Pendle
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Pendle

Pendle is Live

Pendle markets are now up on Ethereum mainnet!

To get you started on your journey, we’ve organized a list of articles for you to familiarize yourself with Pendle.

Introductory reads:

For a deeper dive into our ecosystem:

App Guide

Obtaining Yield-Generating Token

Pendle is a protocol that enables the trading and hedging of yield. To mint Yield Tokens, you will need to own a yield-generating token. Current supported pairs are aUSDC (Aave V2) and cDAI (Compound).

aUSDC (Aave V2)

To obtain aUSDC, go to Aave (ensure that you are on Aave V2 market) and deposit USDC into the USDC pool.

After depositing USDC into the Aave V2 USDC pool, you will receive aUSDC. Skip to ‘Minting YT and OT’ in this article to deposit your aUSDC into Pendle.

cDAI (Compound)

To obtain cDAI, go to Compound and deposit DAI into the DAI pool.

Approve the transaction and deposit DAI into Compound. After depositing DAI into Compound’s DAI pool, you will receive cDAI.

Minting YT and OT

Step 1: Select the Mint tab.

Step 2: Select the YT token pair and expiry.

Step 3: Enter the amount of underlying to be deposited.

Step 4: Approve the transaction on your wallet and mint.

Swap

You can swap YT against the base pair (USDC in this instance).

Step 1: Select the Swap tab.

Step 2: Select the desired YT token pair and expiry.

Step 3: Select the base pair and quote pair.

Step 4: Enter the amount to be swapped.

Step 5: Approve the transaction on your wallet and swap.

Adding / Removing YT Liquidity

You can provide or remove liquidity for “YT/USDC” pairs.

Adding Liquidity

Step 1: Select the Liquidity tab and select Add Liquidity.

Step 2: Select the Liquidity Pool to be added.

Step 3: Enter the amount of liquidity to be added for the “YT/USDC” token pair.

Step 4: Approve the transaction on your wallet and add liquidity.

Removing Liquidity

Step 1: Select the Liquidity tab and select Remove Liquidity.

Step 2: Select the Liquidity Pool to be removed.

Step 3: Enter the amount of liquidity to be removed for the “YT/USDC” token pair.

Step 4: Approve the transaction on your wallet and remove liquidity.

Adding / Removing OT Liquidity

Depending on the underlying deposited, visit:

Step 1: Enter the amount of liquidity to be added/removed for the “OT/USDC” token pair.

Step 2: Approve the transaction on your wallet and add/remove liquidity.

Stake and Farm

Currently, there are 3 ways to farm PENDLE tokens:

Method 1: YT and OT LP staking

YT LP

Step 1: Select the Stake tab.

Step 2: Select the LP-ed pair.

Step 3: Enter the amount of LP tokens to stake.

Step 4: Approve the transaction on your wallet and stake.

OT LP

OT LPs do not have to stake their Sushi LP tokens. The rewards will be distributed retroactively based on the quantity and duration the LP tokens are held.

Liquidity incentives for each of the supported asset pairs.

Method 2: Single-sided PENDLE staking

Step 1: Select the Farm tab and refer to the Single-sided staking pool.

Step 2: Enter the amount of PENDLE to stake.

Step 3: Approve the transaction on your wallet and stake.

Method 3: Sushiswap Onsen

Refer to this Medium post on how to earn Onsen rewards.

Redeem

You can redeem the underlying tokens with OT and YT. It is important to note that after expiry, only OT is required to redeem the underlying.

Step 1: Select the Redeem tab.

Step 2: Select the YT token pair and expiry.

Step 3: Enter the amount of OT & YT to redeem the underlying.

Step 4: Approve the transaction on your wallet and redeem.

Dashboard

The dashboard tab shows your current assets. You can claim all of the yield accrued by YT on this page. You will be notified of expired token pairs here to renew them.

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