Pendle 的代幣激增推動了收益交易的繁榮

空投激勵措施正在推動 DeFi 活動，隨著用戶利用空投積分，收益交易協議 Pendle 的 TVL 激增。 Pendle 的 PENDLE 代幣受益於以太坊重新抵押。投資者期待 EigenLayer 的推出，這是一項已吸引 120 億美元 TVL 的質押協議。 Pendle 提供 EigenLayer 和流動性重新抵押代幣的槓桿曝險，將收益代幣分為本金和收益部分。收益型代幣買家的目標是賺取超過購買成本的空投，而主要代幣買家則以固定收益購買折扣的 ETH。

Pendle's Token Launch Surge: A Catalyst for Yield Trading Fever

Pendle 的代幣發行激增：殖利率交易熱潮的催化劑

Amidst the burgeoning decentralized finance (DeFi) landscape, a recent wave of successful token launches has ignited a surge in airdrop fever, propelling protocols like EtherFi, Ethena, and Wormhole to extraordinary valuations and rewarding early adopters with significant gains.

在蓬勃發展的去中心化金融(DeFi) 領域，最近一波成功的代幣發行引發了空投熱潮，將EtherFi、Ethena 和Wormhole 等協議推向了非凡的估值，並為早期採用者帶來了巨大的收益。

In this burgeoning ecosystem, Pendle, a yield trading protocol, has emerged as a key player, offering users the ability to leverage airdrop points from various projects. Consequently, Pendle's total value locked (TVL), a metric representing the aggregate value of assets deposited into the protocol, has skyrocketed by an impressive 40% over the past two weeks, reaching nearly $3.9 billion.

在這個蓬勃發展的生態系統中，收益交易協議 Pendle 已成為關鍵參與者，使用戶能夠利用來自各個項目的空投積分。因此，Pendle 的鎖定總價值 (TVL)（代表存入協議的資產總價值的指標）在過去兩週內飆升了 40%，達到近 39 億美元。

This surge in activity has been accompanied by a remarkable appreciation in the value of Pendle's native token, PENDLE. Since the commencement of the year, the token has experienced a five-fold increase, boasting a market capitalization of $460 million. Moreover, on April 2nd, Pendle processed a record $530 million in trades, further cementing its position as a formidable force in the DeFi arena.

活動的激增伴隨著 Pendle 原生代幣 PENDLE 價值的顯著升值。自今年年初以來，該代幣已上漲五倍，市值達 4.6 億美元。此外，4 月 2 日，Pendle 處理了創紀錄的 5.3 億美元交易，進一步鞏固了其在 DeFi 領域的強大地位。

A key driver behind this escalating activity has been the launch of two new USDe pools, which accounted for approximately $374 million, or 70%, of the aforementioned trading volume. USDe, a synthetic dollar developed by Ethena Labs, garnered significant attention following the commencement of the second phase of its incentive program yesterday.

這項不斷升級的活動背後的一個關鍵驅動因素是兩個新 USDe 池的推出，這兩個池的交易量約佔上述交易量的 3.74 億美元，即 70%。 USDe 是 Ethena Labs 開發的合成美元，昨天啟動第二階段激勵計劃後引起了廣泛關注。

Traders are eagerly flocking to Pendle in anticipation of lucrative airdrops, similar to those witnessed in the first phase of the USDe campaign. According to DeFi investor Thor Hartvigsen, early participants who invested $10,000 in USDe Yield Tokens (YT) on Pendle received airdrops of ENA tokens worth over $80,000.

交易員們急切地湧向 Pendle，期待利潤豐厚的空投，類似於 USDe 活動第一階段所看到的情況。據 DeFi 投資者 Thor Hartvigsen 稱，在 Pendle 上投資 10,000 美元 USDe Yield Tokens (YT) 的早期參與者收到了價值超過 80,000 美元的 ENA 代幣空投。

EigenLayer's Allure

EigenLayer 的魅力

Investors are also eagerly looking forward to EigenLayer, a highly anticipated Ethereum staking protocol. EigenLayer has amassed nearly $12 billion in TVL, making it the third-largest DeFi protocol after Lido and Aave.

投資人也熱切期待EigenLayer這項備受期待的以太坊質押協議。 EigenLayer 已累積了近 120 億美元的 TVL，使其成為繼 Lido 和 Aave 之後的第三大 DeFi 協議。

Through EigenLayer, users can earn points by restaking ETH or liquid staking tokens (LSTs) like Lido's stETH. This mechanism has spurred the creation of liquid restaking tokens (LRTs), which incentivize users with additional rewards through their own points programs. It is widely anticipated that these points will eventually be convertible into tradable tokens.

透過 EigenLayer，用戶可以透過重新質押 ETH 或 Lido 的 stETH 等流動性質押代幣（LST）來賺取積分。這種機制刺激了流動性重新抵押代幣（LRT）的創建，這些代幣透過自己的積分計劃以額外獎勵來激勵用戶。人們普遍預計這些積分最終將可轉換為可交易代幣。

Pendle has shrewdly capitalized on the demand for these points by providing traders with a means to leverage their exposure to EigenLayer and LRT protocols such as EtherFi, Swell Network, and Puffer Finance. This is achieved through the innovative splitting of yield-bearing LRTs into their principal (PT) and yield (YT) components.

Pendle 精明地利用了這些點的需求，為交易者提供了一種利用 EigenLayer 和 LRT 協議（如 EtherFi、Swell Network 和 Puffer Finance）的方式。這是透過將產生收益的輕軌創新性地分為其主要 (PT) 和收益 (YT) 部分來實現的。

Yield Farming Frenzy

流動性挖礦狂熱

Those who acquire yield tokens (YTs) can partake in additional airdrop point farming, with the expectation that the value of the potential airdrops will surpass the cost of the purchase. However, it is important to note that YTs lose value over time and become valueless upon maturity.

那些獲得收益代幣（YT）的人可以參與額外的空投點挖礦，期望潛在空投的價值將超過購買成本。然而，值得注意的是，YT 會隨著時間的推移而失去價值，並在到期時變得毫無價值。

On the other side of this transaction, principal tokens (PTs) resemble zero-coupon bonds in traditional finance. Buyers of PTs can purchase tokens at a discount, knowing that they will be redeemable for 1 ETH upon maturity. The current insatiable demand for YTs has driven the yields offered on PTs well into double digits, making them a compelling alternative for users seeking to generate returns from their ETH holdings without the uncertainty associated with future airdrop valuations.

另一方面，本金代幣（PT）類似於傳統金融中的零息債券。 PT 的買家可以以折扣價購買代幣，因為他們知道代幣到期後可以兌換 1 ETH。目前對YT 的永不滿足的需求已將PT 的收益率推高至兩位數，對於那些希望從持有的ETH 中獲得回報、且不存在與未來空投估值相關的不確定性的用戶來說，它們成為一個極具吸引力的選擇。

In conclusion, the recent surge in airdrop fever has propelled Pendle to the forefront of yield trading in the DeFi ecosystem. The protocol's ability to tap into the demand for EigenLayer and LRT points positions it as a key player in this rapidly evolving landscape. As the DeFi industry continues to innovate and expand, it remains to be seen how Pendle will navigate the complexities of a highly competitive and ever-changing market.

總而言之，近期空投熱潮的激增將 Pendle 推向了 DeFi 生態系統中收益交易的前沿。該協議能夠滿足 EigenLayer 和 LRT 點的需求，使其成為這個快速發展的領域中的關鍵參與者。隨著 DeFi 產業不斷創新和擴張，Pendle 將如何應對競爭激烈且不斷變化的市場的複雜性，還有待觀察。