Mechanism
Pendle tokenizes fixed-vs-floating exposure through PT and YT markets and prices forward yield expectations.
Acerite
Protocol Brief
Arbitrum•Fallback demo data•Last updated Apr 4, 12:33 AM
Back to engine mapPendle
Yield and principal are split into tradable claims; returns depend on the side of the rate bet.
This page is designed for quick scanning: what the protocol does, when it works, what breaks it, and which risks deserve attention.
Indicative APY
15.3%
Indicative only. Useful for framing, not prediction.
TVL
$122.0M
Size helps show where capital is currently concentrated.
Symbol
PT
The token or pool label surfaced by the data source.
Data Status
Fallback
Fallback keeps the demo usable if the upstream API pauses.
Plain-English Summary
Yield and principal are split into tradable claims; returns depend on the side of the rate bet.
When It Works
Persistent yield sources and high uncertainty in forward rates.
What Breaks It
Underlying yield collapse and maturity-side mispositioning.
Failure Modes
Yield collapse
A condition that can make the protocol behave worse or fail.
Maturity timing
A condition that can make the protocol behave worse or fail.
Complexity misread
A condition that can make the protocol behave worse or fail.
Structure
Primary engine: Funding
Hybrid engines: None
Arbitrum native: No
Source Notes
Metrics are surfaced from DefiLlama where available and wrapped in the protocol framing defined in Acerite. The point is to understand behavior, not to rank products.