TL;DR for the lazy readers 👇🏻 APYX 🚀 • TVL grew 14.3x to $371M in ~2.5 months • Pendle now holds ~$296M across all APYX markets, ~77% of APYX's total TVL • 2,340 unique addresses hold PT/YT/LP positions in apxUSD markets - more than native apxUSD holders • APYX PTs are now the largest PT markets on Morpho with ~$50.5M combined TVL • PT looping strategies are generating effective yields of 60-110% APY on top of a fixed 15-19% base Saturn 🪐 • TVL grew 3.3x to $159.8M in 30 days • Pendle holds $76.65M across USDat and sUSDat, ~48% of Saturn's total TVL • Pendle wallets (PT YT LP) holding USDat positions (1,472) are more than double the native USDat holder count • 827 users hold sUSDat positions (PT YT LP) on Pendle; 160% vs. native holders Looking Ahead 🔭 • Pendle now holds ~1.29M $STRC indirectly across its markets • $STRC's addressable TAM sits at ~$8.5B, with STRK, STRF, and STRD as potential additions to the onchain pipeline • The CLARITY Act, if passed, would formally distinguish yield from active market participation, directing more capital toward exactly the activity Pendle enables $PENDLE 🫡

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"

everyone fixates on YT/PT when there really should be more awareness on the power of LP. Take @plumenetwork nOPAL in this case, LP is giving ~27% APY, which is: 🔹"Lossless" unlike YT where you could potentially lose money 🔹Higher yielding than PT and oPAL native yield 🔹Zero IL since everything will just be nOPAL at maturity 🔹Rates are variable, but LP has been outperforming PT and native yield since the pool went live ~2 weeks ago

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?

Lots of people are missing the Grove for the trees. In most (if not all) Pendle markets, YT demand is retail-driven, employed as an instrument for outsized exposure to rate directions or points. For @SkyMoney sUSDS, YT demand is a decree binding decree for Sky's Primes, like @sparkdotfi and @grovedotfinance. Primes deploy USDS capital into strategies like CLOs, Treasuries and credit products that pay fixed yields. BUT, their liabilities are variable since they pay the Sky Savings Rate to sUSDS holders, a rate that floats. When SSR rises, those fixed yields they're earning still stay the same. Holdings YT-sUSDS solves this since it hedges against any rises in SSR, eliminating any duration mismatch. In short, the Sky sUSDS is designed for institutional participation: > HNW users and institutions locking in a Fixed Rate (i.e. PT) higher than SSR > Primes hedging against duration mismatch vs SSR So where do the retail minnows like us fit in? No one's stopping you from scooping up those freakin' YTs too LMAO. 🔹30,000 USDS rewards per week 🔹On track to earn 80% ROI / 255% Effective APY

Fresh injection of rewards for @SkyMoney YT-sUSDS 😋 YTs are now enjoying 2̶0̶,̶0̶0̶0̶ → 30,000 USDS weekly rewards. And yes, these will maintain and last the ENTIRE maturity. As it stands for YT-sUSDS: 🔹269% Effective APY 🔹 82% Profit 💦💦💦💦

probably just became one of the best YTs overnight: > already projected for 264% ROI at time of writing > this is just from $USD3 rewards > additional 200,000 $JANE weekly rewards are NOT included on the UI yet > so ROI is even better than showm $JANE rewards scale according to TVL milestones. The relatively low TVL now at ~$1.42M means YTs are earning a bigger share of the rewards pie at peak efficiency now 🥧

Pendle: B2C → Infrastructure Layer This is actually the most interesting part of the integration. Previously, if you wanted fixed yield through @pendle_fi , you had to: - Go to Pendle. - Buy PT-sUSDS. - Understand how PT and YT work. - Manage the position until maturity. Now, with @SkyMoney - Users simply open the Sky app. - Click "Fixed Yield." - Deposit USDS or sUSDS. Everything else is handled by Pendle behind the scenes. Technically, users are still holding PT-sUSDS, but Sky has packaged the experience into a simple native product. Most users may not even realize they are using Pendle infrastructure. This matters because it shows Pendle evolving from a consumer application into an infrastructure layer. In the past, users had to come to Pendle. Now, Pendle is going to where the users already are. This is similar to: - Users don't need to visit Aave directly if lending is integrated into wallets or other apps. - Users don't need to open Chainlink's website to use oracle data. Pendle is moving in the same direction for fixed-income products. What's even more important is that Sky is not creating the fixed yield itself. The Sky Savings Rate (SSR) remains a variable yield product. Pendle creates a marketplace where: - Users who want fixed yield buy PT. - Users who want exposure to future yield buy YT. As a result, the fixed rate is determined by market supply and demand. I think Sky is only the beginning. If this model proves successful, we'll likely see more protocols integrate fixed yield directly into their products instead of forcing users to leave the app. Aave and GHO are a natural example. Imagine being able to lock a fixed yield on GHO directly inside the Aave interface, powered by Pendle infrastructure in the background.

With a Pendle Asset making its way onto HyperLend this past week I realised I hadn't checked in on my favourite insanely confusing (and therefore insanely fun) DeFi App in a long time. As always they've been cooking away, but one new addition really stuck out: Limit Orders