$69.8 billion in fixed yield has been settled through Pendle's protocol, a number that dwarfs the GDP of most countries and represents DeFi's answer to traditional finance's $140 trillion fixed-income market. To put this in perspective, Pendle has processed more yield settlements in three years than the entire market cap of most major cryptocurrencies. Pendle 是一個去中心化協議,它將任何收益資產的未來收益代幣化,將其拆分爲兩個可交易組件:代表基礎資產的本金代幣(PT),在到期時可贖回,以及捕捉所有未來收益直到到期的收益代幣(YT)。這一看似簡單的創新解決了 DeFi 最持久的問題之一,即無法獨立於本金進行收益交易,從而爲以前被鎖定和流動性差的資產創造了衍生品市場。