🔥Pendle Print #90 @pendle_fi didn’t just drop news this week it dropped a signal: the onchain yield market is reshaping, and Pendle is sitting right at the center. TVL holding around $5.2B ⇒ far from the September peak, but impressively stable considering the broader DeFi rotation. In this market, stability equals trust.

► The Opportunity This week’s batch of new pools unlocks four very different strategies tailored to specific risk profiles: ▸ sENA – 05 Feb 26 Access Ethena-derived yields packaged with built-in risk controls. ▸ kHYPE / vkHYPE ➜ 19 Mar 26 Dual Hyperliquid exposure with 18–22% fixed yields, backed by $40M TVL. ▸ sthUSD ➜ 15 Jan 26 For those who prefer calm yield: 8–10% APR, steady and predictable. ▸ lHYPE ➜ 28 May 26 A long-horizon funding-rate strategy aimed at multi-month perps cycles. Top flows this week: • kHYPE : strong fixed yields, easy to loop, climbing TVL • sthUSD : stable volumes, great for parking capital • vkHYPE : similar yield band to kHYPE but different risk mechanics → easier diversification The bigger narrative: yield hunters no longer need to hop between fragmented protocols. @pendle_fi brings everything under one roof.

► Highlights 1. Looping stays the king of optimized returns PT looping is becoming the default strategy for farmers aiming for 30–40% APR without debt or liquidation risk. – Almanak vaults boost alUSD strategies for extra bonuses – Solv offers BTC-Pt leverage without selling spot sats 2. The funding-rate meta is accelerating ⇒ Boros continues leading the narrative with Yield Units (YUs) an hourly, standardized measure of funding-rate yield. ⇒ With funding swings hitting extreme ranges, 10–20% flips during market dips have become normal explaining Boros’ rapid climb past $500M TVL. 3. UX upgrades that matter ⇒New PnL cards give real-time clarity without manual calculations. ⇒ A small change, but a big win for users who’d prefer not to open Excel. 4. The DEUSD incident: handled cleanly ⇒ Pendle executed a $75M compensation plan with precise snapshotting, Merkle claims for low gas, USDC payouts, and LP recovery via Euler & Morpho. ⇒ A level-headed, mature response the kind people remember. 5. Market landscape – ~$50B total trading volume – $70B yield settled ($49B YTD) – 50–58% fixed-yield market share (80% in tokenized yield) > Onchain fixed-income grew 35–45% this year capital is prioritizing predictability over maximum-risk speculation. > Pendle is no longer a niche DeFi corner. It’s becoming the infrastructure layer for yield pricing and yield trading. #pendle szn. > From funding rates to fixed yields to structured leverage ⇒ every rate primitive is consolidating onto a single platform. > Onchain yield is no longer a playground for degens. It’s becoming a market standard anyone can read, price, and trade. And @pendle_fi is the one defining that standard.