BlockBeats News, June 26th, Pendle Co-founder @tn_pendle posted on social media, stating, "The formation of the yield curve and the interest rate market has now become the next key leap. And Pendle is at the heart of this transition."

Pendle is a protocol in DeFi that was the first to achieve fixed income and yield trading, providing tools and a platform for the "price discovery" mechanism of the crypto interest rate market. Today, fixed-income assets on Pendle, such as ETH and stablecoins, have transitioned from early APYs exceeding 100% to a more sustainable 3–15% fixed annualized yield, reflecting a gradually stabilizing market demand, more reliable capital flow, and the maturation of DeFi.

On a micro level: incentive mechanisms and democratization of early participation. Pendle's dual-token mechanism (PT & YT) is not only used for yield separation but has also become a critical platform for launching liquidity and incentive distribution of emerging protocols. Users can earn airdrops and expected incentives through YT, while PT provides a deterministic return. This structure provides the market with a clear signal of yield pricing.

On a macro level: building a DeFi yield curve on-chain. Just as traditional finance uses the yield curve to gain insight into macro trends, Pendle is constructing a similar framework for the crypto market. Through on-chain transactions of rates at different tenors, users can observe short-term and long-term yield expectations, forming macro judgments on market liquidity, risk appetite, and more. The upcoming Boros module will introduce the world's first on-chain funding rate curve, providing DeFi with new interest rate tools and strategic space."