Hi, this is a post for USDS whales and YT holders and no one else, if you are not a USDS whale or YT holder please continue doomscrolling. Okay... now that it's just us, if you could please buy a significant amount of USDS PTs on @pendle_fi or sell a significant chunk of YT's at some point so that I can hit my limit orders I'd really appreciate it. Thankyou for your attention to this matter. Pendle.

This is why Pendle is RWA

One of my stronger convictions in RWA-Fi is that @pendle_fi is positioning itself at the forefront of the next wave of onchain capital markets. We're talking about trillions $$$ in potential tokenised asset supply over the coming years, but bringing assets onchain is only half the equation. The real opportunity lies in unlocking their productivity once they're there. Its obvious that Pendle is increasingly becoming a fundamental layer for that. A few developments worth highlighting: 1. From yield tokenisation to broader asset productivity PTs have already established themselves as a core DeFi primitive for fixed-yield exposure + capital-efficient looping strategies. With PendleLoop, that utility is expanding beyond traditional yield-bearing assets into leveraged exposure across BTC, ETH + tokenised equities. Tokenised stock long strategies on @base now integrate borrowing through @aave, (up to ~4.2x leverage) enabling users to trade yield expectations towards helping them deploy capital more efficiently across different asset classes. 2. Becoming a value discovery layer for RWAs From tokenised treasuries + private credit to AI infrastructure, reinsurance + equities, Pendle has reportedly listed 100+ RWA markets YTD. *FYI: RWAs now account for >80% of its TVL. What stands out is the breadth of exposure being brought into DeFi. As more institutional assets come onchain, Pendle provides a venue where their yields can be priced, traded + incorporated into broader DeFi strategies. Tokenisation creates asset availability, yield markets help turn that availability into financial utility. 3. Institutional credibility as a compounding advantage The growing roster of asset managers is particularly notable: 🔸 Janus Henderson (deJAAA) 🔸 Franklin Templeton (FLHYon) 🔸 Partners Group (NGI+) 🔸 Bitwise (PPLUS) Alongside its RWA Insights series featuring institutions such as Grayscale, Pendle is building relationships with some of the most established names entering tokenised finance. This matters wayy beyond the immediate TVL contribution. Institutional relationships bring credibility + differentiated asset supply, which can attract more liquidity, improve market depth + strengthen Pendle's position as a destination for future RWA listings. And that's where the reinforcing flywheel gets interesting. More institutional assets → broader yield markets → deeper liquidity + capital utility → greater incentive for new issuers to participate. Ofc, the flywheel depends on actual market demand + sustainable liquidity, not simply the number of listings. But the direction is pretty clear. As tokenised assets proliferate, the opportunity increasingly shifts from who can bring assets onchain to who can make those assets productive. Pendle is building a pretty compelling position at that intersection. A 24/7 yield discovery layer for an increasingly onchain financial system. Best part of this? We're still vv early in this transition. Pendle 🫡

The ETH spread markets now have enough liquidity to support mfs aping 1,000 ETH clips. That's a LOT of free fixed yield that's waiting for you to SCHLUCK up... ...according to my calculations, in excess of 30%+++

Btw APEX 2 on @Infinit_Labs is open for deposits in a few hours and will remain open until Nov 11 It’s the same team and strategy as APEX 1 that beat the SPY in returns. APEX 1 and 2 also have first-loss capital protection, a useful feature for early depositors.

The APEX Multi-Strategy Vault has returned 6.9% in the same period the S&P500 had a 1.3% drawdown. Better yet, the vault's systematic CTA momentum strategy also meant depositors experienced just 6.6% volatility against the S&P500's 9.3%. More returns. Lower volatility.

Some highlights from H2 2026 so far: 🔹Launched PendleLoop, one place to earn or trade with leverage, from looping PTs and sUSDe to going long/short BTC, ETH and the Mag 7 stocks 🔹RWA development - Listed tokenized funds from Janus Henderson (deJAAA), Franklin Templeton (FLHYon), Partners Group (NGI+) and Bitwise (PPLUS), plus tokenized stocks on Base and Robinhood Chain 🔹Started RWA Insights, our interview series with the institutions bringing assets onchain. So far we’ve spoken with Partners Group and Asseto, Franklin Templeton, Janus Henderson and Grayscale, with more to come soon 🔹Launched the Pendle Ecosystem USDC vault on @Morpho with Armitage by @wintermute_t, lending into our flagship PT markets to give PT loopers deeper borrow liquidity 🔹Followed it with the Pendle Ecosystem High Yield USDC vault, also curated by Armitage, which lends into PT markets picked for more upside 🔹Released Arbitrage with CrossEx, an open source terminal that turns cross-exchange funding rate arbitrage into a 2-click trade 🔹Launched spread markets on @boros_fi, allowing the funding gap between 2 venues to trade as a single position. Arbitrage with CrossEx gets simpler too and transforms into a 2 leg strategy (perps on CrossEx + spread market on Boros) 🔹Launched the Pendle Investor Portal, with protocol performance, revenue, buybacks and $PENDLE data in one place.

TN is one of my fav founders to bet on. $PENDLE has a really great product and a big moat. And the team is still shipping. It’s going to be one of the top DeFi coins this coming bull imo.

Shoutout to @pendle_fi for massively opening up their one click Looping product, allowing you to loop up 40+ assets at up to 8.8x leverage (for the most degenerate of you all). The Stablecoin looping is sick as expected, but the real juicy tech is in their new Short / Long Onchain leverage product. Key notes for those who are interested, with No.2 particularly interesting for those who like yield and companies. 1. Markets that don't use PT's are currently fee-free till the end of the year, so you really can loop to a ridiculous rate across all of these stables and not even have to pay the Man that much. 2. The newer side of this product is their Short / Long product, which allows you to go up to 6x Short or Long on a collection of onchain assets. The most interesting choices are a collection of onchain stocks, because Pendle is basically offering to pay you to borrow against these until the 6th of November! Bullish on a stock that they've listed (think AAPL, NVDA, AMZN, MSFT, GOOGLE, TSLA or META)? Pendle will pay you up to 15% APY to hold a levered onchain Long in USDC for the next two weeks. Pendle.

Update on My Pendle YT + Exponent YT Positions 1. RE @re • Holding 1.094M YT ethereum:0x5086bf358635b81d8c47c66d1c8b9e567db70c72 to farm Season 2 • Total points: 3.062B • Burned: $2,538 YT RE Calculator: coinfoin.com/re-airdrop-simu… YT reUSD: app.pendle.finance/trade/mar… 2. Saturn @saturn_credit • Holding 215,071 YT ethereum:0x23238f20b894f29041f48d88ee91131c395aaa71 on Monad • Total S2 points: 305M • No burn so far YT Saturn Calculator: coinfoin.com/saturn-airdrop-… 3. 3Jane @3janexyz • Holding 55K YT ethereum:0x056b269eb1f75477a8666ae8c7fe01b64dd55ecc • Earned: 115K $JANE • Burned: $394 YT USD3: app.pendle.finance/trade/mar… 4. Axis @AxisFDN • Holding 458,427 YT $sUSDX • Earned: 193.7M points • Burned: $855 YT Axis Calculator: coinfoin.com/axis-airdrop-si… YT sUSDX: app.pendle.finance/trade/mar… 5. Onre @onrefinance • Holding 242K YT solana:5Y8NV33Vv7WbnLfq3zBcKSdYPrk7g2KoiQoe7M2tcxp5 • Total points: 122.6M • Burned: $527 Join Onre here: app.onre.finance/earn/leader… YT ONyc: app.exponent.finance/en/mark…

New milestone for $PENDLE 🔥 Total buyback has exceeded 3 million PENDLE, just ~8 months after the launch of sPENDLE. Buyback is also outpacing V2 emission by 6x. For every PENDLE emitted, 6 more gets bought back from the open market and distributed to sPENDLE stakers

10% APY on USDC. On @Morpho Powered by @pendle_fi

if you have no position to hedge, it's not hedging. it's gambling with a nicer name. you need something underneath it first. talked about this with @Truunik on a call about Papertrade. liquidity is thin right now. Which will improve, it's a new app and needs time to get traction. we go live every Wednesday at 4pm ET / 1pm PT with @Truunik.

the Pendle looping page is an awesome way to check a strategy before you put money in. you see what you can supply and borrow, and what oracle each one uses. you get a lot of info easily and your risk management gets way better. it really doesn't get simpler than this. we talk about this live every Wednesday at 4pm ET / 1pm PT with @Truunik.

Linn's Leverage #1138 is out: (Link in tweet below) @boros_fi @pendle_fi @Chainflip @mezzanine_fi @Mantle_Official @StaticsProtocol @GammaSwapLabs Like/Repost to support:

The best fixed yield in the world somehow got better: > Able to size in with $3.2 million capital now > $3.2 MILLION > Where it will earn like it's $38 million (notional amount) > Earn over 30% APR > It's FIXED rate > It's delta-neutral Arbitrage with CrossEx, by @boros_fi

Thinking of doing another article but for 5 DeFi projects who are more than 1 year in the space launching good stuff soon

Imajin fadin

imagine fading Pendle CEO TN Lee: - Pioneered Crypto Fixed Income: transformed future yield into a tradable financial asset creating completely new defi market - $13.4B Peak TVL built Pendle into one of DeFi’s largest protocols, scaling from $234M to $13.4B in less than two years - $45B in Settlements in PT settlements in 2025 alone - $65M in Protocol Rev: Scaled Pendle into a major revenue generating business - $14B Derivatives Growth: Launched Boros, generating over $14 billion in trading volume within its first year - Expanded Across 14 Blockchains: Turned Pendle into a multichain financial infra - Built Through Multiple Market Cycles: Navigated the 2022 crypto collapse and led Pendle’s subsequent resurgence - Continues to Onboard more and more major institutional players - Provides retail easy access to financial instruments they never had access to before Still says “jobs not done” and dreams logarithmically epochally multi- generationally beyond the boundaries of finance proud to be able to contribute in my own small way to what @tn_pendle is building

𝗧𝗼𝗸𝗲𝗻𝗶𝘇𝗲𝗱 𝘀𝘁𝗼𝗰𝗸𝘀 𝗮𝗿𝗲 𝗺𝗼𝘃𝗶𝗻𝗴 𝗯𝗲𝘆𝗼𝗻𝗱 𝗵𝗼𝗹𝗱𝗶𝗻𝗴 𝗮𝗻𝗱 𝘁𝗿𝗮𝗱𝗶𝗻𝗴.𝗬𝗼𝘂 𝗰𝗮𝗻 𝗻𝗼𝘄 𝗯𝗼𝗿𝗿𝗼𝘄 𝗮𝗴𝗮𝗶𝗻𝘀𝘁 𝘁𝗵𝗲𝗺 𝗮𝗻𝗱 𝗯𝘂𝗶𝗹𝗱 𝗹𝗲𝘃𝗲𝗿𝗮𝗴𝗲𝗱 𝗲𝗾𝘂𝗶𝘁𝘆 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝘀 𝗱𝗶𝗿𝗲𝗰𝘁𝗹𝘆 𝗼𝗻𝗰𝗵𝗮𝗶𝗻. I spent some time researching the latest development from @pendle_fi, and what caught my attention wasn't just the leverage. It was how three pieces of financial infrastructure are now working together on Base. On October 22, Pendle introduced PendleLoop, allowing eligible users to build leveraged positions in tokenized US equities through @aave V4. The supported assets include: • AAPLc — Apple • NVDAc — Nvidia • GOOGLc — Alphabet • TSLAc — Tesla • AMZNc — Amazon • MSFTc — Microsoft • METAc — Meta Here's what I found. ➊ 𝗙𝗶𝗿𝘀𝘁, 𝗵𝗼𝘄 𝗱𝗼𝗲𝘀 𝘁𝗵𝗲 𝗹𝗲𝘃𝗲𝗿𝗮𝗴𝗲 𝘄𝗼𝗿𝗸? @aave already introduced lending markets for these equities in September. @pendle_fi didn't create a new lending market. It built an interface that combines the transactions required to increase exposure. Instead of manually buying tokens, supplying collateral, borrowing and repeating the process, users can manage the position through PendleLoop. The mechanism works like this: → Purchase a tokenized stock. → Supply the tokens as collateral on $Aave V4. → Borrow $USDC against that collateral. → Use the borrowed $USDC to purchase additional stock tokens. → Repeat within the permitted collateral limits. The result is a larger equity position than the capital initially committed. At launch, available leverage ranged from approximately 2.6x to 4.2x, depending on the asset. But leverage isn't free. Borrowing rates are variable, and a decline in collateral value can trigger liquidation. ➋ 𝗪𝗵𝗮𝘁 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝗯𝗮𝗰𝗸𝘀 𝘁𝗵𝗲𝘀𝗲 𝘁𝗼𝗸𝗲𝗻𝗶𝘇𝗲𝗱 𝘀𝘁𝗼𝗰𝗸𝘀? This is another detail worth understanding. @coinbase Tokenized Stocks aren't simply synthetic assets following equity prices. Each token represents a certificate issued by Coinbase Onchain SPV Ltd, with underlying shares held through Alpaca Securities (an SEC-registered broker-dealer). The issuer holds those shares under a trust arrangement for token holders. Corporate actions are also accounted for. For example: Dividends are reinvested into additional underlying shares (after applicable fees and taxes),rather than distributed directly to token holders. This means the tokens provide economic exposure to the underlying equities, although their legal rights and redemption arrangements differ from holding ordinary shares through a brokerage account. ➌ 𝗡𝗼𝘄, 𝘄𝗵𝗮𝘁 𝗮𝗯𝗼𝘂𝘁 𝘁𝗵𝗲 𝗹𝗲𝗻𝗱𝗶𝗻𝗴 𝗺𝗮𝗿𝗸𝗲𝘁? Aave V4's Equities Hub on @base supports the seven stocks as collateral for USDC borrowing. At launch, the market had approximately: • $29M in aggregate equity collateral caps. • $32M USDC supply cap. • $21M USDC borrow cap. • Collateral factors ranging from 65% to 79%. These are market limits, not actual deposits or borrowing volume. And the collateral factors matter because they determine how much borrowing capacity each asset receives. A token with a lower collateral factor generally requires more collateral for the same loan. This also explains why PendleLoop cannot offer identical leverage across every stock. ➃ 𝗪𝗵𝗮𝘁 𝗱𝗼𝗲𝘀 𝘂𝘀𝗶𝗻𝗴 𝗣𝗲𝗻𝗱𝗹𝗲𝗟𝗼𝗼𝗽 𝗰𝗼𝘀𝘁? Pendle is currently waiving its service fees on eligible non-PT looping positions until December 31, 2026. However, that doesn't eliminate the cost of leverage. Users still face: • Variable USDC borrowing interest • Transaction costs and slippage • Liquidation risk when collateral values decline Pendle has also announced borrowing incentives distributed through @Merkl_xyz. Those incentives can reduce effective financing costs for qualifying positions, but they shouldn't be treated as permanent income. ➎ 𝗢𝗻𝗲 𝗿𝗶𝘀𝗸 𝗜 𝘁𝗵𝗶𝗻𝗸 𝗱𝗲𝘀𝗲𝗿𝘃𝗲𝘀 𝗺𝗼𝗿𝗲 𝗮𝘁𝘁𝗲𝗻𝘁𝗶𝗼𝗻 The lending market operates 24/7, but the underlying US stock market doesn't. Aave uses Chainlink's tokenized equity price feeds, which publish prices 24/5. During weekends and US market holidays, the feeds retain their last published prices. That creates a pricing gap: • A stock could experience a major development outside regular market hours • while its onchain collateral valuation remains unchanged until the feed updates. For leveraged positions, a sharp repricing when the feed resumes can become a liquidation problem. So 24/7 access doesn't mean continuous price discovery or protection from market gaps. ✦ Conclusion What I find significant is how the responsibilities are divided: → @coinbase handles the tokenized equity structure. → @aave provides the collateral and borrowing infrastructure. → @pendle_fi makes the transactions accessible through one interface. Each component existed before this integration, but combining them reduces the work required to use tokenized equities in DeFi. And I think that distinction matters. Issuing more tokenized stocks doesn't necessarily create more demand for them. The stronger test is whether holders are willing to supply those assets as collateral, borrow against them, and maintain positions after promotional incentives expire. That's what I'll be monitoring: ▸ collateral deposits ▸ actual borrowing demand ▸ utilization ▸ how these markets behave during periods of equity volatility Because the ability to tokenize a stock has already been demonstrated. Whether that stock can support a liquid, sustainable lending market is the more important question.