链习生Ethan

Pendle is a DeFi protocol that splits 'yield-bearing assets' into two parts for trading.
For example, assets like stETH, USDe, and sUSDe that automatically generate interest,
Pendle first packages them into SY (Standard Yield-bearing Asset),
and then splits them into:
👉 PT (Principal Asset) + YT (Yield Asset)
which means: SY = PT + YT
💡 How to understand?
If you think interest rates will rise in the future:
➡ Buy YT (to get more yield) or sell PT
If you think interest rates will fall in the future:
➡ Sell YT or buy PT
Here, 'interest' is called Implied APY (Implied APY),

Want to play DeFi yields but don't want to be confused by complex formulas?
First, quickly understand the core concepts of Pendle, so you can see how yields work at a glance🔥
1⃣ Yield-Bearing Token
Simply put: tokens that can generate money
For example:
stETH (Ethereum Staking Yield)
GLP, gDAI
Even liquidity token Aura rETH-WETH
They naturally appreciate over time, providing you with returns💰
2⃣ Accounting Asset
Each market will label a settlement asset to measure the value changes of yield tokens, such as stETH.
(This means 'the earnings you make are calculated in terms of what unit')

Did you know? In DeFi, yields can also be split, traded, and amplified! This is the magic of Pendle✨
1⃣ Yield Tokenization
Pendle allows you to split your income-generating assets (like stETH) into two parts:
🎈 SY (Standardized Yield Tokens) = PT + YT
PT (Principal Token): the principal part, redeemable for the original asset at maturity
YT (Yield Token): the yield part, representing future interest/staking returns
Simply put: principal and interest are traded separately, and yields are 'tokenized', allowing you to take control💡

📅 Event duration: Ongoing until December 22 📈 Annualized APR: about 52% (1% reward per week, lasting for 10 weeks) 📍 Ecosystem background: Base chain + a16z lead investment
💡 Example of earnings:
Deposit 500U → 10 weeks becomes 550U
Deposit 5000U → 10 weeks becomes 5500U
Deposit 10000U → only need 5 weeks to reach the maximum reward limit of 500U
⚠️ The reward limit per account is 500U!
🧭 Participation tutorial (super easy!)
1️⃣ Register via link https://farcaster.xyz/~/code/SXK625 to enjoy a 20% fee discount
(Previously, registration required payment, now it's free)
2️⃣ Download the App 【Farcaster】

Main targets：$SOL $ETHFI $EIGEN
With the maturation of the cryptocurrency market, spot ETFs have become a key bridge for institutional investors to enter the digital asset space. The successful launch of Bitcoin (BTC) and Ethereum (ETH) spot ETFs has proven the potential of this path, while Solana (SOL), as a representative of high-performance blockchains, has also garnered much attention for its ETF application. Among them, the staking function is one of the core points of contention for these ETFs. It allows ETF holders to participate in network validation by locking up ETH or SOL tokens, thereby earning rewards. This not only enhances the profitability of the ETFs but also strengthens the security of the underlying blockchain. However, the U.S. Securities and Exchange Commission (SEC) has been cautious in its review of staking functions. As of October 3, 2025, the SEC's decision on staking for ETH and SOL ETFs remains pending, but multiple applications have entered the final review stage. This article will analyze the final decision date of the SEC and outline the three essential reasons for the approval of the staking function, revealing the win-win potential of this decision. Analysis of the SEC's final staking decision date The SEC's review process typically involves the evaluation of Form 19b-4 filings and the approval of S-1 registration statements, with the staking function as an additional mechanism requiring extra scrutiny to ensure investor protection and market integrity. Based on the latest developments, here is the key timeline for the staking decisions of ETH and SOL ETFs:

🌟 Stable annualized 20% series 1-1｜Introduction section

Before officially discussing the strategy, let's clarify two core concepts👇
💡 1. Jupiter Exchange

Jupiter is a decentralized trading platform (DEX aggregator) on the Solana chain.

👉 Its function is like a 'flight comparison website', helping you automatically find the cheapest and most suitable trading paths on Solana.

👉 No matter which token you want to buy or sell, it will compare prices across multiple DEXs and liquidity pools → place orders, helping you save on trading costs and slippage.

💡 2. JLP (Jupiter Liquidity Provider)

AAVE is in a major downtrend. After breaking the upper trend line of the downtrend at 310 and falling back, a small legitimate range has formed on the 1-hour level. A short position can be established near 310. If it continues to effectively break below the lower edge of the small oscillation range at 308.5, additional positions can be added. Stop loss at 318.5, and take profit at the lower control and major support level of 298.5.