powder points of mETH (i.e., the positions currently used for accumulating rewards) will stop accumulating points. After the transfer is completed, users can continue to participate in related rewards and returns. Meanwhile, staking returns will continue to accumulate as usual.

For Pendle users wishing to continue or start accumulating Powder points, please check Pendle's cmETH pool:

sUSDS Liquidity Migration Notification

SkyEcosystem's sUSDS liquidity providers need to migrate liquidity to a new pool, which has been optimized based on the latest updates to the Sky Savings Rate to better support PT/YT trading. The migration steps are as follows:

· Step 1: Remove dual liquidity from the existing pool.

· Step 2: Deposit dual liquidity into the new pool.

· Step 3: After migrating sUSDs to the new pool, if there are remaining PT-sUSDS, users can choose to hold PT until expiration or transfer it to the new pool.

If migration is not carried out, users will miss out on returns, but funds will remain secure. Additionally, existing PT/YT holders do not need to take any action and can continue trading normally in the new pool. At the same time, vePENDLE holders need to re-vote or support the new sUSDS pool.

Overview of Yield Opportunities

Pendle x Silo partnership, enjoy a 22% ETH discount

On November 12, 2024, the user at address 0x7d5 purchased YT-spSILO (with an expiration date of March 27, 2025) for $8,820, becoming the third-largest YT holder currently.

From now until the expiration date, 0x7d5 will earn returns equivalent to depositing 1.98 million SILO, while the cost of depositing these SILO is typically only $725,000.

Solv XP points limited-time boost

Corn SolvBTC.BBN (with an expiration date of December 26, 2024) will earn an additional 50% Solv XP before December 4.

This offer applies to YT-SolvBTC.BBN (Corn) as well as LP positions in SY.