Free · Editorially independent
Editorial policyUse Pendle at app.pendle.finance when you already hold a yield-bearing asset and you want a rate you can name until maturity by buying PT. Skip Pendle if you need same-day liquidity without selling on the AMM, or you have never used Aave. Educational research, not financial advice.
Pendle splits yield-bearing tokens into PT (fixed claim at maturity) and YT (the yield stream). Verdict-first guide on implied APY, early exit, and when Aave is the better tool.
Market context
DeFiLlamaSkip Pendle if you cannot name the underlying asset’s depeg risk, you need the cash tomorrow without an AMM sale, or you have never supplied on a lending market. Implied APY is a discount if you hold PT to maturity — not a bank coupon.
Related comparisons
Yes — if you already understand the underlying yield token and you want to lock a rate via PT or trade yield via YT. Skip it as a first DeFi app. Aave is the flexible variable-rate path. Pendle is a rate decision with a maturity date.
DeFiLlama snapshot 2026-08-27: about $1.2 billion TVL for this listing. That is lockup, not a safety rating — re-check the live figure before you size anything.
Pendle splits a yield-bearing token until a fixed maturity. PT redeems one unit of underlying at that date if you hold it. YT receives the yield until then. Buying PT below redemption is how the implied fixed rate appears. Selling early is an AMM price, not the maturity value.
| Token | What you get | Skip when |
|---|---|---|
| Underlying (stETH, sUSDe…) | Variable yield | You wanted a locked rate |
| PT | Claim at maturity | You need out this week without selling |
| YT | Yield stream only | You cannot lose the whole YT premium |
Aave when you want to supply or borrow with a health factor and leave when you like, subject to liquidity. Pendle when the maturity and implied rate are the whole point. Do not farm YT because a dashboard number is large — YT can decay to zero at maturity.
| Want | Use | Skip Pendle when |
|---|---|---|
| Flexible variable rate | Aave | You wanted a named maturity |
| Hold to maturity | PT | You need cash this week without selling |
| Yield speculation | YT | You cannot lose the YT premium |
Underlying depeg, implied-rate moves if you exit early, and YT going to empty at expiry. Pendle’s AMM is another contract. Our how-to guide covers the click path; this page is the decision whether a maturity-dated rate is what you wanted versus Aave.
The app we name is app.pendle.finance. You should already understand the underlying yield token — stETH, sUSDe, or similar. This page is whether PT or YT is the right instrument. Beginners should supply on Aave first, then return to Pendle.
Convex, Curve, Resupply, Inverse Finance and Frax share collateral, gauges and stablecoin rails. Read the flywheel first if you are new to the stack.
FAQ
A yield-tokenisation protocol: PT and YT until a maturity, at app.pendle.finance. PT is a claim at that date if you hold it. YT is the yield stream and can expire worthless.
Only in the sense that holding PT to maturity realises the discount — if the underlying redeems. Not a bank coupon. Selling early is an AMM price.
No. Use Aave first. Pendle is a rate decision with a maturity date, not a flexible savings pool.
No. Educational research only. We do not recommend PT, YT, or PENDLE.
Aave is the default multi-chain DeFi lending market. V4 (Ethereum, 30 March 2026) uses a Hub for liquidity and Spokes for the market you actually click. Supply for a variable rate, or borrow and watch health factor — including V4’s target-health-factor liquidations.
Ethena’s USDe is a synthetic dollar funded by a delta-neutral basis trade, not a bank reserve. Verdict-first guide on funding-rate risk, sUSDe, and when USDC or Sky USDS is the better tool.
Lido is the largest Ethereum liquid-staking protocol: deposit ETH, hold stETH, keep the asset usable in DeFi. Verdict-first guide on slashing, smart-contract risk, and when Rocket Pool or solo staking is the better fit.