RETRACTION: Article about Marinade

The dynamic between Ethena, Pendle and Aave exhibits a mutually-beneficial relationship, where the offerings of each business grows the top lines of every party in this exchange. Pendle sits at the intersection of YBA issuers (Ethena) and money markets (Aave), demonstrating heightened utilization rates of YBAs, where the PTs then exhibit profound utilization as collateral. YBA issuers see Pendle as a premier go-to-market venue, often underwriting incentives for liquidity on the market and solving for Pendle’s supply side, while money markets view PTs as attractive collateral types to lend against, solving for Pendle’s demand side. PTs represent a highly profitable collateral listing for Aave, with depositors maxing out the available borrow capacity. Pendle’s recent launch of Boros may now present the most material growth vector beyond what is currently exhibited on V2 markets, offering the ability to price yield, spreads, and duration risk across various points in time out into the future.