Initial quoted annualized yields ranged from 5.24% to 6.00%, with roughly $10,000 of liquidity in each pool.

Ethereum accounted for nearly all the trading, while reported locked value stayed near $1.03 billion through the day's latest snapshot.

Buying principal tokens at a discount can produce a return at maturity. Selling early brings market prices, fees and underlying-asset risk back into the calculation.

Ethereum accounted for $121.5 million of trading, while the protocol's locked value rose only modestly during the day.

The agents can adjust pricing and borrowing parameters for a principal token with $36.72 million supplied, subject to fixed step limits and cooldowns.

A wallet bought yield tokens in a $9 million Pendle pool, pushing the principal token price down 2.8% and clearing out looped positions on a Morpho market carrying $52 million in borrows. No bad debt was incurred.

Sky (formerly MakerDAO) launched Fixed Yield on Wednesday — a term-based alternative to the variable Sky Savings Rate built on Pendle Protocol v2, giving sUSDS depositors a locked rate to a named maturity date.

The yield-tokenization protocol's $233M-mcap token is now buyable inside Revolut's MiCA-licensed crypto app across the UK, EU, Norway, Iceland and Liechtenstein — the second on-chain yield protocol to land on the fintech's regulated rails after Maple's SYRUP in April.

The protocol is overhauling its staking mechanism, swapping multi-year locks for a 14-day withdrawal period and shifting to an algorithmic emissions model.

Yield trading protocol Pendle has also unveiled new Stable-based markets.