Pendle is one of the most successful DeFi protocols in this crypto cycle. Through its unique yield-splitting and trading mechanism, it has become a "price discovery venue" for yield-bearing assets. Its core mechanism divides yield-bearing assets into PT (Principal Tokens) and YT (Yield Tokens), allowing users to flexibly lock in fixed returns, amplify yield expectations, or engage in speculative arbitrage. This article provides a detailed analysis of Pendle’s strategic applications across dif...