Author: 0xjacobzhao | https://linktr.ee/0xjacobzhao

Undoubtedly, Pendle is one of the most successful DeFi protocols in this round of the Crypto cycle. While many protocols have stagnated due to liquidity depletion and narrative decline, Pendle has successfully become the "price discovery venue" for yield-bearing assets through its unique yield splitting and trading mechanism. By deeply integrating with stablecoins, LST/LRT, and other yield-bearing assets, it has established its unique positioning as the "DeFi yield infrastructure."

In the research report titled "The Smart Evolution of DeFi: The Evolution Path from Automation to AgentFi", we systematically sorted and compared the three stages of DeFi's intelligent development: Automation Tools, Intent-Centric Copilot, and AgentFi (On-chain Agents). Besides the two most valuable and easily implementable scenarios of lending and yield farming, in our advanced conception of AgentFi, Pendle's PT/YT yield rights trading is regarded as a highly compatible high-priority application for AgentFi. With its unique "yield splitting + maturity mechanism + yield rights trading" architecture, Pendle provides a natural strategy orchestration space for agents, enriching the possibilities for automated execution and yield optimization.

I. Basic Principles of Pendle

Pendle is the first protocol in the DeFi space focused on yield splitting and trading. Its core innovation lies in tokenizing and separating the future cash flows of on-chain yield-bearing assets (such as LSTs, stablecoin deposit certificates, and lending positions), allowing users to flexibly lock in fixed yields, amplify yield expectations, or engage in speculative arbitrage in the market.

In short, Pendle has built a secondary market for the "yield curve" of crypto assets, enabling DeFi users to trade not only "principal" but also "yields." This mechanism is highly similar to zero-coupon bonds + coupon splitting in traditional finance, enhancing the pricing accuracy and trading flexibility of DeFi assets.

Pendle's Yield Splitting Mechanism

Pendle splits a yield-bearing underlying asset (Yield-Bearing Asset, YBA) into two tradable tokens:

• PT (Principal Token): Represents the principal value that can be redeemed at maturity but no longer enjoys yields.
• YT (Yield Token): Represents all yields generated by the asset before maturity but will be worth zero at maturity.
• For example, depositing 1 ETH in stETH will be split into PT-stETH (redeemable for 1 ETH at maturity, principal locked) and YT-stETH (receiving all staking yields before maturity).

Pendle is not just a simple token split; it also provides a liquidity market for PT and YT through a specially designed AMM (Automated Market Maker) (equivalent to a secondary liquidity pool in the bond market). Users can buy and sell PT or YT at any time to flexibly adjust their yield risk exposure; among them, the price of PT is usually below 1, reflecting its "discounted principal value," while the price of YT depends on the market's expectations of future yields. More importantly, Pendle's AMM is optimized for assets with maturity dates, allowing different maturities of PT/YT to form a yield curve in the market, highly similar to the bond market in traditional finance.

It is particularly noteworthy that in Pendle's stablecoin assets, PT (Principal Token, fixed yield position) is equivalent to an on-chain bond, where buying it locks in a fixed interest rate at a discount, redeemable 1:1 for stablecoins at maturity, providing stable returns with lower risk, suitable for conservative investors seeking certainty in returns; while the Stablecoin Pool (liquidity mining position) is essentially AMM market-making, where LP returns come from transaction fees and incentives, with a highly variable APY and accompanying impermanent loss risk, making it more suitable for active investors who can tolerate volatility and seek higher returns. In a market with active trading and generous incentives, Pool returns can significantly exceed PT fixed income; however, in a quiet market with insufficient incentives, Pool returns often fall below PT and may even incur losses due to impermanent loss.

Project

Stablecoin PT

Stablecoin Pools

Asset Form

Bond-like token (redeemable for stablecoins at maturity)

AMM liquidity pool (PT + YT trading market)

Yield Source

Fixed interest rate (principal locked at a discount)

Transaction fees + mining incentives

Risk Level

Lower (close to risk-free fixed income)

Higher (IL risk + liquidity risk)

Suitable Audience

Those wanting to lock in fixed returns while preserving capital

LPs looking to earn fees and incentives, able to tolerate volatility

Pendle's PT/YT trading strategies mainly cover four paths: fixed income, yield speculation, inter-period arbitrage, and leveraged yield, catering to different risk preferences of investors. Users can lock in fixed yields by buying PT and holding it until maturity, equivalent to obtaining a certain interest rate; they can also choose to buy YT, betting on rising yields or increased volatility for yield speculation. Additionally, investors can utilize price differences between different maturities of PT/YT for inter-period arbitrage or use PT and YT as collateral to leverage lending protocols, thereby amplifying yield exposure.

Boros' Funding Rate Trading Mechanism

In addition to Pendle V2's yield splitting, the Boros module further tokenizes the funding rate, making it not just a passive cost of perpetual contract positions but a tool that can be independently priced and traded. Through Boros, investors can speculate directionally, hedge risks, or exploit arbitrage opportunities. This mechanism essentially introduces traditional interest rate derivatives (IRS, basis trading) into DeFi, providing new tools for institutional-level capital management and robust yield strategies.

In addition to PT/YT trading and AMM pools and the Boros funding rate trading mechanism, Pendle V2 also offers several extended features, which, while not the focus of this article, still constitute important supplements to the protocol ecosystem:

• vePENDLE: A governance and incentive model based on a vote-escrow mechanism, where users lock PENDLE to obtain vePENDLE, allowing them to participate in governance voting and enhance yield distribution weight, forming the core of the protocol's long-term incentives and governance.
• PendleSwap: A one-stop asset exchange entry that helps users efficiently switch between PT/YT and native assets, enhancing the convenience of capital use and protocol composability, essentially functioning as a DEX aggregator rather than an independent innovation.
• Points Market: Allows users to trade various project points in the secondary market in advance, providing liquidity for airdrop capture and points arbitrage, leaning more towards speculative and topical scenarios rather than core value.

II. Pendle Strategy Overview: Market Cycles, Risk Layering, and Derivative Extensions

In traditional financial markets, retail investment channels mainly focus on stock trading and fixed-income financial products, often making it difficult to directly participate in the higher-threshold bond derivatives trading. Correspondingly, in the Crypto market, retail users are also more inclined to accept token trading and DeFi lending. Although Pendle has significantly lowered the entry threshold for retail investors into "bond derivatives" trading, Pendle's strategies still require a high level of professionalism, necessitating investors to conduct in-depth analysis of the changes in yield-bearing asset rates under different market conditions. Based on this, we believe that during different market phases such as the early bull market, bull market exuberance, bear market downturn, and range-bound market, investors should match differentiated Pendle trading strategies according to their risk preferences.

• Bull Market Uptrend: Market risk appetite gradually recovers, lending demand and interest rates remain low, and YT pricing on Pendle is relatively cheap. At this time, buying YT is equivalent to betting on rising future yields. Once the market enters an accelerated upward phase, lending rates and LST yields will rise, thereby increasing the value of YT. This is a typical high-risk, high-reward strategy suitable for investors willing to position early and capture amplified returns in a bull market.
• Bull Market Euphoria: Market sentiment surges, driving lending demand to skyrocket, with DeFi lending protocol rates often climbing from single digits to over 15-30%, causing the value of YT on Pendle to soar and PT to show significant discounts. At this time, if investors buy PT with stablecoins, it is equivalent to locking in high interest rates at a discount, redeemable 1:1 for the underlying asset at maturity, effectively hedging volatility risk through "fixed income arbitrage" in the later stages of the bull market. The advantage of this strategy lies in its stability and rationality, ensuring fixed returns and principal safety during market corrections or bear market arrivals, but the cost is the forfeiture of potentially larger gains from continuing to hold volatile assets.
• Bear Market Downtrend: Market sentiment is low, lending demand plummets, interest rates drop significantly, YT yields approach zero, while PT behaves more like a risk-free asset. At this time, buying PT and holding it until maturity means locking in a certain return even in a low-interest environment, equivalent to establishing a defensive position; for conservative investors, this is the main strategy to avoid yield volatility and preserve capital.
• Range-Bound Market: Market interest rates lack a trend, and there are significant divergences in market expectations, leading to frequent short-term mismatches or pricing deviations between Pendle's PT and YT. Investors can engage in inter-period arbitrage between PT/YT of different maturities or capture mispriced yield rights due to market sentiment fluctuations to obtain stable spread returns. Such strategies require higher analytical and execution capabilities, with the potential to achieve robust returns in a non-trending market.

Global Perspective: Pendle Strategy Market Cycle Comparison Table

Market Stage

Market Characteristics

PT Strategy

YT Strategy

Stablecoin Pool

Arbitrage Strategy

Deep Bear (Low Range)

Extremely low interest rates, undervalued asset prices, cold sentiment

Minimal Significance (PT almost no discount)

✅ Best Timing: YT extremely cheap, betting on future interest rate recovery, leveraging yield flow (especially stETH)

⚪ Low yield, nearly idle position

⚪ Limited spread opportunities, not many chances

Slow Bear (Gradual Decline)

Prices slowly decline, interest rates remain low, market lacks direction

⚪ Fixed income not high, average attractiveness

❌ YT lacks substance, potential for total loss

✅ Defensive First Choice: Stablecoin pool preserves capital, relaxed mindset

⚪ Small cross-platform arbitrage is possible, but the space is limited

Early Bull Market (Rebound Upward)

Lending demand rises, interest rates begin to increase

⚪ PT starts to have a discount, but not significant

✅ Strong Potential: YT undervalued → interest rate rebound → yield leverage

⚪ Stablecoin pool is less interesting than volatile asset pools

⚪ Can position PT fixed income vs floating rate spread

Mid Bull Market (Accelerating Upward)

Interest rates significantly increase, sentiment warms

✅ Lock in Fixed Income: PT has a large discount, locking in 10–20% annualized

✅ Doubling Returns: YT price rises, continue to increase positions betting on rising interest rates

⚪ Fixed income opportunities are not as good as PT/YT

✅ Great Arbitrage Opportunity: Pendle fixed income vs Aave floating spread is large

Bull Market Euphoria (Peak)

Lending rates soar, market goes crazy

✅ Best Strategy: PT has a deep discount, locking in 20–30% fixed income

❌ High Risk: YT premium is too high, easy to incur losses

⚪ Stablecoin pool has high rates, but not as attractive as PT

✅ Institutional Play: Term arbitrage, cross-market arbitrage, low-risk profit locking

Bull Market Peak Correction Period

Market reverses, interest rates quickly decline

⚪ PT discount narrows, attractiveness decreases

❌ YT value significantly shrinks, easy to go to zero

✅ Funds shift to defense, stablecoin pool returns to mainstream

✅ Engage in hedging arbitrage, reduce volatility risk

Risk Layering: Pendle Decision Tree under Conservative vs Aggressive Strategies

Of course, the above strategies primarily focus on stable returns, with the core logic being to achieve a balance of risk and return through buying PT, buying YT, or participating in stablecoin pool mining in different market cycles. For aggressive investors with a higher risk appetite, more offensive strategies such as selling PT or YT can be chosen to bet on interest rate trends or exploit market mismatches. Such operations require higher professional judgment and execution capabilities, with greater risk exposure, so this article will not elaborate further, but it is for reference, and the specific decision tree can be seen below.

Pendle Coin-Based Strategy: Comparison of stETH, uniBTC, and Stablecoin Pools

Of course, the analysis of the above Pendle strategies is based on the U-based perspective. The focus of the strategy is on how to obtain excess returns by locking in high interest rates or capturing interest rate fluctuations; in addition, Pendle also provides coin-based strategies for BTC and ETH.

ETH is generally considered the best target for coin-based strategies due to its ecological status and long-term value certainty: as the native asset of the Ethereum network, ETH is not only the settlement basis for most DeFi protocols but also has a stable cash flow source in the form of staking yield. In comparison, BTC has no native interest rate, and its yield on Pendle mainly relies on protocol incentives, making the coin-based logic relatively weak; while the stablecoin pool is more suitable as a defensive allocation, serving the role of "preserving value + waiting."

In different market cycles, the strategy differences among the three types of asset pools are significant:

• Bull Market: The stETH pool is the most aggressive, with YT being the best strategy for leveraged ETH accumulation; uniBTC can serve as a supplement but is more speculative; the stablecoin pool's attractiveness decreases relatively.
• Bear Market: Low-priced YT from stETH provides the core opportunity to accumulate ETH; the stablecoin pool serves the main defensive function; uniBTC is only suitable for small-scale short-term arbitrage.
• Volatile Market: The PT-YT mismatch of stETH and AMM fees provide arbitrage opportunities; uniBTC is suitable for short-term speculation; the stablecoin pool provides a stable supplement.

Asset

Yield Source

Risk

Coin-Based Effect

Bull Market

Bear Market

Volatile Market

stETH Pool

ETH Staking native yield (3–5% APY)

ETH price volatility

✅ ETH-based accumulation (YT can amplify returns)

Buy YT: Bet on rising interest rates, capture leveraged staking yield; Buy discounted PT: Lock in high interest rates

Buy cheap YT: Obtain leveraged ETH staking yield, achieve ETH-based growth

Inter-period arbitrage/PT-YT mismatch: Suitable for profiting from AMM fees and price fluctuations

uniBTC Pool

Lending rates / protocol incentives (non-native yield)

BTC has no native interest rate, yield relies on incentive sustainability

⚠️ Weak coin-based logic

When lending demand is strong, short-term buy YT to capture incentive yield

Yield is unstable, suitable for small position speculation

YT pricing volatility, can engage in short-term speculation or cross-market arbitrage

Stablecoin Pool

Stablecoin lending rates (2–5% APY)

Low interest rates, limited attractiveness of PT/YT

❌ Non-coin-based growth

Fixed income is less attractive than volatile assets, suitable for extremely conservative investors

Core Defense: Lock in stable rates, wait for market recovery

Small spread arbitrage, providing low-volatility supplementary yield

Boros Strategy Overview: Interest Rate Swaps, Hedging, and Cross-Market Arbitrage

Boros tokenizes the funding rate, a floating variable asset, equivalent to introducing traditional finance's Interest Rate Swaps (IRS) and Basis Trading / Carry Trade into DeFi, transforming the funding rate from an uncontrollable cost item into a configurable investment tool. Its core certificate, Yield Units (YU), supports three main strategy paths: speculation, hedging, and arbitrage.

• In terms of speculation, investors can bet on rising funding rates by Long YU (paying fixed rate Implied APR, receiving floating rate Underlying APR) or bet on falling funding rates by Short YU (receiving fixed rate Implied APR, paying floating rate Underlying APR), similar to traditional interest rate derivative trading.
• In terms of hedging, Boros provides institutions holding large perpetual contract positions with tools to convert floating funding rates into fixed rates;
  • Hedging funding rate risk: Long Perp + Long YU, locking floating funding rate expenses as fixed costs.
  • Locking received funding rates: Short Perp + Short YU → locking floating funding rate income as fixed yield.
• In terms of arbitrage, investors can utilize Delta-Neutral Enhanced Yield or Arbitrage / Spread Trade, taking advantage of cross-market (Futures Premium vs Implied APR) or inter-period pricing spreads to obtain relatively stable spread yields.

Overall, Boros is suitable for professional funds for risk management and stable gains, but its friendliness to retail users is limited.

Strategy Type

Operational Method

Suitable Audience

Analogous Traditional Tools

Funding Hedge (Expense/Income Hedging)

Hedging funding rate expenses: Go long Perp on CEX/DEX while Long YU on Boros;

Hedging funding rate income: Go short Perp on CEX/DEX while Short YU on Boros

Large long and short positions, Basis Traders

Interest Rate Swaps (Payer/Receiver Swap)

Delta-Neutral Fixed Income

Spot staking (e.g., stETH earning 4% base yield) + shorting Perp to hedge price risk + locking fixed funding yield in Boros Short YU

Conservative institutions, hedge funds

Cash & Carry + Swap

Cross-Market/Term Arbitrage

Cross-market arbitrage: Compare Futures Premium with Boros Implied APR, short the overvalued side, long the undervalued side;

Term arbitrage: When there is a pricing spread between YUs of different maturities, short the overvalued maturity, long the undervalued maturity

Professional arbitrage funds

Government bond yield curve arbitrage

III. Complexity of Pendle Strategies and Unique Value of AgentFi

Based on the previous analysis, Pendle's trading strategies are essentially complex bond derivative trades. Even the simplest buying PT to lock in fixed income still requires consideration of multiple factors such as maturity rollover, interest rate fluctuations, opportunity costs, and liquidity depth, not to mention YT speculation, inter-period arbitrage, leveraged combinations, or dynamic comparisons with external lending markets. Unlike lending or staking products that provide "continuous income from a single deposit," Pendle's PT (Principal Token) must have a clearly defined maturity date (usually a few weeks to a few months), and upon maturity, the principal is redeemed 1:1 for the underlying asset. If one wishes to continue earning yields, they must re-establish their position. This "periodicity" constraint is a necessary prerequisite for the fixed income market and is a fundamental difference between Pendle and perpetual lending protocols.

Currently, Pendle does not have a built-in automatic rollover mechanism, but some DeFi strategy vaults offer an "Auto-Rollover" plan to balance user experience and protocol simplicity. There are currently three Auto-Rollover modes: passive, intelligent, and hybrid.

• Passive Auto-Rollover: Simple logic, automatically reinvests principal into new PT after maturity, providing a smooth user experience. However, it lacks flexibility; if Aave or Morpho's floating rates are higher, forced rollover can lead to opportunity costs.
• Smart Auto-Rollover: Dynamically compares Pendle's fixed rates with the floating rates in the lending market, avoiding "blind rollovers," while enhancing returns and maintaining flexibility, better aligning with the goal of maximizing yield.
  • If Pendle Fixed Rate > Lending Floating Rate → Reinvest PT, locking in a more certain fixed income;
  • If Lending Floating Rate > Pendle Fixed Rate → Switch to lending protocols like Aave/Morpho to obtain higher floating rates.
• Hybrid Configuration: Part of the funds are locked in PT fixed rates, while the other part flows into the lending market, forming a combination that balances stability and flexibility, avoiding being "left behind" by a single interest rate environment in extreme situations.

Therefore, AgentFi has unique value in Pendle trading strategies: it can automate complex interest rate games. Pendle's PT fixed rates and the floating rates in the lending market fluctuate in real-time, making it difficult for individuals to continuously monitor and switch; ordinary Auto-Rollover is merely passive renewal, while AgentFi can dynamically compare interest rate levels, automatically adjust positions, and optimize position allocation based on user risk preferences. In the more complex Boros strategies, AgentFi can also handle funding rate hedging, cross-market arbitrage, and term arbitrage operations, further unleashing the potential for specialized yield management.

IV. Pulse: The First AgentFi Product Based on Pendle PT Strategy

In the previous AgentFi series report titled A New Paradigm for Stablecoin Yields: From AgentFi to XenoFi, we introduced the Stablecoin Yield Optimization Agent ARMA (https://app.arma.xyz) launched on the Giza infrastructure layer. This product is deployed on the Base chain and can automatically switch between lending protocols like AAVE, Morpho, Compound, and Moonwell to maximize cross-protocol yields, consistently ranking in the top tier of AgentFi.

In September 2025, the Giza team officially launched the Pulse Optimizer (https://app.usepulse.xyz/) — the industry's first automated optimization system based on the Pendle PT fixed income market. Unlike ARMA, which focuses on stablecoin lending, Pulse concentrates on Pendle fixed income scenarios: it uses deterministic algorithms (not LLM) to monitor the multi-chain PT market in real-time, considering cross-chain costs, maturity management, and liquidity constraints, dynamically allocating positions using linear programming, and automatically completing rollovers, cross-chain scheduling, and compounding. Its goal is to maximize portfolio APY under controllable risk conditions, abstracting the complex process of "finding/APY/switching/cross-chain/timing" into a one-click fixed income experience.

Core Architecture Components of Pulse

• Data Collection: Real-time capture of Pendle multi-chain market data, including active markets, APY, maturity times, liquidity, and cross-chain bridge fees, modeling slippage and price impact to provide precise inputs for the optimization engine.
• Wallet Manager: Acts as the asset and logic hub, generating portfolio snapshots, managing cross-chain asset standardization, and executing risk controls (such as minimum APY improvement thresholds and historical value comparisons).
• Optimization Engine: Based on linear programming modeling, it comprehensively considers capital allocation, cross-chain sources, bridge fee curves, slippage, and market maturity, outputting optimal allocation plans under risk constraints.
• Execution Planning: Transforms optimization results into transaction sequences, including liquidating inefficient positions, planning bridging and swap paths, rebuilding new positions, and triggering full exit mechanisms when necessary, forming a complete closed loop.

Components

Key Mechanisms

Output Results

Data Collection

Integrates Pendle API and multi-chain price sources, monitors markets and slippage

Real-time market data stream

Wallet Management

Portfolio snapshots, asset standardization, cross-chain conversion, risk control

Portfolio status and reallocation control

Optimization Engine

Capital allocation modeling, cross-chain cost curves, diminishing returns constraints

Optimal allocation plan

Execution Planning

Liquidate old positions → Plan bridging/Swap → Build/Exit

Executable cross-chain trading scripts

V. Core Functions and Product Progress of Pulse

Pulse currently focuses on ETH-based yield optimization, automating the management of ETH and its liquid staking derivatives (wstETH, weETH, rsETH, uniETH, etc.), and dynamically allocating across multiple Pendle PT markets. The system uses ETH as the base asset, automatically completing cross-chain token conversions to achieve optimal allocation. It is currently live on the Arbitrum mainnet, with plans to expand to Ethereum mainnet, Base, Mantle, Sonic, and more, achieving multi-chain interoperability through the Stargate bridge.

Full User Experience of Pulse

Agent Activation and Fund Management: Users can activate the Pulse Agent with one click on the official website (www.usepulse.xyz), a process that includes connecting a wallet, network authentication, whitelist verification, and depositing a minimum of 0.13 ETH (approximately $500). Once activated, 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 redistribute; subsequent deposits have no minimum threshold, and large amounts can enhance portfolio diversification and optimization effects.

Data Dashboard and Performance Monitoring

Pulse provides a visual data dashboard to track and evaluate investment performance in real-time:

• Key Metrics: Total asset balance, cumulative investment, principal and yield growth rates, and position distribution of different PT tokens and cross-chain positions.
• Yield and Risk Analysis: Supports trend tracking across daily/weekly/monthly/yearly dimensions, combining real-time APR monitoring, annual forecasts, and market comparisons to help assess the excess returns brought by automated optimization.
• Multi-Dimensional Breakdown: Displays by PT Token (e.g., PT-rETH, PT-weETH), Underlying Token (LST/LRT protocols), and cross-chain distribution.
• Execution Transparency: Retains a complete operation log, including reallocation times, operation types, fund sizes, yield impacts, and on-chain hashes, ensuring verifiability.
• Optimization Effectiveness: Indicates rebalancing frequency, APR improvement magnitude, diversification level, and market response speed, comparing with static holdings or market benchmarks to evaluate risk-adjusted real returns.

Exit and Asset Withdrawal: Users can close the Agent at any time, and Pulse will automatically liquidate PT tokens and convert them back to ETH, charging a 10% success fee only on profits, with the principal fully returned. Before exiting, the system will transparently display yield and fee details, with withdrawals typically completed within minutes. After exiting, users can reactivate at any time, and historical yield records will be fully retained.

VI. 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 directly connect protocol incentives to the agent network through standardized APR feeds (sAPR), allowing capital to truly achieve "intelligence."

• For users: Funds can achieve real-time, automated optimal allocation across multiple chains and protocols without manual monitoring or reinvestment, capturing the highest yield opportunities.
• For protocols: Swarm Finance addresses the maturity redemption—TVL loss pain point for projects like Pendle, bringing more stable and sticky liquidity while significantly reducing the governance costs of liquidity management.
• For the ecosystem: Capital completes cross-chain and cross-protocol migration in a shorter time, enhancing market efficiency, price discovery capability, and capital utilization.
• For Giza itself: A portion of all incentive flows routed through Swarm Finance will flow back to $GIZA, initiating a Tokenomics flywheel through the fee capture → buyback mechanism.

According to Giza's official data, Pulse achieved approximately 13% APR when launching the ETH PT market on Arbitrum. More importantly, Pulse resolved the TVL loss issue caused by Pendle's maturity redemption through its automatic rollover mechanism, establishing a more robust capital accumulation and growth curve for Pendle. As the first practical implementation of the Swarm Finance incentive network, Pulse not only demonstrates the potential of intelligent agency but also marks the official start of a new paradigm for Active Capital in DeFi.

VII. Summary and Outlook

As the industry's first AgentFi product based on the Pendle PT strategy, Giza team's launch of Pulse undoubtedly holds milestone significance. It abstracts the complex PT fixed income trading process into a one-click intelligent agency experience, achieving full automation in cross-chain configuration, maturity management, and automatic compounding, significantly lowering the operational threshold for users while enhancing the capital utilization efficiency and liquidity of the Pendle market.

Pulse currently remains primarily focused on the ETH PT strategy. Looking ahead, with continuous product iterations and the addition of more AgentFi teams, we can expect to see:

• Stablecoin PT Strategy Products — Providing matching solutions for investors with a more conservative risk appetite;
• Intelligent Auto-Rollover — Dynamically comparing Pendle's fixed rates with the floating rates in the lending market, enhancing returns while maintaining flexibility;
• Market Cycle-Based Comprehensive Strategy Coverage — Modularizing Pendle's trading strategies during different phases of bull and bear markets, covering YT, stablecoin pools, and even more advanced plays like shorting and arbitrage;
• Boros Strategy AgentFi Products — Achieving smarter Delta-Neutral fixed income and cross-market/term arbitrage than Ethena, promoting further specialization and intelligence in the DeFi fixed income market.

Of course, Pulse also faces risks common to any DeFi product, including protocol and contract security (potential vulnerabilities in Pendle or cross-chain bridges), strategy execution risks (failure of maturity rollover or cross-chain rebalancing), and market risks (interest rate fluctuations, insufficient liquidity, incentive decay). Additionally, Pulse's returns rely on ETH and its LST/LRT markets; if the price of Ethereum drops significantly, even if the amount of ETH increases, there may still be losses when priced in USD.

Overall, the emergence of Pulse not only expands the product boundaries of AgentFi but also opens up new possibilities for the automation and scaling of Pendle strategies across different market cycles, representing an important step in the intelligent development of DeFi fixed income.

Disclaimer: This article was assisted by the AI tool ChatGPT-5 during its creation. The author has made efforts to proofread and ensure the information is true and accurate, but some omissions may still exist, and your understanding is appreciated. It should be particularly noted that the cryptocurrency asset market often experiences a divergence between project fundamentals and secondary market price performance. The content of this article is intended for information integration and academic/research communication only, does not constitute any investment advice, and should not be viewed as a recommendation for buying or selling any tokens.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。