Pendle 的代币激增推动了收益交易的繁荣

空投激励措施正在推动 DeFi 活动，随着用户利用空投积分，收益交易协议 Pendle 的 TVL 激增。 Pendle 的 PENDLE 代币受益于以太坊重新抵押。投资者期待 EigenLayer 的推出，这是一项已吸引 120 亿美元 TVL 的质押协议。 Pendle 提供 EigenLayer 和流动性重新抵押代币的杠杆敞口，将收益代币分为本金和收益部分。收益型代币买家的目标是赚取超过购买成本的空投，而主要代币买家则以固定收益购买打折的 ETH。

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

Pendle 的代币发行激增：收益率交易热潮的催化剂

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.

在蓬勃发展的去中心化金融 (DeFi) 领域，最近一波成功的代币发行引发了空投热潮，将 EtherFi、Ethena 和 Wormhole 等协议推向了非凡的估值，并为早期采用者带来了巨大的收益。

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.

在这个蓬勃发展的生态系统中，收益交易协议 Pendle 已成为关键参与者，使用户能够利用来自各个项目的空投积分。因此，Pendle 的锁定总价值 (TVL)（代表存入协议的资产总价值的指标）在过去两周内飙升了 40%，达到近 39 亿美元。

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.

活动的激增伴随着 Pendle 原生代币 PENDLE 价值的显着升值。自今年年初以来，该代币已上涨五倍，市值达到 4.6 亿美元。此外，4 月 2 日，Pendle 处理了创纪录的 5.3 亿美元交易，进一步巩固了其在 DeFi 领域的强大地位。

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.

这一不断升级的活动背后的一个关键驱动因素是两个新 USDe 池的推出，这两个池的交易量约占上述交易量的 3.74 亿美元，即 70%。 USDe 是 Ethena Labs 开发的合成美元，昨天启动第二阶段激励计划后引起了广泛关注。

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.

交易员们急切地涌向 Pendle，期待利润丰厚的空投，类似于 USDe 活动第一阶段所看到的情况。据 DeFi 投资者 Thor Hartvigsen 称，在 Pendle 上投资 10,000 美元 USDe Yield Tokens (YT) 的早期参与者收到了价值超过 80,000 美元的 ENA 代币空投。

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.

投资者也热切期待EigenLayer这一备受期待的以太坊质押协议。 EigenLayer 已积累了近 120 亿美元的 TVL，使其成为继 Lido 和 Aave 之后的第三大 DeFi 协议。

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.

通过 EigenLayer，用户可以通过重新质押 ETH 或 Lido 的 stETH 等流动性质押代币（LST）来赚取积分。这种机制刺激了流动性重新抵押代币（LRT）的创建，这些代币通过自己的积分计划以额外奖励来激励用户。人们普遍预计这些积分最终将可转换为可交易代币。

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 精明地利用了这些点的需求，为交易者提供了一种利用 EigenLayer 和 LRT 协议（如 EtherFi、Swell Network 和 Puffer Finance）的方式。这是通过将产生收益的轻轨创新性地分为其主要 (PT) 和收益 (YT) 部分来实现的。

Yield Farming Frenzy

流动性挖矿狂热

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.

那些获得收益代币（YT）的人可以参与额外的空投点挖矿，期望潜在空投的价值将超过购买成本。然而，值得注意的是，YT 会随着时间的推移而失去价值，并在到期时变得毫无价值。

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，本金代币（PT）类似于传统金融中的零息债券。 PT 的买家可以以折扣价购买代币，因为他们知道代币到期后可以兑换 1 ETH。目前对 YT 的永不满足的需求已将 PT 的收益率推高至两位数，对于那些希望从持有的 ETH 中获得回报、且不存在与未来空投估值相关的不确定性的用户来说，它们成为一个极具吸引力的选择。

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.

总而言之，近期空投热潮的激增将 Pendle 推向了 DeFi 生态系统中收益交易的前沿。该协议能够满足 EigenLayer 和 LRT 点的需求，使其成为这个快速发展的领域中的关键参与者。随着 DeFi 行业不断创新和扩张，Pendle 将如何应对竞争激烈且不断变化的市场的复杂性，还有待观察。