HyperLend × Pendle: Fixed yield on your HYPE When you supply HYPE on HyperLend, you receive hHYPE, a transferable ERC-20 receipt that represents your claim on the underlying HYPE in HyperLend. That receipt is your bridge to yield opportunity. Move hHYPE to Pendle markets, where you can lock in a fixed APY (currently at ~14% and subject to change depending on demand and maturity). Simplified process looks like this: supply HYPE → receive hHYPE → choose fixed or variable rates on Pendle. Here is how it works: On Pendle, hHYPE can be split into a Principal Token (PT) and a Yield Token (YT). If you want certainty, sell the YT and hold the PT to lock a fixed rate until maturity. At expiry, you redeem the PT for your principal. Prefer upside? Keep or accumulate YT to stay exposed to variable yield. You can also provide liquidity to the PT/YT pool. While this isn't a basis trade in the traditional sense (like spot vs. futures), this strategy allows you to earn trading fees from users speculating on the 'yield basis', which is the difference between the fixed implied APY on Pendle and the actual variable APY generated by hHYPE on HyperLend. The result is capital efficiency with choice. The HYPE you supplied remains within the HyperLend protocol, generating its base variable yield. The hHYPE token acts as your receipt, which you can then use in Pendle's fixed-income markets. However, it is crucial to understand that once you transfer your hHYPE to Pendle, that deposit can no longer be used as collateral for borrowing on HyperLend, as your claim is now actively being utilized within the Pendle ecosystem. One deposit, two paths: lock a forward rate for predictability, or position for variable returns. Term markets on Pendle effectively create a forward curve for HYPE yield or any other asset in the future (1-month, 3-month, 6-month, etc.). That curve enables pricing, hedging, and structured products that simply weren’t possible when yield was “one floating number.” Your bank, HyperLend
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