Fixed yield is here to stay, and Pendle is leading the way.

Last year, we settled over $21 billion of PTs, generating over $1.5 billion in yield and welcomed 320,000 new users, a five-fold increase from the year before.

Pendle is emerging as the de facto fixed-income marketplace, akin to the NYSE of fixed yield.

There’s no true equivalent in traditional finance given its OTC nature, but the traction we’re seeing signals a powerful early product-market fit - a familiar model for institutions, made better with DeFi-native transparency, efficiency, and upside.

Job’s not done.