Pendle Intern's Notes
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Random ramblings of a cartoon character. Usually before his morning coffee too.
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Ahhhhhh it's Pendle x Ethena Oktoberfest, Pendies!

Fresh USDe and sUSDe pools with 24 October fresh out of the Pendle tap, boasting the highest Sats multipliers to-date 🍺

Pendies still sitting in the 25 July pools can look to get an early headstart in liquidity transfer to capture fees ahead of the migration transactions.

Some pretty good Fixed APYs up for grabs too so be sure to get some Limit Orders going to scoop up your dream PTs

Link - https://x.com/pendle_fi/status/1813744095963271456
We had Oktoberfest earlier today, and now it's Boxing Day Ethena pools on Pendle!

πŸ”ΉUSDe (26 Dec) on Ethereum - 30x Sats/day
πŸ”ΉsUSDe (26 Dec) on Ethereum - 25x Sats/day
πŸ”ΉUSDe (26 Dec) on Mantle - 30x Sats/day

Same playbook as the Oktoberfest pools - consider migrating liquidity early to capture the fees ahead of time + limit order for PTs 🫑

Link - https://x.com/pendle_fi/status/1813921066441679137
New Mellow LRT pools with renewed maturity (26 Sep) are now up and running πŸ”₯

- rstETH
- Re7LRT
- steakLRT
- amphrETH

We've also added Amphor's Symbiotic LRT Vault, amphrLRT, to the mix. which will give you exposure to all the above and more.

For more information, check out https://x.com/pendle_fi/status/1815732859329724839
Whale activities have main congregated around a few pools - sUSDe (Sep), sUSDe (Oct) and EtherFi x Symbiotic weETHs - https://x.com/pendle_fi/status/1816343187268723106

Liquidity depth in some of these pools has also been great, with limit orders up to ~$14M per pool on standby to absorb any potential PT demands with minimal price impact - https://x.com/PendleIntern/status/1816077401732047048
Guess who's back?

For the longest time, sUSDe (26 Sep) has been at max cap but as fate would have it, there's about ~$47M in availability now.

Days to Maturity - 57 days
Fixed APY - 14.65%
LP Max APY - 23.02%

Pool Link: https://app.pendle.finance/trade/markets/0xd1d7d99764f8a52aff007b7831cc02748b2013b5/swap?view=pt&chain=ethereum&py=output
Looked into YT-sUSDe (26 Sep) and things seem to be looking plenty positive:

In just ~1 month (end of Sats campaign):

Projected ROI = 52%
Projected APY = 1,314%


This is assuming sUSDe yield averages ~10.3% APY until maturity, which is the current figure.

You can learn more about this at https://x.com/PendleIntern/status/1818160594559934784

P.S. $32M cap left at time of writing
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New ENA (31 Oct) pool is now live πŸ”₯

- 30x Sats/day
- 1 YT-ENA functions similarly as locked 1 ENA Sats boosting requirements

Read more at - https://x.com/pendle_fi/status/1818266265317994868
Those on the hunt for the next short-dated Fixed Yield for stablecoins could consider USDe (Zircuit)

- 15.25% Fixed APY
- 19 days until maturity
- Ample cap space + earlier maturity vs. sUSDe (26 Sep)

https://x.com/PendleIntern/status/1819235169934758005
Some new, exciting launches lined up for the week ✨


1. mETH - Mantle Liquid Staking Protocol's very own LST

Earn 25x Powder/day + mETH staking yield

2. USD0++ - Usual Money's T-Bill backed stablecoin, Pendle's newest RWA addition (to be announced tomorrow)

The liquid, locked version of USD0. Earn 5x Pills/day right from the get-go + a dynamic, loyalty multiplier on top


For more information about mETH, check out https://x.com/pendle_fi/status/1821166923247448566
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New RWA addition PT-USD0++ is going at ~18% Fixed APY, one of the highest Fixed Yields for stablecoins on Pendle at time of writing.

Decent liquidity also means whales can ape in with size up to ~$1M to secure 16.45% Fixed APY, which still puts it the top of the stable list.

Higher alternative would be sUSDe (Karak) at 18.49% Fixed APY.
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Now that PT-sUSDe (Oct 2024) is supported on Morpho Blue, we can borrow DAI and loop for PT-sUSDe hyper efficiently - https://x.com/PendleIntern/status/1822998218793521366

A few extra notes:

1) PT-sUSDe is hard-coded as $1 in this, thus there is no liquidation risks when PT-sUSDe price goes down, although other types of liquidation risks may still exist

2) Whenever utilisation% goes up, Spark tops up another $25M DAI to regulate cost of borrowing

All in all, a pretty good avenue to explore for whales, dolphins and minnows alike for looping PT-sUSDe 🫑
New pools up on Pendle this week:

1) Super Symbiotic LRT weETHs (26 Dec)
2) USDe (28 Nov) on Arbitrum (coming later today)

Together, these'll be the next rollover options for the 28 August maturity pools.

weETHs in particular has been especially popular among Fixed Yieldooors, with rumours of Symbiotic cap being lifted soon and the upcoming migration flurry, LPs could potentially take advantage of this increased activity for fees.

https://x.com/pendle_fi/status/1823526962595533229
weETHs (29 Aug) seems to be the new target for ETH whales on the hunt for ultra short-term, high fixed yield opportunities.

What makes this pool different is that 1 PT-weETHs is redeemable for 1 weETHs (NOT 1 ETH worth).

Which means not only will you end up with more weETHs, but all the weETHs will also be relatively more valuable vs. ETH (from accruing staking yield) by then.

Exhibit A: 0xf0b for has been aggressively buying up PT-weETHs just ~8 days ago between 9.8%-11.3% Fixed APY, and is up to ~$7.19M worth of position now.

Dashboard - https://app.pendle.finance/trade/dashboard/user/0xf0bb20865277abd641a307ece5ee04e79073416c/0xcaa8abb72a75c623bece1f4d5c218f425d47a0d0?chainId=0x1&tab=transactions
Exciting week jam packed with never-before-seen launches, Pendies πŸŽ†

First up on the menu - agETH (26 Dec) by Kelp!

A multiexposure ETH vault that gives you access to multiple L2 networks (e.g. Scroll, Linea), restaking platforms (e.g. Karak, EigenLayer) and 6 different types of airdrops - making the most reward packed pool on Pendle.

What this means is also the potential for higher Fixed APY from forgoing more points, or hyperexposure to points, points and more points with YT.

Multiple plays, endless possibilities, your choice.

https://x.com/pendle_fi/status/1825877960399913215
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stETH (Dec 2025) just quietly became one of the best farms for $ETH

LP APY is up to ~10.48% now, not bad for an old school, no fuss, purist LST
Our new pals over at Corn (L2 utilizing BTC as gas/fees) has a special signing bonus for Pendies 🌽

Reminder to check your eligibility for Kernels ($CORN later) at https://x.com/pendle_fi/status/1826790161214308366

Happy Friyay amirite?
Bad news - DSR of sDAI revised down to 6%
Good news - sDAI Fixed Yield on Pendle still up for grab at ~7.4% πŸ‘πŸ»

https://x.com/PendleIntern/status/1827976319235477571
Ladies and gentlemen, memecoins have finally arrived

Sophon PEPE (26 September) is now live on Pendle

For the uninitiated, Sophon is an entertainment focused rollup ecosystem (zkSync's Elastic Chain Tech).

Earn Sophon Points faster with YT?

Or simply hoard more of your favourite memecoin with PT?

Either way, there's more you can do with PEPE now πŸ˜‰

First of many new launches to come, Pendies!

https://x.com/pendle_fi/status/1828778821606367391
BTC is now on Pendle πŸ”₯

The 1st of our BTCfi additions - EtherFi's eBTC (26 Dec)!

With this, we'll be kickstarting Pendle's new Bitcoin arc, with plenty more to come soon πŸ˜‰

Like and RT: https://x.com/pendle_fi/status/1829142553456980397