The yield-trading protocol is also moving to offer KYC’d yields to TradFi

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research" rel="nofollow">subscribe</a>.<hr>Decentralized finance today is still largely an <a href="https://x.com/VitalikButerin/status/1827642283560144916" rel="nofollow">ouroboros</a>, as Vitalik once pointed out.Protocol revenues and fees are real, and they prove the tech works. That is important! But these revenue flows are still largely the downstream result of speculative capital passing between traders in a circular, self-consuming cycle.Protocols like Pendle observed these state of affairs, declined to pass judgment, then simply built the best possible product to capitalize on this ouroboros-like economy.<figure><img alt="" src="https://static.fwimg.io/img/feed/e7a52bff0da1eabff67912daa0ca5294.jpg"></figure>Want a fixed yield? Buy Pendle Principal Tokens (PT). Prefer to farm points with expectation of big airdrops? Buy Yield Tokens (YT). It’s as simple as that.What Pendle has created is not new. It’s the TradFi-equivalent of zero-coupon bonds, interest rate swaps or forward rate agreements.But Pendle has emulated these traditionally structured products extremely well in DeFi. In 2024, Pendle grew its TVL levels to $4.4 billion and daily average trading volumes to $96 million — a 20x and 100x increase, respectively.Pendle is so successful that it has in effect become a de facto token launchpad akin to an ICO, but better. For instance, in the weeks leading up to Berachain’s genesis airdrop, <a href="https://app.pendle.finance/trade/markets?utm_source=landing&amp;utm_medium=landing&amp;category=berachain" rel="nofollow">Berachain Pendle markets</a> accumulated more than a billion in TVL from users wanting to yield trade on Berachain assets and game airdrops.<h2>Pendle’s 2025 outlook</h2>Pendle co-founder TN Lee announced last week the protocol’s big <a href="https://x.com/tn_pendle/status/1886763833081126976" rel="nofollow">plans</a> for 2025. There are a host of minor piecemeal upgrades coming, like dynamic fees for yield trading and improvements to the vePENDLE token bribe system.But the most notable upgrade looks to Pendle’s plans to target the most lucrative yield source in crypto: perps funding rates. As part of this “Boros” (a play on ouroboros?) initiative, Pendle will allow traders to swap to yield trade perpetual funding rates.<figure><img alt="" src="https://static.fwimg.io/img/feed/385234e4a0df646374b6301f2fbd645a.jpg"><figcaption>Source: <a href="https://medium.com/pendle/pendle-2025-zenith-cf1a91e6e23f" rel="nofollow">Pendle</a></figcaption></figure>This would enable protocols like Ethena to lock in predictable funding yields, which would entail fixed APYs for <a href="https://app.ethena.fi/dashboards/apy" rel="nofollow">sUSDe</a> holders. In hyper-volatile perps markets like memecoins, long traders will also be able to hedge against their perps positions by locking into a predictable, fixed funding rate.Pendle is also planning an expansion to non-EVM chains Solana, Hyperliquid and Ton. Solana already has a burgeoning yield-trading market, though it’s still small relative to Pendle.<figure><img alt="" src="https://static.fwimg.io/img/feed/4fb559bafba1cc32e941bd8c53299fb5.jpg"></figure>Finally, Pendle is coming for TradFi. The pitch is straightforward: “Why stick with 8% yields on a 5-year corporate bond when you can enjoy a 17% WBTC PT yield?”This is part of the team’s plans to launch a KYC’d product for regulated entities as well as Islamic funds to access crypto yields.Pendle’s pendulum is swinging, and looks to swing even harder in the coming year. With its planned expansions to target non-EVM chains and TradFi liquidity, these moves radically expand Pendle’s target addressable market beyond spot yield markets on Ethereum and the broader crypto sector itself.<hr>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire" rel="nofollow">Subscribe to the Empire newsletter</a>.Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin" rel="nofollow">Subscribe to the Forward Guidance newsletter</a>.Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research" rel="nofollow">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed" rel="nofollow">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Pendle announces plans to target Solana, Hyperliquid and Ton

DeFiChain(DFI) 수익 거래 프로토콜도 고객 확인 절차(KYC)를 거친 수익을 전통금융(TradFi)에 제공하는 방향으로 나아가고 있습니다.

GM(Good Morning) 비트코인(BTC) 이더리움(ETH) 솔라나(SOL) 크립토닷컴 코인(CRO) 후오비 토큰(HT) 엔진(ENJ) 옵티미즘(OP) 이더리움 네임서비스(ENS) 알위브(AR) 온톨로지(ONT) 앰프(AMP) 밈(meme) 펜들(Pendle) 앱토스(APT) 알케미페이(ACH) 플레이댑(PLA) DeFiChain(DFI) Ronin(RON) 온톨로지가스(ONG) 디젠(Degen) 신고가 솔라나(Solana) 트론(TRON) 다이(Dai) 킨(Kin) 에어드랍 블록 자본 거래량 Total Value Locked(TVL) 초당 거래 수(TPS) 연간 수익률 이더리움 가상 머신(EVM) 초기 코인공개(ICO) 초기 NFT 공개(INO) 고객 확인 절차(KYC) 미디엄(Medium) 자산 수익률(ROA) 중앙화 금융 홀더 유동성 공급자(LP) 거래량

펜들(Pendle), 솔라나(Solana), Hyperliquid 및 Ton을 타겟으로 하는 계획 발표

World Liberty Financial의 기반 토큰인 WLFI가 거래에 데뷔하고, 주력 스테이블코인인 USD1이 불과 6개월 만에 공급량이 26억 4천만 달러로 급증하면서 투자자들의 관심이 이쪽으로 쏠리고 있습니다.
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World Liberty Financial(WLFI)에 대한 투자자 관심으로 혜택을 볼 것으로 예상되는 3가지 알트코인

암호화폐 세계는 항상 활기가 넘치며, 최근 주요 암호화폐 거래소의 움직임이 모두의 관심을 사로잡았습니다. 바로 점프 크립토 WLFI에서 상당한 규모의 인출이 발생했다는 소식입니다.

점프 크립토 WLFI 인출: 1,158만 달러의 중요한 움직임이 시장을 뒤흔들다

- 온도(Ondo)가 이더리움 기반 토큰화된 주식과 ETF 100개 이상을 출시했습니다.
- 온도(ONDO) 가격이 반등하며 1.05달러까지 상승할 가능성을 점치고 있습니다.
- 미국 증권거래위원회(SEC)의 통합 라이선스 도입 추진으로 온도(Ondo)의 토큰화 추진이 가속화되고 있습니다.
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