Pendle
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Pendle

Pendle 2021 Wrapped

This year has been a wild ride. We started off with a headcount of 6 and the team has since expanded to a nice round number: 20 people strong.

When we launched in June, we were the first AMM-based yield tokenization protocol to go live, supporting Aave and Compound tokens on Ethereum. In 6 months, we’ve expanded support to:

  • 9 different assets (one with 70k% APY);
  • 6 protocols;
  • 2 blockchains.

Alongside the constant improvement to the protocol, YT average daily trading volume has been steadily increasing as well, topping at ~375k daily.

We’re thankful to everyone that has hopped on board with us as we begin this journey.

We love watching the community grow as degens continue to discuss and share strategies on how to maximize 6-digit APYs in discord even throughout Xmas! Join us if you haven’t yet!

Looking back, there hasn’t been a quiet month throughout 2021. We revisit some monthly highlights to appreciate the work done before we leap into 2022!

Expect 2022 to be an eventful one with Pendle! Soon, we’ll share some key objectives and a roadmap for the year to let the community know what to look forward to.

March

March marks the start of Pendle’s public journey. We launched Pendle’s first iteration on Kovan where we received plenty of constructive feedback on our product.

April

Pendle became the first protocol to utilize Flashbots for liquidity bootstrapping.

The event was designed to prevent sniping that is seen during liquidity bootstrapping.

May

$PENDLE listed on Sushiswap’s Onsen! We were also one of the first protocols to be added to the dual incentive program.

In the same period, we completed our initial audit, as well as engaged 3 whitehats to independently review the contracts. You can find the reports here.

June

Launch! Pendle was the first AMM-based yield trading protocol on mainnet, starting with support of Aave and Compound.

July

July saw the creation of Pendle’s Rari Fuse pool, enabling OTs to be used as collateral. This frees up the locked capital on OT and permits a leveraged fixed yield position. Learn more here.

August

We are the only protocol that enables yield trading of LP tokens,this enabled swap fee speculation, temporary IL hedging while earning swap fees, fixed yield on LP tokens and more!

We launched supporting ETHUSDC SLP tokens and created Pe,P, an offering we have that incentivizes Pendle liquidity and provides useful liquidity for the protocol in a single pool.

September

Launch partner with Olympus Pro! We partnered with the Ohmies to accumulate protocol owned liquidity, achieving over $1.3M liquidity in the process

October

Docs revamp! New and improved looks on our docs and included details of our contracts for developers, check them out here! Our Avalanche contracts were also audited in October.

November

Pendle is the first yield trading protocol to join the Avalanche party, amassing $30m in funds locked across all pools within a week of launch! We sailed through the snow caps with the following releases:

  1. 1-click Zaps for easy LP and farming
  2. Single asset claims

December

Devs can’t sleep yet.

December has been especially exciting with support for Wonderland’s wMEMO being a key highlight. Splitting yield on 100k% APY, allowing it to be tokenized and traded. Another first that we’re proud of!

wMEMO pools are the most popular asset on Pendle, averaging around $300,000 in daily trading volume. We’re constantly impressed by the interest users have for this asset, with both degen and safe yield strategies being discussed in discord 24/7.

A large part of what enables this is our product design — allowing yield to be claimable at any time which gives maximum flexibility to the user, especially important when the underlying asset rebases every 8 hours!

If you missed it, check out these alpha tweets on wMEMO with Pendle:

  1. Fixed APY 112,000%
  2. Compounded APY 240,000% (est)

That’s all for now, we’ll be back soon with more details on what’s brewing. Until then, here’s a sneak peek of an upcoming UI upgrade:

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