After reading "How Crypto Businesses Turn Products into Platforms" I realized that @pendle_fi may be one of the clearest examples of this evolution in DeFi ⤷ Product → Platform model In the beginning, Pendle was simply a product. A place to trade yield. Users came to Pendle to: • Lock fixed yield • Go long yield • Go short yield That was the product, but over the last two years, Pendle's role has changed dramatically. • Restaking emerged. • Yield-bearing stablecoins emerged. • Tokenized assets started gaining traction. And almost every major DeFi yield narrative ended up passing through Pendle. From restaking assets like eETH and rsETH, to yield-bearing stablecoins such as sUSDe, sUSDS, USD3, USDat, and apxUSD, and more recently the STRC, Saturn, and Apyx ecosystem, nearly every major yield narrative has found its way to Pendle. The interesting part is that Pendle did not create these narratives. But it became the place where these narratives were amplified. In the past, projects launched an asset and then tried to attract liquidity. Today, many projects launch an asset and a Pendle market almost at the same time. Because Pendle immediately provides: • Fixed yield • Yield speculation • Leverage strategies • Liquidity • Distribution In other words, Pendle is increasingly becoming part of the go-to-market strategy for new yield assets. That is the moment when a product starts becoming a platform. And the story does not stop there. Today, PTs are starting to appear outside of Pendle itself. • PTs are being used in lending markets. • PTs are being integrated into vaults. • PTs are being accepted as collateral. This shows that the value of Pendle is no longer limited to its yield trading interface. The value is increasingly embedded in PTs themselves. One of the strongest signals of this shift is seeing protocols like Sky use PTs as backend infrastructure for yield strategies built on top of them. When one protocol begins using another protocol's product as a building block for new products, that is often the clearest sign that the Product → Platform transition is underway.

Today's pretty good read

RT @aixbt_agent: saturn credit hit $205m TVL in 10 weeks. 127% growth in 30 days. $100m deployed through pendle in under a month. impressiv…

Altura is leading the pack on Pendle LP yields. 18.23% APR on AVLT. Come on, you can't tell me that's not mind blowing. If you're still sitting on the sidelines, now might be the time to see what everyone is paying attention to.

Most people don't know this exists in DeFi. Cross-exchange funding rate arbitrage - delta neutral, fixed APR, locked in advance via @boros_fi. Here's how it works and what the numbers look like right now. The structure is simple: Long HYPE on Bybit Short HYPE on Hyperliquid simultaneously. Price goes up? Long profits, short loses. Net zero. Price goes down? Short profits, long loses. Net zero. You carry zero directional risk. You only earn the spread between the two funding rates. @boros_fi locks that spread in as a fixed APR before you even open the position. HYPE cross-exchange arb right now (Bybit Long Hyperliquid Short): 10x leverage -> 15.41% APR fixed 15x leverage -> 22.78% APR fixed Same strategy works on ETH (Kucoin Long @lighter_fi Short): 10x leverage -> 11.86% APR fixed 15x leverage -> 17.69% APR fixed More leverage = higher liquidation risk, so always leave extra funds to increase your liquidation price. Always set SL/TP! Watch for Boros liquidation if implied APR shifts sharply. Fees on entry, settlement, and trading eat into returns. This is not set and forget - it needs monitoring. But 15-22% APR locked for the duration of the @boros_fi market on a position with zero directional crypto exposure is genuinely hard to find anywhere else. TradFi doesn't give you this. DeFi does. Staying alone in the crypto space isn't neutral. It's a choice to pay more, learn slower and miss more: whop.com/defi-dojo/defi-dojo…

oh hoooo

RT @USDai_Official: sUSDai PT (Oct 14, 2026) is moving closer to 10% on @pendle_fi, now sitting at 9.92%. Lock in the fixed yield. https:/…

YT-USD3's printing 18-20% APY going into the $SPCX IPO ⟢ 6% USD APY ⟢ 1.5%-3% USD APY from incoming facility 💰 ⟢ 11.25% USD3 APR — $40k incentives over 7 wks 🤑 ⟢ 200,000 $JANE minimum minted Diversify your moon exposure.

Day 226 — War Day 105 What's moving the market today: Iran nuclear deal reached, Pakistan PM confirmed final agreed text between US and Iran. Strait of Hormuz reopening. 80-85% probability deal gets signed this weekend. UAE unlocking billions for Iran. This is the macro trade I've been watching since the Hormuz standoff started in February. SpaceX IPO'd today on Nasdaq, $SPCX opened at $150, now at $168 ( 24%). $75B raise. Musk becomes world's first trillionaire. SpaceX joins US mega-caps at $2.12T. CBOE launching options as early as Tuesday. Citadel handled record retail IPO orders. Interestingly, @byreal_io already has a SPCXx-USDC LP running at 341% APR. Everything Kraken xStocks launching $NVDA and $SPCX full DeFi suite, mint the biggest stocks onchain with zero price impact. Fear & Greed: 18 — Extreme Fear HYPE 5% | XPL 27.5% | Oil -4% to -7% --- DeFi News: MORPHO big news: Apollo Global announced a strategic partnership, up to 90M MORPHO tokens vesting over 48 months, focused on institutional asset integration in DeFi lending. Ethena Coinbase also launched the Steakhouse High Yield Vault on Morpho. @byreal_io launched Byreal Predict, an onchain prediction market. The ecosystem keeps building. TownSquare on Monad raised $16.25M pre-Series A, World Liberty Financial, OKX Ventures, Animoca backing. Focus on USD1 stablecoin and RWA tokenization. --- My positions: @boros_fi: HYPEUSDC — Pay 9.24% fixed | Market: -1.77% | PnL: -$9.22 SOLUSDC — Pay -3.58% fixed | Market: 9.64% | PnL: $2.79 BRENTOILUSDC — Pay -35.99% fixed | Market: 7.53% Pain trade. PnL: -$13.55 Closed ETH 3x today, took the 5.2% profit. Too much short-term volatility on ETH. Limit order placed lower for re-entry. @pendle_fi — Fixed Yield | 13 markets Winners: fxSAVE 68.36% | AVLT 26.2% | sUSDD 6.04% | USDG 3.68% | jrmHYPER 3.79% Losers: jrUSDat -47.57% | eTHIRD -21.31% | USD3 -18.99% | sUSDS -8.22% @lighter_fi — 3x Leveraged Perps MORPHO 32.3% | AAVE 4.6% | BTC 4.0% | ETHFI 1.5% | ENA -27.3% @HyperliquidX — PENDLE 5x Long Entry: $1.7431 | Mark: $1.2703 | Liq: $1.0670 | PnL: -$404.57 (-135.63%) Slight recovery. Staying in. @defituna — SOL/USDC 3.07x LP $1,157 | In Range | Price: 67.228 (Entry: 69.341) | Range: 61.60-99.19 Yield: $14.60 | PnL: -$12.8 @byreal_io — Tokenized RWA LP $2,072 total | $60.75 fees earned SPCXx-USDC: 341.14% APR (new) | CRCLx-USDC: 86.07% | METAx-USDC: 61.19% | AMZNx-USDC: 36.88% JLP-USDC & MSTRx-USDC: out of range @prjx_hl — HYPE LP HYPE/USDT0 2%: $487 | 224.19% APR | $17.82 unclaimed HYPE/USDC 0.3%: $2,199 | 219.86% APR | $27.67 unclaimed HYPE/USDC 0.05%: $391 | 75.60% APR | $2.44 unclaimed Total fees: $284.23 | HYPE 5% today, all in range @628Labs at @ipor_io — cbETH Dynamic Looping (Base) | 5x $1.39K | 20.83% APY | Pool almost full --- I've learned more from the right people in 30 days than from searching alone in 2 years. The right community cuts the learning curve and kills the mistakes before they cost you: whop.com/defi-dojo/defi-dojo…

Open a 5x Leveraged Pendle PT Position On 1-click Using a Flash Loan Normally, to leverage a Pendle PT position, users have to loop through the same process multiple times: Buy PT → supply PT to Money market → borrow USDC → buy more PT → supply again → repeat Depending on the LTV, reaching close to 5x leverage can require up to 20 loops, making the process time-consuming and expensive A flash loan compresses the entire process into a single transaction. ---------- Example: Using 1,000 USDC to open a nearly 5x PT position Assume the user has 1,000 USDC in real capital • User contributes 1,000 USDC in equity • The router flash-borrows 4,000 USDC • The total 5,000 USDC is used to buy PT through Pendle • All of the PT is supplied to Aave as collateral • User borrows ~ 4,000 USDC from @Aave, @Morpho, @eulerfinance,... • The borrowed USDC is used to repay the flash loan and its fee ⤷ Everything happens within a single transaction. If any step fails, the entire transaction reverts. Once completed, the user has a nearly 5x leveraged position with only 1,000 USDC in equity The flash loan provides temporary liquidity, allowing the user to purchase the full PT position upfront A long-term debt position is then created on Aave to repay the flash loan How to close the position: Flash-borrow USDC → repay the debt on Aave → withdraw the PT collateral → redeem or sell the PT through @pendle_fi → repay the flash loan and fee → receive the remaining assets ⤷ The user does not need to prepare the full amount of USDC required to repay the debt before withdrawing the PT collateral ---------- For no-code users: @DeFiSaver or @Contango_xyz users only need to select the PT asset, debt asset, and target leverage. The platform automatically packages the entire flow into a single transaction For Technical Nerds, Pro Degens, and Developers can building their own smart contracts: > @cursor_ai: Write, debug, and improve the code > @QuickNode: Provide the RPC infrastructure > @OpenZeppelin: Provide smart contract libraries and security components > Foundry: Compile, test, and fork the mainnet environment ---------- Requirements for a 5x position to work • The PT asset must be accepted as collateral • E-Mode or the available LTV must be high enough ~ 80% for 5x leverage • Aave must have sufficient USDC borrowing liquidity • The PT fixed yield must be higher than the USDC borrowing APR • The position must maintain a sufficient buffer before liquidation • Flash-loan fees, swap fees, slippage, gas, and other costs must all be included in the calculation ➥ This is how DeFi turns a complex looping strategy into an almost one-click experience.

Of course you can get more than 20% on big tokens, if you know how to do cross exchange funding rate arbitrage, below an example from @boros_fi Why touch an illiquid token in the first place through an OTC desk if your strategy falls apart the second funding rates turn negative?

Trade $BTC and $ETH Funding Rates on @kucoincom and @lighter_xyz with our new June Maturities! These new KuCoin markets open up arbitrage possibilities that weren’t previously available for sophisticated funding rate traders and arbitrageurs.

New @3janexyz x @pendle_fi farms are out 💫 earning high double-digit APYs paid in USD, backed by consumer loans: YT-USD3: 25% 💸 PLP-USD3: 13.61% 💸 PT-USD3 (6.5x loop): ~60% 💸 Is the bear market in the room with us right now?

I just updated YOTW since it went out to Newsletter subs on June 10th. I went a bit deeper on @3janexyz Liquidity Mining program. As always the YTs on @pendle_fi were jumping off the page at me and have already moved substantially since I wrote this up 👀 Update below 👇

It's been one week since we've launched nOPAL on @Pendle_Fi. It's grown by over 3x since launch, and provides the cleanest fixed-rate RWA position on the platform. Learn how nOPAL solves the onchain redemption problem through Open Finance in our latest blog. 👇

Why are so many new stablecoin projects launching on Pendle from day one? The answer is what many people now call: The Pendle Effect. When a team launches a new stablecoin, the biggest challenge is not building the product. The biggest challenge is attracting liquidity. A stablecoin can offer: ▸ 5% yield ▸ 10% yield ▸ Treasury-backed yield ▸ RWA-backed yield But without users depositing capital, TVL will not grow. This is why many projects now see Pendle as part of their growth strategy, not just another integration. Once a stablecoin is listed on Pendle, it becomes more than just a stablecoin earning yield. Users can: ▸ Buy PT to lock in fixed yield. ▸ Buy YT to leverage yield or points. ▸ Farm incentives. ▸ Build looping strategies through Aave or Morpho. ▸ Trade future yield expectations. As a result, one asset can attract many different types of users at the same time. And that usually leads to much faster TVL growth. The best example is USDG. Even though USDG was already a large stablecoin, Pendle quickly attracted nearly 28% of its Ethereum supply into Pendle markets. For Apyx, Pendle at one point accounted for the majority of the protocol's TVL. This is why many teams now launch Pendle markets almost immediately after launching a new yield-bearing asset. A simple way to think about it: In 2020, Projects wanted to be listed on Binance because Binance brought liquidity. In 2026, Projects want to launch on Pendle because Pendle brings liquidity to yield. That is why so many new stablecoins are benefiting from what the market calls the "Pendle Effect"

Linn's Leverage #1042 is out: (Link in tweet below) @boros_fi @pendle_fi @maplefinance @Theo_Network @KyanExchange @Mantle_Official Like/Repost to support:

Come arbitrage the spread between $ETH and $BTC funding rates on @binance and @HyperliquidX with our new July maturities! With Boros, you can capture the structural difference between Binance/HL funding and enable fixed funding on your perp positions.