Pendle Print #91 – When DeFi starts running on institutional engines
@pendle_fi just dropped Print #91, and this week isn’t about more pools.
It marks a phase shift for the entire ecosystem from a yield terminal to yield infrastructure.
Let’s explore ↓

※ The @pendle_fi ecosystem is leveling up
Three major signals:
⤳ Galaxy Digital (44B AUM) is now using Pendle as core yield infrastructure ,institutions don’t build around experiments.
⤳ SEAL Certification → unlocking true institutional-grade security.
⤳ TVL sits above $13B+ even through market rotations → real demand from real users.
Pendle is no longer just a yield marketplace → it's becoming the standardized market for crypto-native yield.
In line with its mission to bridge traditional markets and DeFi, @galaxyhq views Pendle as a key platform for institutional capital to access onchain fixed income and structured products.
Pendle’s yield-tokenization mechanism, which separates yield-bearing tokens into principal (PT) and yield (YT) components, enables access to both fixed and variable yields at scale.
By utilizing Pendle’s yield infrastructure, Galaxy is able to gain exposure to fixed yields, or to express a view on future upside of yields, across a wide range of assets. This enhances predictability, flexibility and capital efficiency of its onchain balance sheet.
𝐀𝐛𝐨𝐮𝐭 𝐆𝐚𝐥𝐚𝐱𝐲
Galaxy Digital Inc. (Nasdaq/TSX: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Galaxy's digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology.
In addition, Galaxy develops and operates cutting-edge data center infrastructure to power AI and high-performance computing workloads. Its 800 MW Helios campus in Texas, which has an additional 2.7 GW of power under study, positions Galaxy among the largest and fastest-growing data center developments in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia. Additional information about Galaxy's businesses and products is available on

※ New pools: not expansion, but unlocks
Every v2 pool this week carries a strategic purpose:
⤳ cUSDO (28-MAY) → Circle’s USDO enters the fixed-yield arena
⤳ USDai / sUSDai (19-FEB) → Spark deepens the stablecoin yield matrix
⤳ mHYPER & mAPOLLO (29-JAN) → Hyperliquid yield comes on-chain via Midas
⤳ wnLP (15-JAN) → wrapped LPs open a new composability lane
The shared theme:
Better collateral → broader maturities → deeper cross-ecosystem bridges.
@pendle_fi is quietly plugging into every relevant yield source: @Circle, @Sparkdotfi, @HyperliquidX.

※ Boros: funding fees become a DeFi product
@boros_fi is heating up this week:
⤳ Traders hitting 3x via funding positioning
⤳ Shorts gaining their own edge (5-figure strategies emerging)
⤳ Bidirectional flow → a real on-chain funding market
⤳ AI agents (via Almanak) preparing to automate volatility strategies
Funding rates are no longer just a metric → they’re becoming a tradable market, and that market is on-chain.
Boros is @Pendle_fi ’s entry into volatility yield
Boros trader is on pace to earn 3x 🤯
0xb26 is killing it in the HYPEUSD-Hyperliquid market:
🔸 12.08% Implied APR entry (Long YU)
🔸Only 38% win rate for settlements
🔸But somehow earning 19.37% ROI in just 4 days?!
That's +0.06% ROI for every tick, every hour on the average.
Even though Underlying APR (purple) has remained below their Long entry (green line) most of the time, the spikes (i.e. wins) are so much that they're more than enough to cover the losses.
> Super duper hard wins
> Very minor losses
Despite losing most of the settlements, 0xb26 has been massively profitable thanks to the insane funding run ups HYPEUSD on Hyperliquid has.
Consider the timeframe from their entry till now 👇🏻
Check their profile here:
---------------------------------
Should I Long Here?
So the question is - can you replicate this? 🤔
The current Implied APR sits at 13.6%, above 0xb26’s entry at 12.08%.
But if you map this against the same historical run, an entry at 13.6% would have delivered approximately:
🔹 37% win rate
🔹 ~15% ROI to date
Of course, historical performance is not indicative or predictive of future results.
If you think HYPEUSD-Hyperliquid funding trend will persist, with insane spikes and a shallow trough of ~10.95% APR, then a Long YU here is a potential play to replicate 0xb26's success.
NFA 🫡
Link to market here:


※ One ecosystem – one token
Pendle, Boros, Citadels…
Everything funnels value into:
→ $PENDLE
✦ No new tokens.
✦ No dilution.
✦ Value accrues where it should.
vePENDLE continues to sit in the VIP seat → receiving 80% of real protocol fees.
※ The Big Picture – what @pendle_fi is assembling
✔️ Stablecoin yield (USDO, Spark)
✔️ Volatility-linked yield (Hyperliquid, Midas)
✔️ Funding markets (Boros)
✔️ Institutional adoption (Galaxy Digital)
✔️ Capital efficiency via Aave
✔️ Security certifications
✔️ Real TVL & real revenue
All converging into one thing:
➮ A multi-layered yield marketplace where every form of crypto yield can be priced, traded, and capital-optimized.
➮ #Pendle is no longer competing with DeFi.
➮ Pendle is building the infrastructure layer for crypto-native yield and volatility.
➢ And Print #91 is just the beginning.
2,12 mil
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