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Commodity Zero-Fee Gala

Lending

Lending protocols form the backbone of the decentralized money market, allowing users to lend or borrow digital assets without intermediaries. Using smart contracts, platforms like Aave and Morpho automate interest rates based on supply and demand while requiring over-collateralization for security. The 2026 lending landscape features advanced permissionless vaults and institutional-grade credit lines. This tag covers the evolution of capital efficiency, liquidations, and the integration of diverse collateral types, including LSTs and tokenized RWAs.

14425 Articles
Created: 2026/02/02 18:52
Updated: 2026/02/02 18:52
Future of fitness, powered by run-to-earn token economies

Future of fitness, powered by run-to-earn token economies

The post Future of fitness, powered by run-to-earn token economies appeared on BitcoinEthereumNews.com. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Runwago is redefining run-to-earn by blending fitness, blockchain, and behavioral psychology into a sustainable ecosystem for runners worldwide. Summary Built by fitness enthusiasts and blockchain developers, Runwago launches its RUNWAGO token on September 18, 2025. Features include challenge-based staking, anti-cheat machine learning, and seamless integration with GARMIN wearables. The platform is designed for lasting motivation with gamification, referral loops, and a closed-loop token economy. The promise of earning while staying active has captured global attention, but many early attempts struggled to balance rewards with long-term sustainability. Runwago changes that. Built as a fresh, smarter, and fully sustainable run-to-earn platform, it’s designed for the global running community with one clear mission: to transform the simple act of running into real, lasting value. Instead of reinventing the wheel, Runwago taps into something millions already do: daily running. This adds a powerful monetization layer backed by blockchain transparency and behavioral psychology. With its official RUNWAGO Token Generation Event (TGE) scheduled for September 18, 2025, the project is preparing for its most important milestone yet. Meet Runwago: Built by runners, backed by builders Runwago is a SportFi company built by fitness enthusiasts, blockchain developers, and behavioral designers who know what makes people tick. Moon5 Labs incubates and co-develops the project with CleevioX, a top European tech studio known for creating high-performance mobile products. This partnership ensures that Runwago is engineered for scalability, security, and mass adoption. To add credibility, Runwago has partnered with GARMIN, one of the biggest names in wearable fitness technology. This partnership allows millions of existing runners to easily integrate their performance tracking into the app without changing their habits. Looking ahead, Runwago is also building for the future. Its…

Author: BitcoinEthereumNews

2025/09/11

Top Cryptos on the Move as the Market Nears a Rebound

Top Cryptos on the Move as the Market Nears a Rebound

The post Top Cryptos on the Move as the Market Nears a Rebound  appeared on BitcoinEthereumNews.com. With the crypto market recording early indications of a looming rebound, investors are eagerly interested in top performers like Ethereum (ETH) and emerging disruptors such as Mutuum Finance (MUTM). Mutuum Finance presale is already in Phase 6 with tokens available at $0.035. MUTM has risen above $15.6M in funds raised and investors interested in the project are over 16,200. As Ethereum continues its roots in decentralized environments, Mutuum Finance is making a name for itself with its new-generation DeFi lending model that seeks to bring real-world liquidity into the digital asset market. The fresh momentum comes at a turning point where analysts are split on whether recent market signals mean that a broader uptrend is beginning or merely a temporary surge. Ethereum (ETH) Trades Sideways as Market Eyes Potential Rebound  Ethereum (ETH) is trading at about $4,367 now, with moderate intraday movement as the larger market appears to be stabilizing after initial signs of a possible bounce. The cryptocurrency remains leading the decentralized finance (DeFi) sector, benefiting from growing institutional appetite and protocol upgrades as investors consider whether recent gains mark the start of a sustainable uptrend or a transient rally. Amidst this shifting landscape, attention is slowly shifting to newer platforms like Mutuum Finance (MUTM). Mutuum Finance: Risk Mitigations and Protocol Safety Mutuum Finance employs robust risk parameters for all base assets. These include overcollateralization protocols, deposit and borrowing limits, and pre-defined collateral thresholds. To liquidate undercollateralized positions, which brings stability, liquidators are provided with incentives. For correlated assets, higher collateral efficiency means the power of borrowing also rises with LTV ratios putting a cap on collateralized borrowing. Trigger for liquidation and penalties safeguard the protocol and incentivize prompt action. Reserve factors function as a buffer for defaults and tail market events, with greater reserves allocated to riskier assets.…

Author: BitcoinEthereumNews

2025/09/11

SEC Chair Paul Atkins Says Most Crypto Tokens Not Securities Under New Policy

SEC Chair Paul Atkins Says Most Crypto Tokens Not Securities Under New Policy

TLDR SEC Chair Paul Atkins declares most crypto tokens are not securities, marking a major policy shift Project Crypto initiative will create unified regulatory framework for trading, lending, and staking SEC will allow “super-app” platforms to operate multiple crypto services under one regulatory umbrella Atkins says policy will no longer be set through enforcement actions, [...] The post SEC Chair Paul Atkins Says Most Crypto Tokens Not Securities Under New Policy appeared first on CoinCentral.

Author: Coincentral

2025/09/11

Bitwise’s Matt Hougan Critiques Banks for Worrying Over Stablecoin Competition

Bitwise’s Matt Hougan Critiques Banks for Worrying Over Stablecoin Competition

TLDR Bitwise CIO Matt Hougan argues banks should offer higher interest rates to compete with stablecoins’ yields. Stablecoins offer up to 5% returns, far higher than the average 0.6% savings account rate in the US. Hougan criticizes banks for fearing stablecoins, stating they should focus on offering better rates to customers. Stablecoin yields outcompete traditional [...] The post Bitwise’s Matt Hougan Critiques Banks for Worrying Over Stablecoin Competition appeared first on CoinCentral.

Author: Coincentral

2025/09/11

The machinist's son who challenged Wall Street: Chris Larsen, who disrupted the financial system three times

The machinist's son who challenged Wall Street: Chris Larsen, who disrupted the financial system three times

By Thejaswini MA Compiled by: Block Unicorn Preface The check bounced. Fifteen-year-old Chris Larsen discovered that getting paid was harder than doing the work itself. He ran a dent-repair business out of his driveway in San Francisco. Neighbors would bring their wrecked cars, and he would use borrowed tools and the determination of a teenager to pound out the dents. He did honest work and offered fair prices, but when a client didn't pay, fifteen-year-old Larsen learned his first harsh lesson about how the financial system works. His father repaired airplane engines at San Francisco International Airport, earning his salary every two weeks. His mother drew illustrations for clients, who often paid months later or not at all. Both parents understood that money flowed easily to those who already had it, while being stingy with everyone else. This is how the system is designed. That frustration, decades in the making, drove him to found three multibillion-dollar companies, each challenging a part of the financial system that treated ordinary people as a nuisance rather than as customers. The Son of a Mechanic Who Sees Through the System San Francisco, 1960. Chris Larsen grew up in a family that understood the value of stable employment. Growing up in a working-class household meant he experienced the financial system from the customer's perspective, not the bank's. When his parents needed a car loan or a mortgage, they faced bank employees who made the decisions behind the scenes. The process was opaque, slow, and often unfair. Why can some people get loans easily while others can't? Why do banks charge different customers different interest rates for the same service? Why do decisions that could take minutes take so long? These are personal struggles faced by millions of families, but few have experienced them firsthand by those with the power to make a difference. After graduating from high school, Larson began studying aeronautics at San Jose State University, hoping to pursue a practical career in engineering. However, he felt the curriculum was too narrow, so he transferred to San Francisco State University to major in international business and accounting. After graduating in 1984, Larsen joined Chevron as a financial auditor. This work took him to Brazil, Ecuador, and Indonesia. His global business experience allowed him to witness firsthand the workings of the international financial system. But he needed to understand the system more deeply before he could change it. In 1991, Larsen earned his MBA from Stanford Graduate School of Business. His professor, Jim Collins, taught him how to build companies that outlive their founders. These lessons stuck with him. Larsen wasn't interested in short-term wins or trendy business models. He wanted to build infrastructure that would remain relevant decades from now. The combination of the Internet and finance In 1996, the Internet boom was just beginning. While most entrepreneurs were busy building websites for pet supplies or grocery delivery, Larson saw a different opportunity: What if the internet were applied to that most traditional of industries: mortgage lending? He then co-founded E-Loan with Janina Pawlowski. The concept is to take mortgage applications online so borrowers can apply for loans online without having to deal with brokers who charge unnecessary fees. At the time, most financial institutions were operating like it was 1976, requiring borrowers to physically visit a bank branch, fill out paper forms, and wait weeks for an approval decision that software could deliver in minutes. E-Loan's website launched in 1997, allowing borrowers to compare rates, submit applications, and track their progress online. The company eliminated broker commissions and cut processing time from weeks to days. But Larson made a decision. E-Loan became the first company to offer consumers free FICO credit scores. This is revolutionary. For decades, banks and credit card companies have used these scores to make lending decisions, but consumers haven't been able to see their own scores. The credit scoring system is a black box that determines whether you can buy a house or a car, but you don't know what's inside. This move forces transparency across the entire credit industry. If borrowers can see their scores, they can understand why they were offered a certain interest rate and take steps to improve their credit worthiness. In 1999, at the height of the dot-com boom, E-Loan went public. At its peak, the company was valued at approximately $1 billion. But Larsen wasn't interested in chasing the bubble. In 2005, he sold E-Loan to Banco Popular for $300 million. E-Loan was successful because it automated processes that banks used to handle manually. But shouldn’t we rethink how these processes actually work? Freedom from the constraints of banks By 2005, Larsen was already thinking about his next target: the bank itself. What if ordinary people could borrow money directly from other ordinary people, completely without the involvement of banks? He co-founded Prosper Marketplace, the first peer-to-peer lending platform in the United States, with John Witchel. What's the idea? Borrowers can post loan requests, specifying what they need the funds for and the interest rate they're willing to pay. Individual investors can browse these requests and choose which loans to fund. The market will determine the interest rate based on actual supply and demand, not a bank's opaque formula. The platform democratizes both lending and borrowing. People with good credit can earn higher returns than they would with a savings account. People with less-than-perfect credit can get loans that traditional banks won't offer. But Prosper faced a problem that e-Loan didn't: regulatory uncertainty. When securities laws were written decades ago, no one imagined that ordinary people would lend money to strangers online. In 2008, the US Securities and Exchange Commission (SEC) ruled that P2P loans were, in fact, securities requiring registration and disclosure. Many companies might have chosen to fight regulators or find loopholes. But Larson chose a different path. Rather than confront the authorities, he worked with them. Prosper filed a prospectus with the SEC and adapted its business model to comply with securities laws. This enabled the company to survive regulatory challenges and continue to grow. Because it’s not enough to just build better technology. You also have to help regulators understand why new rules are needed. In 2012, Larsen resigned as CEO of Prosper, but remained chairman. He was already thinking about his next project. P2P lending had shown him that technology could replace the intermediaries in traditional finance. But his truly ambitious goal wasn't domestic lending. It's international payments. Building a valuable Internet The idea for Ripple stemmed from a simple observation: sending money across borders is still harder than sending an email. International wire transfers take days, are expensive, and often fail for unknown reasons. In an age where information can travel around the world in milliseconds, transferring money feels like something out of the 1970s. In September 2012, Larsen co-founded OpenCoin with programmer Jed McCaleb. Their goal was to build a payment protocol that could settle transactions between any currency in seconds, rather than days. The company changed names several times, from OpenCoin to Ripple Labs in 2013 to simply Ripple in 2015. But the mission remained the same: to build what Larsen called the "Internet of Value." Ripple's approach differs from Bitcoin, which was designed as an alternative to traditional currencies. Ripple's technology allows traditional currencies to flow more efficiently. Banks can use Ripple's network to settle international payments without having to maintain accounts in every country they do business in. The system uses XRP, Ripple's native digital currency, as a bridge asset. Instead of going through multiple intermediaries to convert dollars into euros, a bank can simply convert dollars into XRP, transfer the XRP to another bank, and then convert the XRP into euros. The entire process can be completed in seconds. During Larsen's tenure as CEO, Ripple signed partnerships with major financial institutions, including Santander, American Express, and Standard Chartered. You could call it a pilot program or an experiment. But the banks were using Ripple's technology to process millions of dollars worth of real customer payments. As the cryptocurrency market exploded in 2017 and 2018, XRP became one of the world’s most valuable digital assets. At its peak, Larsen’s holdings were worth more than $59 billion on paper, briefly making him one of the richest people in the United States. But Larson learned from his previous company that scaling requires a different skill set than building one. In 2016, he stepped down as CEO to become executive chairman and hired Brad Garlinghouse to run day-to-day operations while he focused on strategy and overseeing relationships. With success comes scrutiny. The test of supervision December 2020. The call every cryptocurrency executive dreads. The U.S. Securities and Exchange Commission sued Ripple, alleging that XRP is an unregistered security and that the company raised $1.3 billion through an illegal securities offering. The lawsuit brought nearly five years of uncertainty. XRP's price plummeted, and exchanges began delisting the token to avoid regulatory risks. Ripple faced potentially hefty fines and a fundamental shift in its business model. Larsen could have quickly settled the case and moved on to other projects, as many cryptocurrency entrepreneurs do. But he chose to fight. Ripple has spent tens of millions of dollars on legal fees arguing that XRP is a currency, not a security. The company’s lawyers point out that Bitcoin and Ethereum have been deemed non-securities by regulators, and that XRP operates in a similar manner. The strategy proved correct, but it took years to be vindicated. In 2023, Judge Analisa Torres ruled that programmatic sales of XRP to retail investors did not constitute a securities offering. The decision was a partial victory that helped clarify the regulatory status of digital assets. In 2025, the SEC dropped its appeal and settled for $125 million, a substantial fine but far less than many had expected. The legal victory validated Larsen’s long-term strategy in building his cryptocurrency company. Unlike many crypto companies that operate in a regulatory gray area, Ripple has cooperated with regulators from the beginning, and when regulatory crackdowns came, the company was ready. Throughout the legal battle, Ripple continued to expand its business. In April 2025, the company acquired top brokerage firm Hidden Road for $1.25 billion, adding trading and custody services. Ripple also sought a national banking license and partnered with Bank of New York Mellon to provide custody services for its RLUSD stablecoin reserves. Silent influence Today, Larson's influence extends far beyond the company he founded. In 2019, he and his wife, Lina Lamm, donated $25 million worth of XRP to San Francisco State University, the largest cryptocurrency donation to a US university at the time. The gift established an endowed chair in fintech and innovation and funded global student programs. Universities have rigorous procedures for accepting and managing donations. By collaborating with these institutions, Larsen helped formalize cryptocurrency philanthropy. He also funded privacy advocacy through the coalition Californians for Privacy Now, which successfully pushed California to pass a financial privacy law requiring companies to obtain consumer permission before sharing personal data. The campaign collected 600,000 signatures and lobbied major financial companies to withdraw their opposition. More recently, Larsen has focused on the environmental impact of cryptocurrency. In 2021, he launched the "Change Code, Not Climate" campaign, which funds efforts to convince Bitcoin miners to switch from energy-intensive proof-of-work mining to more efficient alternatives. That stance puts him at odds with bitcoin maximalists who insist proof-of-work is essential for network security, but Larsen believes that climate change must be addressed if cryptocurrencies are to gain mainstream adoption. “This movement is not anti-Bitcoin, it’s anti-pollution,” Larsen explained. “We need to clean up our industry. The issue is not powering Bitcoin with clean energy, as some suggest. We need to use limited clean energy for other important purposes. The issue is changing the code to drastically reduce energy use. That’s the way forward for the environment.” His willingness to challenge cryptocurrency orthodoxy reflects the same thinking that has characterized his career: What’s popular isn’t always what’s best. At 64, Larson still works six days a week while pursuing hobbies that reflect his methodical approach to complex problems. He and his sons restore classic cars from the 1960s, stripping them down and rebuilding them from the frame up. These projects, which take three years to complete, embody the meticulous approach that has characterized his career. He envisions a future where sending $100 from San Francisco to Lagos takes seconds and costs pennies, allowing small businesses to access international markets without having to deal with complex banking relationships. His three companies challenge different parts of the financial system that have failed to serve ordinary people well. E-Loan brings transparency to mortgage shopping. Prosper democratizes lending. Ripple accelerates international payments. Each company succeeds by building infrastructure that others can use, rather than trying to control the entire market. This approach requires patience and long-term thinking, rare qualities in an industry known for hype and quick profits. In an era where cryptocurrencies are often associated with speculation and volatility, Larsen has demonstrated that patient infrastructure development can bring about lasting change. His work isn’t done, but the foundation for a financial system that serves users, not institutions, has been laid. Money is becoming more like information—faster, cheaper, and more accessible to those previously excluded from financial services. This transformation is still unfolding, but the direction is clear, and Chris Larsen has been building the track that will propel it forward. That's the story of Chris Larsen. See you in the next post.

Author: PANews

2025/09/11

Blazpay Partners with Euler to Drive Autonomous DeFi with Multi-Agent Intelligence

Blazpay Partners with Euler to Drive Autonomous DeFi with Multi-Agent Intelligence

Blazpay and Euler AI partner to pioneer autonomous finance with multi-agent intelligence for smarter DeFi strategies, seamless utility, and innovation.

Author: Blockchainreporter

2025/09/11

Runwago: Future of fitness, powered by run-to-earn token economies

Runwago: Future of fitness, powered by run-to-earn token economies

Runwago is redefining run-to-earn by blending fitness, blockchain, and behavioral psychology into a sustainable ecosystem for runners worldwide. #partnercontent

Author: Crypto.news

2025/09/11

Blockchain Lender Figure Surges Past IPO Target With $787.5M Raise

Blockchain Lender Figure Surges Past IPO Target With $787.5M Raise

Figure Technology Solutions, a blockchain-focused lending platform, pulled off a major win on Wall Street, raising $787.5 million in its IPO.

Author: Coinstats

2025/09/11

SEC Extends Deadlines for Major Crypto ETF Applications from BlackRock and Franklin Templeton

SEC Extends Deadlines for Major Crypto ETF Applications from BlackRock and Franklin Templeton

TLDR SEC delays BlackRock and Franklin Templeton crypto ETF decisions until October and November 2024 BlackRock’s Ethereum staking proposal deadline extended to October 30, 2024 Franklin Templeton’s Solana and XRP ETF decisions pushed to November 13-14, 2024 SEC continues delaying multiple crypto ETF applications despite pro-crypto stance under new leadership Commission has at least 92 [...] The post SEC Extends Deadlines for Major Crypto ETF Applications from BlackRock and Franklin Templeton appeared first on CoinCentral.

Author: Coincentral

2025/09/11

Pendle Revenue Strategy Panorama: Pulse's AgentFi New Paradigm

Pendle Revenue Strategy Panorama: Pulse's AgentFi New Paradigm

By 0xjacobzhao | https://linktr.ee/0xjacobzhao Pendle is undoubtedly one of the most successful DeFi protocols of this crypto cycle . While many protocols have stagnated due to liquidity depletion and fading narratives, Pendle, with its unique yield splitting and trading mechanism , has successfully become a "price discovery platform" for yield-generating assets. Through its deep integration with yield-generating assets like stablecoins and LST/LRT, Pendle has established its unique position as "DeFi yield infrastructure." In the research report " The Intelligent Evolution of DeFi: The Evolutionary Path from Automation to AgentFi, " we systematically reviewed and compared the three stages of DeFi's intelligent development: automation tools , intent-centric copilots, and AgentFi (on-chain agents) . Beyond lending and yield farming, two of the most valuable and readily implementable use cases, Pendle's PT/YT yield rights trading is considered a high-priority application that is highly compatible with AgentFi in our high-level vision. Pendle's unique "yield splitting + maturity mechanism + yield rights trading" architecture provides agents with a natural platform for strategic orchestration, enriching the possibilities for automated execution and yield optimization. 1. The basic principle of Pendle Pendle is the first DeFi protocol focused on yield splitting and trading . Its core innovation lies in tokenizing and separating the future income streams of on-chain yield-generating assets (such as LST, stablecoin certificates of deposit, and loan positions), allowing users to flexibly lock in fixed returns, maximize return expectations, or engage in speculative arbitrage . In short, Pendle builds a secondary market for the "yield curve" of crypto assets, allowing DeFi users to trade not only "principal" but also "yield." This mechanism is highly similar to the zero-coupon bond + coupon split in traditional finance, improving pricing accuracy and trading flexibility for DeFi assets. Pendle's revenue splitting mechanism Pendle splits a Yield-Bearing Asset (YBA) into two tradable tokens: PT (Principal Token, similar to a zero-coupon bond) : represents the principal value that can be redeemed at maturity, but no longer enjoys income. YT (Yield Token, similar to coupon rights) : represents all the income generated by the asset before maturity, but will be zero after maturity. For example, after depositing 1 ETH stETH, it will be split into PT-stETH (1 ETH can be redeemed at maturity, and the principal is locked) and YT-stETH (all staking income before maturity is obtained). Pendle goes beyond a simple token split; it also provides a liquid market for PT and YT (equivalent to the secondary liquidity pool in the bond market) through a specially designed AMM (Automated Market Maker) . Users can buy and sell PT or YT at any time, flexibly adjusting their return risk exposure. The price of PT is typically below 1, reflecting its "discounted principal value," while the price of YT depends on market expectations of future returns. More importantly, Pendle's AMM is optimized for assets with maturity dates, allowing PT/YT of varying maturities to form a yield curve within the market, highly similar to the bond market in traditional finance. It's important to note that among Pendle's stablecoin assets, PT (Principal Token, a fixed-income position) is equivalent to an on-chain bond. A fixed interest rate is locked in at a discount upon purchase, and upon maturity, it can be redeemed 1:1 for stablecoins. This offers stable returns with low risk, making it suitable for conservative investors seeking certainty in returns. Stablecoin Pools (liquidity mining positions) are essentially AMM market making. LP income comes from fees and incentives, resulting in highly volatile APYs and the risk of impermanent loss. These positions are more suitable for active investors who can tolerate volatility and pursue higher returns. In markets with active trading volume and generous incentives, Pool returns can potentially be significantly higher than PT fixed income. However, in periods of low trading volume and insufficient incentives, Pool returns are often lower than PT, and may even result in losses due to impermanent loss. project Stablecoin PT Stablecoin Pools Asset Form Bond tokens (redeemable to stablecoins upon maturity) AMM liquidity pool (PT+YT trading market) Sources of Revenue Fixed interest rate (locked in principal discount) Transaction fees + mining incentives Risk Level Lower (close to risk-free fixed income) Higher (IL risk + liquidity risk) Suitable for people Want to protect principal and lock in fixed income LPs who want to earn fees and incentives and can withstand volatility Pendle's PT/YT trading strategies primarily cover four main paths : fixed income, yield speculation, inter-period arbitrage, and leveraged returns , catering to investment needs with varying risk appetites. Users can lock in fixed returns by buying PT and holding it to maturity, effectively securing a guaranteed interest rate. Alternatively, they can buy YT, betting on rising yields or increased volatility, thereby speculating on returns. Investors can also exploit price differentials between PT/YT maturities to engage in inter-period arbitrage, or use PT and YT as collateral in multiple lending agreements to maximize their return exposure. Boros Funding Rate Trading Mechanism Beyond the profit splitting offered by Pendle V2, the Boros module further assetizes the funding rate , transforming it from a passive cost of holding a perpetual swap into an independently priced and tradable instrument. Through Boros, investors can directional speculate , hedge risk , or capitalize on arbitrage opportunities . This mechanism essentially introduces traditional interest rate derivatives (IRS, basis trading) into DeFi, providing new tools for institutional-level fund management and robust return strategies. In addition to PT/YT trading and AMM pools and the Boros funding rate trading mechanism , Pendle V2 also provides several extended features. Although not the focus of this article, they still constitute an important supplement to the protocol ecosystem: vePENDLE : A governance and incentive model based on the Vote-Escrow mechanism. Users obtain vePENDLE by locking PENDLE, thereby participating in governance voting and increasing their profit distribution weight. It is the core of the protocol's long-term incentives and governance. PendleSwap : A one-stop asset exchange portal that helps users efficiently switch between PT/YT and native assets, improving the convenience of fund use and protocol composability. It is essentially a DEX aggregator rather than an independent innovation. Points Market : Allows users to trade various project points (Points) in advance in the secondary market, providing liquidity for airdrop capture and point arbitrage. It is more inclined towards speculation and topical scenarios rather than core value. II. Pendle Strategy Panorama: Market Cycles, Risk Stratification, and Derivative Expansion In traditional financial markets, retail investors' investment channels are primarily focused on stock trading and fixed-income wealth management products, making it difficult to directly participate in the higher-threshold bond derivatives market. In the crypto market, retail users are similarly more receptive to token trading and DeFi lending. While the emergence of Pendle has significantly lowered the barrier to entry for retail investors in bond derivatives trading, Pendle's strategies still require a high level of expertise, requiring investors to conduct in-depth analysis of yield-generating asset interest rate fluctuations in different market environments. Based on this, we believe that during different market phases—such as the early stages of a bull market, the bull market's euphoria, the bear market's decline, and periods of range-bound trading—investors should tailor their Pendle trading strategies to their risk appetite. During a bull market upswing: Market risk appetite gradually recovers, lending demand and interest rates remain low, and YT on Pendle is relatively cheap. Buying YT during this period is like betting on rising future yields. Once the market accelerates upward, lending rates and LST yields will rise, driving up YT's value. This is a typical high-risk, high-reward strategy, suitable for investors willing to invest early and capture the potential gains of a bull market. During the bull market's euphoria , surging market sentiment drives a surge in lending demand. Interest rates on DeFi lending protocols often rise from single digits to over 15–30%, driving up the value of YT on Pendle and significantly discounting PT. During this period, investors using stablecoins to buy PT effectively lock in a high interest rate at a discount, redeeming it 1:1 for the underlying asset upon maturity. This effectively hedges against volatility risk through "fixed-income arbitrage" in the late stages of a bull market. This strategy offers the advantages of being robust and rational, ensuring the safety of fixed income and principal during market corrections or bear markets. However, the trade-off is forgoing the potential for greater gains from holding volatile assets. During a bear market downturn, market sentiment is depressed, lending demand plummets, and interest rates fall sharply. YT returns approach zero, while PTs perform closer to risk-free assets. During this period, buying PTs and holding them to maturity means locking in a guaranteed return even in a low-interest environment, effectively establishing a defensive position. For conservative investors, this is a key strategy for mitigating return volatility and preserving principal. During periods of range-bound volatility, market interest rates lack trending and market expectations diverge significantly, leading to frequent short-term mismatches or pricing discrepancies between Pendle's PT and YT. Investors can generate stable price differentials by engaging in inter-period arbitrage between PT/YT maturities of different maturities or by capitalizing on mispricing of income rights caused by fluctuating market sentiment. These strategies require advanced analytical and execution skills and are expected to generate stable returns in non-trending markets. Global Perspective: Pendle Strategy Full Market Cycle Comparison Chart Market Stage Market characteristics PT Strategy YT Strategy Stablecoin pool Arbitrage strategies Deep bear (sideways at low level) Interest rates are extremely low, asset prices are undervalued, and sentiment is cold. Little significance (PT has almost no discount) ✅Best time : YT is extremely cheap, betting on future interest rate recovery, leveraging income streams (especially stETH) ⚪ Low returns, almost idle positions ⚪ Limited interest rate spreads and few opportunities Slow Bear (slow decline) Prices are slowly falling, interest rates are low, and the market is directionless. ⚪ Fixed income is not high and the attractiveness is average ❌ YT has no meat, you may lose all your money ✅Defense first choice : Stable currency pool to protect principal and relax your mind ⚪ Can do small cross-platform arbitrage, but the space is limited Early stage of bull market (rebound upward) Borrowing demand rises, and interest rates start to rise ⚪ PT starts to have discounts, but not big ✅Strong explosive power : YT low valuation → interest rate rebound → income leverage ⚪ Stablecoin pools are less interesting than volatile asset pools ⚪ You can invest in PT fixed income vs floating interest rate differentials Mid-bull market (accelerated rise) Interest rates have increased significantly, and sentiment has improved. ✅Lock in fixed income : PT has a large discount, lock in 10-20% annualized return ✅Double your profits : YT price rises, continue to increase your position to bet on rising interest rates ⚪ Fixed income opportunities are inferior to PT/YT ✅Arbitrage opportunity : Pendle fixed income vs Aave floating rate spread is large Bull market excitement period (high point) Borrowing rates soar, markets frenzy ✅Best strategy : PT is deeply discounted, lock in 20–30% fixed income ❌ High risk: YT premium is too high and it is easy to lose money ⚪ The interest rate of the stablecoin pool is high, but not as attractive as PT ✅Institutional play : term arbitrage, cross-market arbitrage, low-risk profit locking Bull peak correction period Market reversal, interest rates fall rapidly ⚪ PT discount narrows, weakening its appeal ❌ YT value has shrunk significantly and is likely to return to zero ✅ Funds shift to defense, stablecoin pools return to the mainstream ✅ Do hedging arbitrage to reduce volatility risk Risk Stratification: Pendle Decision Tree for Conservative vs. Aggressive Strategies Of course, the above strategies are generally focused on achieving stable returns. Their core principle is to balance risk and reward through buying PT, buying YT, or participating in stablecoin pool mining during different market cycles. For aggressive investors with a higher risk appetite, they can also choose a more aggressive strategy of selling PT or YT to bet on interest rate trends or market mismatches. These strategies require higher levels of professional judgment and execution, and carry greater risk exposure. Therefore, this article will not elaborate on these strategies in detail, but serves only as a reference. For details, please see the decision tree below. Pendle Coin-Based Strategy: Comparison of stETH, uniBTC, and Stablecoin Pools Of course, the above analysis of Pendle strategies is based on a U-standard perspective. The strategy focuses on how to achieve excess returns by locking in high interest rates or capturing interest rate fluctuations . In addition, Pendle also offers coin-standard strategies for BTC and ETH. ETH is widely considered the best target for a coin-based strategy due to its ecosystem status and long-term value certainty. As the native asset of the Ethereum network, ETH not only serves as the settlement basis for most DeFi protocols but also offers a stable source of cash flow through staking yield. In contrast, BTC has no native interest rate, and its returns on Pendle rely primarily on protocol incentives, making its coin-based strategy relatively weak. Stablecoin pools, on the other hand, are more suitable as a defensive investment, fulfilling the role of "preserving value while waiting." In different market cycles, the strategies of the three asset pools vary significantly: Bull market : stETH pool is the most aggressive, YT is the best strategy for leveraging ETH holdings; uniBTC can be used as a supplement, but is more speculative; the attractiveness of the stablecoin pool is relatively declining. Bear market : stETH's low price provides a core opportunity to increase ETH holdings; the stablecoin pool assumes the main defensive function; uniBTC is only suitable for small-scale short-term arbitrage. In a volatile market : stETH's PT-YT mismatch and AMM fees provide arbitrage opportunities; uniBTC is suitable for short-term speculation; and the stablecoin pool provides a stable supplement. assets Sources of Revenue risk Currency standard effect bull market bear market Volatile Market stETH pool ETH Staking Native Yield (3–5% APY) ETH price fluctuations ✅ Increase holdings in ETH (YT can amplify returns) Buy YT : Bet on higher interest rates and capture leveraged staking returns; Buy discounted PT : Lock in high interest rates Buy cheap YT : Get leveraged ETH Staking income and achieve ETH standard growth Cross-period arbitrage/PT-YT mismatch : Suitable for profiting from AMM fees and price fluctuations uniBTC Pool Lending interest rates/protocol incentives (non-native benefits) BTC has no native interest rate, and its income depends on the sustainability of incentives. ⚠️ The logic of the currency standard is weak Buy YT in the short term when loan demand is strong to earn incentive benefits Unstable returns, suitable for small position speculation YT pricing fluctuates , allowing for short-term speculation or cross-market arbitrage Stablecoin pool Stablecoin lending rates (2–5% APY) Low interest rates limit the appeal of PT/YT ❌ Non-currency-based growth Fixed income is not as volatile as other assets and is suitable for very conservative investors. Core defense : Lock in stable interest rates and wait for the market to recover Small interest rate arbitrage provides low volatility supplementary income Boros Strategy Panorama: Interest Rate Swaps, Hedging, and Inter-Market Arbitrage Boros capitalizes the floating variable of the funding rate, essentially introducing interest rate swaps (IRS) and basis trading (carry trade) from traditional finance into DeFi. This transforms the funding rate from an uncontrollable cost item into a configurable investment tool. Its core token, Yield Units (YU), supports three main strategic paths: speculation, hedging, and arbitrage . In terms of speculation , investors can bet on rising funding rates through Long YU (paying a fixed rate Implied APR and receiving a floating rate Underlying APR), or bet on falling funding rates through Short YU (receiving a fixed rate Implied APR and paying a floating rate Underlying APR), similar to traditional interest rate derivative trading. In terms of hedging , Boros provides institutions holding large perpetual contract positions with a tool to convert floating funding rates into fixed rates; Funding Rate Hedging: Long Perp + Long YU, locking the floating funding rate expenditure into a fixed cost. Locking the Funding Rate Income Hedging: Short Perp + Short YU → Lock the floating funding rate income into a fixed income. In terms of arbitrage , investors can use a Delta-Neutral Enhanced Yield or Arbitrage / Spread Trade to take advantage of cross-market (Futures Premium vs. Implied APR) or cross-term pricing differences to obtain relatively stable interest rate spread returns. Overall, Boros is suitable for professional funds for risk management and steady gains , but its friendliness to retail users is limited. Strategy Type How to operate Suitable for people Analogy to traditional tools Funding Hedge Funding rate hedging : Go long Perp on CEX/DEX and long YU on Boros; Funding rate income hedging : short Perp on CEX/DEX and short YU on Boros Large long and short positions, Basis Trader Interest Rate Swap (Payer/Receiver Swap) Delta-Neutral Fixed Income Spot staking (e.g. stETH to get 4% base income) + shorting Perp to hedge price risk + locking in fixed funding income in Boros Short YU Conservative institutions and hedge funds Cash & Carry + Swap Cross-market/term arbitrage Cross-market arbitrage : Compare Futures Premium and Boros Implied APR, short the overvalued side and long the undervalued side; Term arbitrage : When there is a pricing difference between YU with different maturities, short the overvalued maturity and long the undervalued maturity Professional arbitrage funds Treasury yield curve arbitrage 3. Pendle Strategy Complexity and AgentFi’s Unique Value Based on the analysis above, Pendle's trading strategy is essentially a complex bond derivative transaction. Even the simplest purchase of PT to lock in a fixed return requires consideration of multiple factors, including rollover, interest rate fluctuations, opportunity costs, and liquidity depth. This goes without mentioning YT speculation, inter-period arbitrage, leveraged portfolios, and dynamic comparisons with external lending markets. Unlike floating-yield products like lending or staking, which offer a "one-time deposit and continuous interest," Pendle's PT (principal token) must have a specific maturity date (typically weeks to months). Upon maturity, the principal is redeemed at a 1:1 ratio for the underlying asset, requiring a new position to continue earning returns. This "periodic" maturity constraint is a necessary prerequisite for the fixed income market and a fundamental difference between Pendle and perpetual lending protocols. Currently, Pendle does not have an official built-in automatic renewal mechanism, but some DeFi strategy vaults provide " Auto-Rollover" solutions to strike a balance between user experience and protocol simplicity. Currently, there are three Auto-Rollover modes: passive, smart, and hybrid. Passive Auto-Rollover: The logic is simple: upon maturity, the principal of a PT is automatically rolled over into a new PT, providing a smooth user experience. However, this approach lacks flexibility. If the floating interest rates of Aave and Morpho become higher, forced rollovers will incur opportunity costs. Smart Auto-Rollover: Vault dynamically compares Pendle's fixed interest rate with the floating interest rate in the lending market, avoiding "blind renewals" and maintaining flexibility while increasing returns, better meeting the need for maximizing returns. If Pendle fixed rate > loan floating rate → reinvest in PT to lock in a more certain fixed income; If the floating interest rate of the loan is greater than the fixed interest rate of Pendle , transfer to a lending protocol such as Aave/Morpho to obtain a higher floating interest rate. Mixed allocation : Part of the funds are locked in the PT fixed interest rate, and part of the funds flow into the lending market, forming a combination that is both stable and flexible, avoiding being "left behind" by a single interest rate environment in extreme situations. Therefore, AgentFi offers unique value within Pendle trading strategies : it automates complex interest rate speculation. Pendle's fixed-rate lending rate and floating lending rates fluctuate in real time, making it difficult for humans to continuously monitor and switch between them. While standard Auto-Rollover simply rolls over, AgentFi dynamically compares interest rates, automatically adjusts positions, and optimizes position allocation based on user risk preferences. In more complex Boros strategies, AgentFi can also handle funding rate hedging, cross-market arbitrage, and term arbitrage, further unlocking the potential of professional yield management. 4. Pulse: The first AgentFi product based on Pendle’s PT strategy In our previous AgentFi research report, " A New Paradigm for Stablecoin Yields: From AgentFi to XenoFi ," we introduced ARMA ( https://app.arma.xyz/ ), a stablecoin yield-optimizing agent built on Giza's infrastructure. Deployed on the Base Chain, ARMA automatically switches between lending protocols like AAVE, Morpho, Compound, and Moonwell, maximizing cross-protocol returns and maintaining its position as a top-tier agent within AgentFi. In September 2025, the Giza team officially launched Pulse Optimizer ( https://app.usepulse.xyz/ ), the industry's first AgentFi automated optimization system based on the Pendle PT fixed income market . Unlike ARMA, which focuses on stablecoin lending, Pulse specializes in the Pendle fixed income scenario. Using a deterministic algorithm (non-LLM), it monitors the multi-chain PT market in real time. It dynamically allocates positions using linear programming, taking into account cross-chain costs, maturity management, and liquidity constraints. It also automates rollovers, cross-chain scheduling, and compounding. Its goal is to maximize portfolio APY while managing risk, abstracting the complex process of "finding/APY/swapping/cross-chain/timing" into a one-click fixed income experience. Pulse Core Architecture Components Data Collection : Capture Pendle multi-chain market data in real time, including active markets, APY, expiration time, liquidity, and cross-chain bridge fees, and model slippage and price impact to provide accurate input for the optimization engine. Wallet Manager : Serves as the asset and logic hub, generating portfolio snapshots, managing cross-chain asset standardization, and performing risk control (such as minimum APY improvement thresholds and historical value comparisons). Optimization Engine : Based on linear programming modeling, it comprehensively considers fund allocation, cross-chain sources, bridge fee curve, slippage and market maturity, and outputs the optimal configuration plan under risk constraints. Execution Planning : Convert optimization results into a trading sequence, including liquidating inefficient positions, planning bridge and swap paths, rebuilding new positions, and triggering a full exit mechanism when necessary to form a complete closed loop. Components Key Mechanisms Output Data collection Integrate Pendle API with multi-chain price sources to monitor market and slippage Real-time market data streaming Wallet Management Portfolio snapshot, asset standardization, cross-chain conversion, and risk control Portfolio status and reallocation control Optimize Engine Fund allocation modeling, cross-chain cost curves, and diminishing returns constraints Optimal configuration solution Execution Plan Liquidate old positions → Plan bridge/Swap → Open positions/Exit Executable cross-chain transaction scripts 5. Pulse Core Functions and Product Progress Pulse currently focuses on optimizing ETH-based yields , automating the management of ETH and its liquid staking derivatives (wstETH, weETH, rsETH, uniETH, etc.), and dynamically allocating them across multiple Pendle PT markets. Using ETH as the underlying asset, the system automatically converts tokens across multiple chains to achieve optimal allocation. Currently live on the Arbitrum mainnet, Pulse plans to expand to Ethereum mainnet, Base, Mantle, Sonic, and others, achieving multi-chain interoperability through the Stargate bridge. Pulse user experience throughout the entire process Agent Activation and Fund Management: Users can activate Pulse Agent with a single click on the official website ( www.usepulse.xyz ). The process includes connecting to a wallet, network authentication, whitelist verification, and a minimum deposit of 0.13 ETH (approximately $500). Upon activation, funds are automatically deployed to the optimal PT market and enter a continuous optimization cycle. Users can add funds at any time, and the system will automatically rebalance and reallocate funds. There is no minimum deposit requirement for subsequent deposits, and larger deposits can enhance portfolio diversification and optimization. Data dashboard and performance monitoring Pulse provides a visual data dashboard to track and evaluate investment performance in real time: Key indicators : total asset balance, cumulative investment, principal and return growth rate, position distribution of different PT tokens and cross-chain positions. Return and Risk Analysis : Supports trend tracking on a daily/weekly/monthly/yearly basis, combined with real-time APR monitoring, annual forecasts, and market comparisons to help measure excess returns from automated optimization. Multi-dimensional analysis : Displayed by PT Token (such as PT-rETH, PT-weETH), Underlying Token (LST/LRT protocol) and cross-chain distribution. Execution transparency : Complete operation logs are retained, including rebalancing time, operation type, fund size, return impact, and on-chain hash to ensure verifiability. Optimization Results : Provides information on rebalancing frequency, APR improvement, diversification, and market responsiveness, and compares it with static holdings or market benchmarks to assess risk-adjusted returns. Exit and Asset Withdrawal: Users can terminate their Agent at any time. Pulse will automatically liquidate PT tokens and convert them back to ETH, charging a 10% success fee on any profits. Principal will be fully returned. The system will transparently display a detailed breakdown of earnings and fees before exiting, and withdrawals are typically completed within minutes. Users can reactivate their Agent at any time, and their historical earnings records will be fully preserved. 6. Swarm Finance: Active Liquidity Incentive Layer In September 2025, Giza officially launched Swarm Finance , an incentive distribution layer designed specifically for active capital . Its core mission is to connect protocol incentives directly to the network of agents through standardized APR feeds (sAPR) , making capital truly "smart." For users : Funds can be optimally allocated across multiple chains and protocols in real time and automatically , without the need for manual monitoring or reinvestment, to capture the highest return opportunities. For the protocol : Swarm Finance solves the pain point of TVL loss due to maturity redemption in projects such as Pendle, bringing more stable and sticky liquidity while significantly reducing the governance costs of liquidity management. For the ecosystem : capital can complete cross-chain and cross-protocol migration in a shorter time, improving market efficiency, price discovery capabilities and capital utilization. For Giza itself : All incentive traffic routed through Swarm Finance will partially flow back to $GIZA , starting the Tokenomics flywheel through the fee capture → buyback mechanism. According to official Giza data, Pulse achieved an APR of approximately 13% when Arbitrum launched the ETH PT market. More importantly, Pulse's automatic rollover mechanism addressed the TVL loss caused by redemptions at maturity on Pendle, establishing a more robust capital accumulation and growth curve for Pendle. As the first implementation of the Swarm Finance incentive network , Pulse not only demonstrates the potential of intelligent agents but also officially marks the beginning of a new paradigm for active liquidity in DeFi. VII. Summary and Outlook As the industry's first AgentFi product based on the Pendle PT strategy, Pulse , launched by the Giza team, is undoubtedly a milestone. It abstracts the complex PT fixed-income trading process into a one-click intelligent agent experience, fully automating cross-chain configuration, maturity management, and automatic compounding. This significantly reduces the user experience and improves capital utilization and liquidity in the Pendle market. Pulse is currently still primarily focused on ETH PT strategies . Looking ahead, with the continuous iteration of the product and the addition of more AgentFi teams, we expect to see: Stablecoin PT strategy products - providing matching solutions for investors with more stable risk appetite; Intelligent Auto-Rollover – Dynamically compares Pendle fixed rates with floating rates in the lending market, increasing returns while maintaining flexibility; Comprehensive strategy coverage based on market cycles - modularize Pendle's trading strategies in different bull and bear phases, covering YT, stablecoin pools, and even more advanced strategies such as short selling and arbitrage; Boros's strategic AgentFi product - achieves Delta-Neutral fixed income and cross-market/maturity arbitrage that is smarter than Ethena, promoting further professionalization and intelligence of the DeFi fixed income market. Of course, Pulse faces the same risks as any DeFi product, including protocol and contract security (potential vulnerabilities in Pendle or cross-chain bridges), strategy execution risk (rollover or cross-chain rebalancing failures), and market risk (interest rate fluctuations, insufficient liquidity, and incentive erosion). Furthermore, Pulse's revenue relies on ETH and its LST/LRT markets. If the price of ETH drops significantly, even if the amount of ETH base increases, losses may still occur in USD terms. Overall, the birth of Pulse not only expands AgentFi's product boundaries, but also opens up new imagination space for the automation and large-scale application of Pendle strategies in different market cycles, representing an important step in the intelligent development of DeFi fixed income. Disclaimer: This article was created with the assistance of the AI tool ChatGPT-5. While the author has made every effort to proofread and ensure the accuracy of the information, some omissions are inevitable and we apologize for any inaccuracies. It is important to note that divergences between project fundamentals and secondary market price performance are common in the cryptoasset market. This article is intended solely for information aggregation and academic/research exchange and does not constitute investment advice or a recommendation to buy or sell any token.

Author: PANews

2025/09/11

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