Pendle is a derivative product protocol used to lock in the interest rate of products with volatile interest rates by setting a specific maturity period. Let's explain this with a real-world example for better understanding: Let's proceed with Ethena (USDe) as an example. As of August 26, 2025, if you pledge your USDe to obtain sUSDe, you can earn an annual return of 8.54%. However, this return is not fixed; it may decrease or increase over time. Pendle is a derivative product protocol that c...
