Pendle has launched its first income trading market on Robinhood Chain, with sNET as the supported asset for the initial phase. With the launch of this product, the DeFi ecosystem of Robinhood Chain has added fixed-income and income-splitting trading functions, allowing users to trade the principal and future earnings separately before the market matures.

First-phase market support for sNET.

Pendle announced on September 4th that its protocol has been officially deployed to Robinhood Chain. The first market targets sNET, with a maturity date set for September 17, 2026. Pendle has not yet disclosed which assets will be launched subsequently, nor has it provided a clear timeline, only stating that products will continue to be expanded as the ecosystem develops.

sNET is issued by NetNet Capital and serves as a staked version of NET, which is a native reserve-backed token of Robinhood Chain. Public information indicates that users can obtain sNET by staking NET and participate in the profit distribution under the protocol's staking model.

Separate trading of principal and earnings

The core approach of Pendle is to first encapsulate income-generating assets into standardized income assets, and then split them into two parts: the principal token PT and the income token YT.

• PT represents the principal that can be redeemed upon maturity.
• YT represents the right to income generated by the corresponding asset before maturity.
• The expiration date for this sNET market is September 17th.

This means that holders no longer have to hold only the complete income-producing assets; instead, they can buy and sell the principal or the income portion separately based on their own judgment of future income changes. For users who purchased PT, if held until maturity, they can obtain an implied fixed return; whereas users who purchased YT will mainly bear the fluctuations brought about by the income changes of sNET.

Pendle It should also be noted that the fixed annualized yield displayed on the platform is essentially an implied annualized return calculated based on the purchase price and the assumption of holding until maturity, and it is not a guaranteed yield as stipulated in a contract.

Robinhood Chain Continue to expand DeFi Application

Robinhood Chain launched its mainnet on July 1st. It is based on Arbitrum technology and is an Ethereum Layer 2. This network uses ETH for payments, is compatible with Ethereum wallets, and submits transaction data to the Ethereum mainnet.

Robinhood Previously, it was indicated that this chain was mainly aimed at tokenized financial assets, lending, trading, and applications that could utilize real-world assets within smart contracts. The integration of Pendle has also added a new category of DeFi tools to Robinhood Chain, namely income-based transactions.

According to previous reports, on August 25th, the daily trading volume of Robinhood Chain on the decentralized exchange was approximately 945 million US dollars, surpassing the previous high of 563 million US dollars set on July 8th. In less than two months since its launch, the cumulative trading volume on the chain has exceeded 47 billion US dollars, and in late August, it was around 1.4 billion US dollars.

Pendle Multi-chain layout continues to expand

Before the deployment of Robinhood Chain, Pendle had already covered networks such as Ethereum, Arbitrum, BNB Chain, Base, Mantle, Optimism, HyperEVM, Monad, and Plasma. Previously, on Plasma, Pendle had launched multiple markets related to assets such as USDe, sUSDe, USDai, and syrupUSDT.

DeFiLlama Data shows that as of the time of this report, the total locked-up value of the Pendle protocol is approximately 1.23 billion US dollars, of which more than half comes from the Ethereum network. In the past 30 days, the decentralized trading volume of Pendle was about 542 million US dollars.

The article also mentioned that the PENDLE token was trading at around $1.90 on September 4th, with a 24-hour increase of about 1.2%, and a gain of approximately 9.1% on the 7th.