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Pendle
Pendle is a crypto yield trading platform. It offers V2 for spot-yield trading and fixed or leveraged yield strategies, and Boros Margin for leveraged trading of yield, including off-chain rates.
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Pendle V2
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Description
Pendle V2 operates a specialized automated market maker for yield tokenization, splitting yield-bearing assets into Principal Tokens and Yield Tokens through a standardized yield wrapper system. The protocol implements time-aware pricing curves adapted from Notional Finance's AMM model, concentrating liquidity around expected yield ranges while accounting for natural PT price appreciation as tokens approach maturity to minimize impermanent loss for liquidity providers.Category: Derivatives
Pendle Boros
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Description
Pendle Boros operates a perpetual interest rate swaps platform enabling users to trade funding rate exposure through Yield Units without direct underlying asset price exposure. The system implements order book mechanics with margin trading capabilities for BTC and ETH perpetual markets, allowing traders to hedge funding rate volatility or speculate on rate fluctuations independently from spot price movements.Category: Derivatives