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What is Pendle (PENDLE)?

Pendle is a permissionless platform for trading yield, allowing users to implement diverse yield management strategies. Understanding Pendle involves three key aspects: 1. Yield Tokenization: Yield-bearing tokens are wrapped into SY tokens (e.g., stETH to SY-stETH), which are then divided into Principal Tokens (PT) and Yield Tokens (YT). 2. Pendle AMM: PT and YT can be traded on Pendle's AMM, although understanding the AMM is not essential for trading. 3. vePENDLE: Pendle aims to introduce TradFi interest derivative markets into DeFi. By creating a DeFi yield market, Pendle enables advanced yield strategies like fixed yield earning, yield speculation, enhanced yield generation without extra risks, and combinations thereof.

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