TLDR Tech / Crypto
There Is a Second Best: PENDLE
Strategy's STRC preferred stock, which carries an 11.5% contractual annual dividend, is now tokenized on-chain via xStocks, Apyx, and Saturn, breaking DeFi's two-year yield compression where Aave stablecoins pay 2% and Ethena sits below 4%. Apyx wraps STRC into its staked apyUSD token to concentrate the dividend before Pendle splits exposure into PT and YT, pushing PT-apyUSD to roughly 16% fixed APY, with 25%+ achievable when stacking liquidity incentives on top of the 4.5 percentage point spread over the base rate. Pendle generated $44.6M in 2025 protocol fees with fees up 41% in 30 days, RWA TVL at a new ATH of $151M, and every major yield-splitting competitor, including Element, APWine/Spectra, Sense, and Tempus, has shut down, cementing Pendle's monopoly in the sector.
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