TLDR Tech / Crypto
The Pendle Effect: $STRC Onchain
Pendle has integrated $STRC, Strategy's tokenized preferred shares distributed via DeFi wrappers APYX and SATURN, marking its first exposure to tokenized equity-adjacent credit instruments with dividend-based yield. APYX combined TVL grew from $26M at the March 4 Pendle listing to $371M by May 12, a 14.3x increase in under 2.5 months, with Pendle holding approximately $296M, or 76.7% of APYX's total TVL. PT markets for apxUSD and apyUSD offer 15-19% fixed APY above the underlying dividend rate, with looping strategies on these positions pushing effective yields to 60-110% APY. PT-apxUSD and PT-apyUSD have become Morpho's largest PT markets at a combined $50.5M TVL, while YT markets are functioning as live price discovery venues for APYX and SATURN tokens ahead of their respective TGEs.
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