Author: 0xjacobzhao

Undoubtedly, Pendle is one of the most successful DeFi protocols in this crypto cycle. While many protocols have stagnated due to liquidity depletion and narrative decline, Pendle has successfully established itself as a "price discovery venue" for yield-bearing assets through its unique yield splitting and trading mechanism. By deeply integrating with stablecoins, LSTs/LRTs, and other yield assets, it has solidified its unique positioning as the "DeFi yield infrastructure."

In the research report titled "The Smart Evolution of DeFi: The Evolution Path from Automation to AgentFi," we systematically sorted and compared the three stages of DeFi's intelligent development: Automation Tools, Intent-Centric Copilot, and AgentFi (On-chain Agents). Besides the two most valuable and easily implementable scenarios of lending and yield farming, Pendle's PT/YT yield rights trading is viewed as a highly compatible high-priority application for AgentFi in our advanced conceptualization. With its unique "yield splitting + maturity mechanism + yield rights trading" architecture, Pendle provides a natural strategy orchestration space for agents, enriching the possibilities for automated execution and yield optimization.

1. Basic Principles of Pendle

Pendle is the first protocol in the DeFi space focused on yield splitting and trading. Its core innovation lies in tokenizing and separating the future cash flows of on-chain yield-bearing assets (such as LSTs, stablecoin deposit receipts, lending positions, etc.), allowing users to flexibly lock in fixed yields, amplify yield expectations, or engage in speculative arbitrage in the market.

In short, Pendle has built a secondary market for the "yield curve" of crypto assets, enabling DeFi users to trade not only the "principal" but also the "yield." This mechanism is highly similar to zero-coupon bonds + coupon splitting in traditional finance, enhancing the pricing accuracy and trading flexibility of DeFi assets.

Pendle's Yield Splitting Mechanism

Pendle splits a yield-bearing base asset (Yield-Bearing Asset, YBA) into two tradable tokens:

• PT (Principal Token): Represents the principal value that can be redeemed at maturity but does not enjoy any yield.

• YT (Yield Token): Represents all the yield generated by the asset before maturity, but will be worth zero at maturity.

• For example, depositing 1 ETH in stETH will be split into PT-stETH (redeemable for 1 ETH at maturity, principal locked) and YT-stETH (receiving all staking yields before maturity).

Pendle is not merely about token splitting; it also provides a liquidity market for PT and YT through a specially designed AMM (Automated Market Maker), equivalent to a secondary liquidity pool in the bond market. Users can buy and sell PT or YT at any time to flexibly adjust their yield risk exposure; typically, the price of PT is below 1, reflecting its "discounted principal value," while the price of YT depends on the market's expectations of future yields. More importantly, Pendle's AMM is optimized for assets with maturity dates, allowing different maturities of PT/YT to form a yield curve in the market, highly similar to traditional financial bond markets.

It is particularly noteworthy that in Pendle's stablecoin assets, PT (Principal Token, fixed yield position) is equivalent to on-chain bonds, where buying locks in a fixed interest rate through a discount, redeemable 1:1 for stablecoins at maturity, providing stable returns with lower risk, suitable for conservative investors seeking certainty in returns. In contrast, the Stablecoin Pool (liquidity mining position) is essentially AMM market-making, where LP returns come from transaction fees and incentives, with a highly variable APY and accompanying impermanent loss risks, making it more suitable for active investors who can tolerate volatility and seek higher returns. In a market with active trading and generous incentives, Pool returns can significantly exceed PT fixed income; however, in a quiet trading environment with insufficient incentives, Pool returns often fall below PT and may even incur losses due to impermanent loss.

| Project | Stablecoin PT | Stablecoin Pools | |---------|---------------|------------------| | Asset Form | Bond-like token (redeemable for stablecoins at maturity) | AMM liquidity pool (PT + YT trading market) | | Yield Source | Fixed interest rate (principal discount lock) | Trading fees + mining incentives | | Risk Level | Low (close to risk-free fixed income) | High (IL risk + liquidity risk) | | Suitable Audience | Those wanting to lock in fixed returns | LPs looking to earn fees and incentives, able to tolerate volatility |

Pendle's PT/YT trading strategies mainly cover four paths: fixed income, yield speculation, inter-period arbitrage, and leveraged yield, catering to different risk preferences of investors. Users can lock in fixed yields by buying PT and holding it until maturity, equivalent to obtaining a certain interest rate; they can also choose to buy YT, betting on rising yields or increased volatility for yield speculation. Additionally, investors can utilize price differences between different maturities of PT/YT for inter-period arbitrage or use PT and YT as collateral to leverage lending protocols, thereby amplifying yield exposure.

Boros' Funding Rate Trading Mechanism

In addition to Pendle V2's yield splitting, the Boros module further tokenizes the funding rate, transforming it from a passive cost of perpetual contract positions into a tool that can be independently priced and traded. Through Boros, investors can engage in directional speculation, risk hedging, or arbitrage opportunities, effectively introducing traditional interest rate derivatives (IRS, basis trading) into DeFi, providing new tools for institutional-level capital management and robust yield strategies.

Besides PT/YT trading, AMM pools, and the Boros funding rate trading mechanism, Pendle V2 also offers several extended features, which, while not the focus of this article, are important supplements to the protocol ecosystem:

• vePENDLE: A governance and incentive model based on a vote-escrow mechanism, where users lock PENDLE to obtain vePENDLE, allowing them to participate in governance voting and enhance yield distribution weight, forming the core of the protocol's long-term incentives and governance.

• PendleSwap: A one-stop asset exchange entry that helps users efficiently switch between PT/YT and native assets, enhancing the convenience of capital use and protocol composability, essentially functioning as a DEX aggregator rather than an independent innovation.

• Points Market: Allows users to trade various project points (Points) in the secondary market in advance, providing liquidity for airdrop capture and points arbitrage, leaning more towards speculative and topical scenarios rather than core value.

2. Pendle Strategy Overview: Market Cycles, Risk Layering, and Derivative Extensions

In traditional financial markets, retail investment channels mainly focus on stock trading and fixed-income financial products, often making it difficult to directly participate in the higher-threshold bond derivative trading. Correspondingly, in the crypto market, retail users are similarly more inclined to accept token trading and DeFi lending. Although Pendle has significantly lowered the entry threshold for retail investors into "bond derivative" trading, Pendle's strategies still require a high level of expertise, necessitating investors to conduct in-depth analysis of yield-bearing asset rates under different market conditions. Based on this, we believe that during different market phases such as the early bull market, bull market exuberance, bear market downturn, and range-bound oscillation, investors should match differentiated Pendle trading strategies according to their risk preferences.

• Bull Market Ascending Phase: Market risk appetite gradually recovers, lending demand and interest rates remain low, and YT pricing on Pendle is relatively cheap. At this time, buying YT is equivalent to betting on future yield increases; once the market enters an accelerated upward phase, lending rates and LST yields will rise, thereby increasing YT's value. This is a typical high-risk, high-reward strategy suitable for investors willing to position early and capture amplified returns in a bull market.

• Bull Market Exuberance Phase: Market sentiment surges, driving lending demand to skyrocket, with DeFi lending protocol rates often climbing from single digits to over 15-30%, causing YT's value on Pendle to soar and PT to exhibit significant discounts. At this time, if investors buy PT with stablecoins, it is equivalent to locking in high interest rates at a discount, redeemable 1:1 for the underlying asset at maturity, effectively hedging against volatility risk through "fixed income arbitrage" in the later stages of the bull market. The advantage of this strategy lies in its stability and rationality, ensuring fixed returns and principal safety during market corrections or bear market arrivals, but the cost is the forfeiture of potentially larger gains from continuing to hold volatile assets.

• Bear Market Downturn Phase: Market sentiment is low, lending demand plummets, interest rates drop significantly, YT yields approach zero, while PT behaves more like a risk-free asset. At this time, buying PT and holding it until maturity means locking in a certain return even in a low-interest environment, effectively establishing a defensive position; for conservative investors, this is the main strategy to avoid yield volatility and preserve principal.

• Range-Bound Oscillation Phase: Market interest rates lack trends, and there are significant divergences in market expectations, leading to frequent short-term mismatches or pricing deviations between Pendle's PT and YT. Investors can engage in inter-period arbitrage between different maturities of PT/YT or capture yield rights mispricing caused by market sentiment fluctuations to obtain stable spread returns. Such strategies require higher analytical and execution capabilities, aiming to achieve robust returns in a non-trending market.

Global Perspective: Pendle Strategy Market Cycle Comparison Table

| Market Stage | Market Characteristics | PT Strategy | YT Strategy | Stablecoin Pool | Arbitrage Strategy | |--------------|-----------------------|-------------|-------------|------------------|--------------------| | Deep Bear (Low Range) | Extremely low interest rates, undervalued asset prices, cold sentiment | Minimal significance (PT almost no discount) | ✅ Best time: YT extremely cheap, bet on future interest rate recovery, leverage yield flow (especially stETH) | ⚪ Low yield, nearly idle position | ⚪ Limited spread space, few opportunities | | Slow Bear (Gradual Decline) | Prices slowly decline, low interest rates, market lacks direction | ⚪ Fixed income not high, general attractiveness | ❌ YT has no meat, may lose all | ✅ Defensive first choice: stablecoin pool preserves capital, relaxed mindset | ⚪ Can do small cross-platform arbitrage, but limited space | | Early Bull Market (Upward Rebound) | Lending demand rises, interest rates begin to rise | ⚪ PT starts to have a discount, but not significant | ✅ Strong explosive power: YT undervalued → interest rate rebound → yield leverage | ⚪ Stablecoin pool less interesting than volatile asset pool |

⚪ Can layout PT fixed income vs floating rate spread

Mid Bull Market (Accelerating Upward)

Interest rates rise significantly, sentiment warms

✅ Lock in fixed income: PT discount large, lock in 10–20% annualized

✅ Doubling returns: YT price rises, continue to increase positions betting on rising rates

⚪ Fixed income opportunities not as good as PT/YT

✅ Good arbitrage opportunity: Pendle fixed income vs Aave floating spread large

Bull Market Exuberance Phase (Peak)

Lending rates soar, market frenzy

✅ Best strategy: PT deeply discounted, lock in 20–30% fixed income

❌ High risk: YT premium too high, easy to lose

⚪ Stablecoin pool rates high, but not as attractive as PT

✅ Institutional play: term arbitrage, cross-market arbitrage, low-risk locked profits

Market Top Correction Phase

Market reversal, interest rates quickly fall

⚪ PT discount narrows, attractiveness weakens

❌ YT value significantly shrinks, easy to go to zero

✅ Capital shifts to defense, stablecoin pool returns to mainstream

✅ Engage in hedging arbitrage, reduce volatility risk

Risk Layering: Pendle Decision Tree under Conservative vs Aggressive Strategies

Of course, the above strategies primarily focus on stable returns, with the core logic being to achieve a balance of risk and return through buying PT, buying YT, or participating in stablecoin pool mining in different market cycles. For risk-tolerant aggressive investors, more offensive strategies such as selling PT or YT can be chosen to bet on interest rate trends or exploit market mismatches. Such operations require higher professional judgment and execution capabilities, with greater risk exposure; therefore, this article will not elaborate further, and specific details can be seen in the decision tree below.

Pendle Coin-Based Strategy: Comparison of stETH, uniBTC, and Stablecoin Pools

Of course, the analysis of the above Pendle strategies is based on a U-based perspective. The focus of the strategy is on how to obtain excess returns by locking in high rates or capturing rate fluctuations; in addition, Pendle also provides coin-based strategies for BTC and ETH.

ETH is generally considered the best target for coin-based strategies due to its ecological status and long-term value certainty: as the native asset of the Ethereum network, ETH is not only the settlement basis for most DeFi protocols but also has a stable cash flow source from staking yields. In contrast, BTC has no native interest rate, and its yield on Pendle mainly relies on protocol incentives, making the coin-based logic relatively weak; while stablecoin pools are more suitable as defensive allocations, serving the role of "preserving value + waiting."

In different market cycles, the strategy differences among the three types of asset pools are significant:

• Bull Market: The stETH pool is the most aggressive, with YT being the best strategy for leveraged ETH accumulation; uniBTC can serve as a supplement but is more speculative; the stablecoin pool's attractiveness relatively declines.

• Bear Market: Low-priced YT from stETH provides the core opportunity to accumulate ETH; the stablecoin pool assumes the main defensive function; uniBTC is only suitable for small-scale short-term arbitrage.

• Volatile Market: The PT-YT mismatch of stETH and AMM fees provide arbitrage opportunities; uniBTC is suitable for short-term speculation; the stablecoin pool provides a stable supplement.

| Asset | Yield Source | Risk | Coin-Based Effect | Bull Market | Bear Market | Volatile Market | |----------------|--------------------------------------------------|-------------------------------|---------------------------------------|--------------------------------------------------|--------------------------------------------------|--------------------------------------------------| | stETH Pool | Native ETH Staking yield (3–5% APY) | ETH price volatility | ✅ ETH-based accumulation (YT can amplify yield) | Buy YT: bet on rising rates, capture leveraged staking yield; buy discounted PT: lock in high rates | Buy cheap YT: obtain leveraged ETH staking yield, achieve ETH-based growth | Inter-period arbitrage/PT-YT mismatch: suitable for profiting from AMM fees and price fluctuations | | uniBTC Pool | Lending rates / protocol incentives (non-native yield) | BTC has no native interest rate, yield relies on incentive sustainability | ⚠️ Weak coin-based logic | Buy YT short-term when lending demand is strong, bet on incentive yield | Yield unstable, suitable for small position speculation | YT pricing volatility, can engage in short-term speculation or cross-market arbitrage | | Stablecoin Pool | Stablecoin lending rates (2–5% APY) | Low rates, limited PT/YT attractiveness | ❌ Non-coin-based growth | Fixed income less attractive than volatile assets, suitable for extremely conservative investors | Core defense: lock in stable rates, wait for market recovery | Small spread arbitrage, providing low-volatility supplementary yield |

Boros Strategy Overview: Interest Rate Swaps, Hedging, and Cross-Market Arbitrage

Boros tokenizes the floating variable of the funding rate, equivalent to introducing traditional financial interest rate swaps (IRS) and basis trading (Carry Trade) into DeFi, transforming the funding rate from an uncontrollable cost item into a configurable investment tool. Its core certificate, Yield Units (YU), supports three main strategy paths: speculation, hedging, and arbitrage.

• In terms of speculation, investors can bet on rising funding rates by going Long YU (paying fixed rate Implied APR, receiving floating rate Underlying APR) or bet on falling funding rates by going Short YU (receiving fixed rate Implied APR, paying floating rate Underlying APR), similar to traditional interest rate derivative trading.

• In terms of hedging, Boros provides institutions holding large perpetual contract positions with tools to convert floating funding rates into fixed rates;

• Hedging funding rate risk: Long Perp + Long YU, locking floating funding rate expenses as fixed costs.

• Locking received funding rate income: Short Perp + Short YU → locking floating funding rate income as fixed returns.

• In terms of arbitrage, investors can obtain relatively stable spread returns through robust gain combinations (Delta-Neutral Enhanced Yield) or robust arbitrage (Arbitrage / Spread Trade), utilizing cross-market (Futures Premium vs Implied APR) or inter-period pricing spreads.

Overall, Boros is suitable for professional capital used for risk management and stable gains, but its friendliness to retail users is limited.

| Strategy Type | Operation Method | Suitable Audience | Analogous Traditional Tools | |------------------------|----------------------------------------------------------------------------------|--------------------------------------|--------------------------------------| | Funding Hedge | Funding rate expense hedging: go long Perp on CEX/DEX while going long YU on Boros; funding rate income hedging: go short Perp on CEX/DEX while going short YU on Boros | Large long and short positions, Basis Traders | Interest Rate Swaps (Payer/Receiver Swap) | | Delta-Neutral Fixed Income | Spot staking (e.g., stETH obtaining 4% base yield) + short Perp to hedge price risk + locking fixed funding income on Boros Short YU | Stable institutions, hedge funds | Cash & Carry + Swap | | Cross-Market/Term Arbitrage | Cross-market arbitrage: compare Futures Premium with Boros Implied APR, short the overvalued side, long the undervalued side; term arbitrage: when different maturities of YU have pricing spreads, short the overvalued maturity, long the undervalued maturity | Professional arbitrage capital | Government Bond Yield Curve Arbitrage |

3. Complexity of Pendle Strategies and Unique Value of AgentFi

Based on the previous analysis, Pendle's trading strategies are essentially complex bond derivative trades. Even the simplest strategy of buying PT to lock in fixed income still requires consideration of multiple factors such as maturity rollover, interest rate fluctuations, opportunity costs, and liquidity depth, not to mention YT speculation, inter-period arbitrage, leveraged combinations, or dynamic comparisons with external lending markets. Unlike lending or staking products that provide floating yields with a one-time deposit, Pendle's PT (Principal Token) must have a clearly defined maturity date (usually a few weeks to months), and the principal is redeemed 1:1 for the underlying asset at maturity; if one wishes to continue earning yields, they must re-establish their position. This "periodicity" constraint is a necessary prerequisite for the fixed income market and is also the fundamental difference between Pendle and perpetual lending protocols.

Currently, Pendle does not have a built-in automatic rollover mechanism, while some DeFi strategy vaults offer "Auto-Rollover" solutions to balance user experience and protocol simplicity. There are currently three types of Auto-Rollover modes: passive, intelligent, and hybrid.

• Passive Auto-Rollover: Simple logic, automatically reinvests principal into new PT after maturity, providing a smooth user experience. However, it lacks flexibility; if Aave or Morpho's floating rates are higher, forced rollover can lead to opportunity costs.

• Intelligent Auto-Rollover: The vault dynamically compares Pendle's fixed rates with the floating rates in the lending market, avoiding "blind rollovers," enhancing returns while maintaining flexibility, better aligning with yield maximization needs.

• If Pendle's fixed rate > lending floating rate → reinvest PT, locking in higher certainty fixed returns;

• If lending floating rate > Pendle's fixed rate → switch to lending protocols like Aave/Morpho to obtain higher floating rates.

• Hybrid Configuration: Part of the capital locks in PT fixed rates, while part flows into the lending market, forming a combination that balances stability and flexibility, avoiding being "thrown off" by a single interest rate environment in extreme cases.

Therefore, AgentFi has unique value in Pendle trading strategies: it can automate complex interest rate games. Pendle's PT fixed rates and lending market floating rates fluctuate in real-time, making it difficult for individuals to continuously monitor and switch; ordinary Auto-Rollover is merely passive rollover, while AgentFi can dynamically compare interest rate levels, automatically adjust positions, and optimize position configurations based on user risk preferences. In the more complex Boros strategies, AgentFi can also handle funding rate hedging, cross-market arbitrage, and term arbitrage operations, further unleashing the potential for specialized yield management.

4. Pulse: The First AgentFi Product Based on Pendle PT Strategy

In the previous AgentFi series report “A New Paradigm for Stablecoin Yields: From AgentFi to XenoFi,” we introduced the stablecoin yield optimization agent ARMA (https://app.arma.xyz) launched on the Giza infrastructure layer. This product is deployed on the Base chain and can automatically switch between lending protocols such as AAVE, Morpho, Compound, and Moonwell to maximize cross-protocol yields, consistently ranking in the top tier of AgentFi.

In September 2025, the Giza team officially launched Pulse Optimizer (https://app.usepulse.xyz/) — the industry's first AgentFi automated optimization system based on the Pendle PT fixed income market. Unlike ARMA, which focuses on stablecoin lending, Pulse specializes in Pendle fixed income scenarios: it uses deterministic algorithms (not LLM) to monitor the multi-chain PT market in real-time, considering cross-chain costs, maturity management, and liquidity constraints, dynamically allocating positions using linear programming, and automatically completing rollovers, cross-chain scheduling, and compounding. Its goal is to maximize portfolio APY under controllable risk conditions, abstracting the complex process of “finding/APY/position switching/cross-chain/timing” into a one-click fixed income experience.

Core Architecture Components of Pulse

• Data Collection: Real-time fetching of Pendle multi-chain market data, including active markets, APY, maturity times, liquidity, and cross-chain bridge fees, while modeling slippage and price impact to provide precise inputs for the optimization engine.

• Wallet Manager: Serving as the asset and logic hub, it generates portfolio snapshots, manages cross-chain asset standardization, and executes risk control (e.g., minimum APY improvement thresholds, historical value comparisons).

• Optimization Engine: Based on linear programming modeling, it comprehensively considers capital allocation, cross-chain sources, bridge fee curves, slippage, and market maturity to output optimal allocation plans under risk constraints.

• Execution Planning: Converts optimization results into transaction sequences, including liquidating inefficient positions, planning bridging and swap paths, rebuilding new positions, and triggering full exit mechanisms when necessary, forming a complete closed loop.

| Component | Key Mechanism | Output Result | |-------------------|------------------------------------------------------|----------------------------------------| | Data Collection | Integrates Pendle API and multi-chain price sources, monitors markets and slippage | Real-time market data stream | | Wallet Manager | Portfolio snapshots, asset standardization, cross-chain conversion, risk control | Portfolio status and reallocation control | | Optimization Engine | Capital allocation modeling, cross-chain cost curves, diminishing returns constraints | Optimal allocation plan | | Execution Planning | Liquidate old positions → Plan bridging/Swap → Build/Exit | Executable cross-chain trading scripts |

Core Functions and Product Progress of Pulse

Pulse currently focuses on ETH-based yield optimization, automating the management of ETH and its liquid staking derivatives (wstETH, weETH, rsETH, uniETH, etc.), and dynamically allocating across multiple Pendle PT markets. The system uses ETH as the base asset, automatically completing cross-chain token conversions to achieve optimal allocation. It is currently live on the Arbitrum mainnet, with plans to expand to the Ethereum mainnet, Base, Mantle, Sonic, and more, achieving multi-chain interoperability through the Stargate bridge.

User Experience Flow of Pulse

Agent Activation and Fund Management: Users can activate the Pulse Agent with one click on the official website (www.usepulse.xyz), a process that includes connecting a wallet, network authentication, whitelist verification, and depositing a minimum of 0.13 ETH (approximately $500). After activation, funds are automatically deployed to the optimal PT market and enter a continuous optimization cycle. Users can add funds at any time, and the system will automatically rebalance and redistribute; subsequent deposits have no minimum threshold, and larger amounts can enhance portfolio diversification and optimization effects.

Data Dashboard and Performance Monitoring
Pulse provides a visual data dashboard to track and evaluate investment performance in real-time:

• Key Metrics: Total asset balance, cumulative investment, principal and yield growth rates, and position distribution of different PT tokens and cross-chain positions.

• Yield and Risk Analysis: Supports trend tracking on daily/weekly/monthly/yearly dimensions, combining real-time APR monitoring, annual forecasts, and market comparisons to help measure the excess returns brought by automated optimization.

• Multi-Dimensional Breakdown: Displayed by PT Token (e.g., PT-rETH, PT-weETH), Underlying Token (LST/LRT protocols), and cross-chain distribution.

• Execution Transparency: Complete operation logs are retained, including rebalancing times, operation types, fund sizes, yield impacts, and on-chain hashes, ensuring verifiability.

• Optimization Effectiveness: Indicates rebalancing frequency, APR improvement magnitude, diversification level, and market response speed, comparing with static holdings or market benchmarks to assess risk-adjusted real returns.

Exit and Asset Withdrawal: Users can close the Agent at any time, and Pulse will automatically liquidate PT tokens and convert them back to ETH, charging a 10% success fee only on profits, with the principal fully returned. Before exiting, the system will transparently display yield and fee details, with withdrawals typically completed within minutes. After exiting, users can reactivate at any time, and historical yield records will be fully retained.

Swarm Finance: Active Liquidity Incentive Layer

In September 2025, Giza officially launched Swarm Finance — an incentive distribution layer designed for Active Capital. Its core mission is to directly connect protocol incentives to the agent network through standardized APR feeds (sAPR), allowing capital to truly achieve “intelligence.”

• For Users: Funds can achieve real-time, automated optimal allocation across multiple chains and protocols without manual monitoring or reinvestment, capturing the highest yield opportunities.

• For Protocols: Swarm Finance addresses the pain point of maturity redemption — TVL loss for projects like Pendle, bringing more stable and sticky liquidity while significantly reducing the governance costs of liquidity management.

• For the Ecosystem: Capital completes cross-chain and cross-protocol migrations in a shorter time, enhancing market efficiency, price discovery capability, and capital utilization.

• For Giza Itself: A portion of all incentive flows routed through Swarm Finance will flow back to $GIZA, initiating a Tokenomics flywheel through fee capture → buyback mechanisms.

According to Giza's official data, Pulse achieved approximately 13% APR when launching the ETH PT market on Arbitrum. More importantly, Pulse resolved the TVL loss issue caused by Pendle's maturity redemption through an automatic rollover mechanism, establishing a more robust capital accumulation and growth curve for Pendle. As the first practical implementation of the Swarm Finance incentive network, Pulse not only demonstrates the potential of intelligent agency but also marks the official start of a new paradigm for DeFi active liquidity.

Summary and Outlook

As the industry's first AgentFi product based on the Pendle PT strategy, Pulse launched by the Giza team undoubtedly holds milestone significance. It abstracts the complex PT fixed income trading process into a one-click intelligent agency experience, achieving full automation in cross-chain configuration, maturity management, and automatic compounding, significantly lowering the operational threshold for users while enhancing the capital utilization efficiency and liquidity of the Pendle market.

Pulse currently still primarily focuses on the ETH PT strategy. Looking ahead, with continuous product iterations and the addition of more AgentFi teams, we can expect to see:

• Stablecoin PT strategy products — providing matching solutions for investors with more conservative risk preferences;

• Intelligent Auto-Rollover — dynamically comparing Pendle fixed rates with floating rates in the lending market, maintaining flexibility while enhancing yields;

• Comprehensive strategy coverage based on market cycles — modularizing Pendle's trading strategies in different bull and bear phases, covering YT, stablecoin pools, and even more advanced plays like shorting and arbitrage;

• Boros strategy-based AgentFi products — achieving smarter Delta-Neutral fixed income and cross-market/term arbitrage than Ethena, promoting further professionalization and intelligence in the DeFi fixed income market.

Of course, Pulse also faces risks common to any DeFi product, including protocol and contract security (potential vulnerabilities in Pendle or cross-chain bridges), strategy execution risks (failure of maturity rollover or cross-chain rebalancing), and market risks (interest rate fluctuations, insufficient liquidity, incentive decay). Additionally, Pulse's yields depend on ETH and its LST/LRT markets; if Ethereum's price drops significantly, even if the ETH-based quantity increases, there may still be losses in USD terms.

Overall, the birth of Pulse not only expands the product boundaries of AgentFi but also opens up new imaginative spaces for the automated and scalable application of Pendle strategies across different market cycles, representing an important step in the intelligent development of DeFi fixed income.

Disclaimer: This article was assisted by the AI tool ChatGPT-5 during the creation process. The author has made efforts to proofread and ensure the information is true and accurate, but some omissions may still exist, for which we ask for your understanding. It should be particularly noted that the cryptocurrency market generally experiences a divergence between project fundamentals and secondary market price performance. The content of this article is for information integration and academic/research exchange only, does not constitute any investment advice, and should not be regarded as a recommendation for buying or selling any tokens.

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