Pendle is establishing itself as a key on-chain yield market for RWAs. The 'Pendle Effect' first mentioned by Dune refers to the phenomenon where liquidity, number of holders, and on-chain utilization expand together after an asset is listed on Pendle. For RWAs, the core structure is how Pendle converts yields generated from physical assets into tradable markets. Pendle's RWA Structure • PT: Fixed future yields • YT: Separate trading of yields and points from underlying assets • LP: Yields and incentive utilization through liquidity provision This report analyzed cases of STRC, AUSD, and Re with different revenue sources. 1. STRC Case Dividends generated from Strategy's preferred shares STRC are connected on-chain through APYX, Saturn, xStocks, etc., and Pendle has established itself as a key yield market for these STRC-linked assets. Key metrics for STRC • STRC-linked Pendle Market TVL: Over $500M at peak • Cumulative notional trading volume: Approximately $1.44B • Indirect STRC holdings through Pendle: Approximately 2.65M STRC at peak • 77% of APYX TVL and 53% of Saturn TVL were on Pendle at peak Notably, 64% of USDat's total supply was deposited on Pendle at maximum, and there was a point where Pendle held approximately 97% of Monad's circulating supply. 2. AUSD Case Agora's AUSD is a stablecoin backed 1:1 by cash, short-term US Treasury bills, and overnight repos. After listing on Pendle, Monad's AUSD supply increased from approximately $32M to $198M. Key metrics for AUSD • Pendle AUSD TVL: Maximum $157M • 82% of Monad's AUSD supply was on Pendle at peak • Collateral utilization scale for AUSD PT/LP lending: Maximum $103M 3. Re Case Re is a protocol that connects yields from actual reinsurance contracts on-chain. Pendle's reUSD / reUSDe markets started with approximately $1.2M supply in 2025 and have grown to approximately $299M currently. Key metrics for Re • Pendle Re TVL: $241M • Approximately 80% of total reUSD / reUSDe supply • Cumulative notional trading volume: Approximately $500M •
October & Q4 Token Launch & Mainnet Schedule October Schedule • 10/5(Mon) PNT Token Launch • 10/8(Thu) WHUF Token Launch • 10/19(Mon) SO Mainnet • 10/21(Wed) AERO Product Launch, FHENIX Mainnet October Token Launches • RITUAL · PULT · ALLOX · RSGP Q4 Token Launch Schedule • INFI · JUMP · APYX · STRATO · TOWN • TENEO · CT · VAR · EXT ※ ICO Analytics compiled as of 10/5, schedule subject to change based on project circumstances Sales had JUMP on the Q4 list so it's nice, from mid-October mainnet and token launches are bunched up so let's organize what airdrops to look out for #TGE #Mainnet
👀 APYX Yieldmaxxing KBW Happy Hour Recent Update Looks like there's merch and raffle, first come first served get yours Hardly anyone there, more staff than people https://luma.com/7nqix5pw #APYX
APYX Yieldmaxxing Happy Hour - September 29 Gangnam Side Party Starting at 6 PM on September 29, they're providing food and drinks haha So if I'm being honest about the current situation, TGE doesn't feel right for this vibe so we've postponed it a bit, and our competitor Saturn also announced their TGE recently. STRC has also nearly recovered recently and the atmosphere is turning around, and with TVL at over 100M it's not bad, but if you're still depositing why not go check out the vibe. Luma registration : https://luma.com/7nqix5pw?tk=wZQnVO
