Pendle has launched its first yield trading market on Robinhood Chain, initially supporting sNET. With this product launch, Robinhood Chain’s DeFi ecosystem now features fixed-income and yield-splitting trading capabilities, allowing users to trade principal and future yields separately before market maturity.
Initial market support for sNET
On September 4, Pendle announced that its protocol has been officially deployed on Robinhood Chain, with the first market targeting sNET and an expiration date of September 17, 2026. Pendle has not disclosed which additional assets will be listed next or provided a specific timeline, stating only that it will continue expanding its product offerings as the ecosystem grows.
sNET is issued by NetNet Capital and is the staked version of NET, the native reserve-backed token of Robinhood Chain. Public information shows that users who stake NET receive sNET and can participate in yield distribution under the protocol's staking model.
Principal and returns can be traded separately.
Pendle’s core approach is to first tokenize yield-bearing assets into standardized yield assets, then split them into two components: Principal Tokens (PT) and Yield Tokens (YT).
- PT represents the principal redeemable after maturity.
- YT represents the right to income generated by the underlying asset prior to expiration.
- The sNET market for this period expires on September 17.
This means holders are no longer limited to holding the entire yield asset; instead, they can buy and sell the principal or yield components separately based on their expectations of future yield changes. For users who purchase PT, holding until maturity offers an implied fixed return; those who buy YT, on the other hand, primarily bear the volatility associated with fluctuations in sNET yields.
Pendle also clarifies that the fixed annual percentage yield displayed on the platform is inherently calculated based on the purchase price and the assumption of holding until maturity, and does not constitute a contractually guaranteed return.
Robinhood Chain continues to expand DeFi applications
Robinhood Chain launched its public mainnet on July 1, building on Arbitrum technology as an Ethereum Layer 2. The network uses ETH for gas fees, is compatible with Ethereum wallets, and submits transaction data to the Ethereum mainnet.
Robinhood previously stated that this chain is primarily designed for tokenized financial assets, lending, trading, and applications that enable real-world assets to be used within smart contracts. The integration of Pendle adds yield trading as a new type of DeFi tool to Robinhood Chain.
According to previous reports, Robinhood Chain’s daily trading volume on its decentralized exchange reached approximately $945 million on August 25, surpassing the previous high of $563 million set on July 8. Within less than two months of launch, the chain’s cumulative DEX trading volume has exceeded $47 billion, with TVL reaching around $1.4 billion in late August.
Pendle’s multi-chain strategy continues to expand
Before deploying Robinhood Chain, Pendle had already supported networks such as Ethereum, Arbitrum, BNB Chain, Base, Mantle, Optimism, HyperEVM, Monad, and Plasma. Previously on Plasma, Pendle had launched multiple markets tied to assets including USDe, sUSDe, USDai, and syrupUSDT.
According to DeFiLlama data, as of the time of this report, Pendle Protocol’s total value locked is approximately $1.23 billion, with over half coming from the Ethereum network. Over the past 30 days, Pendle’s decentralized trading volume amounted to approximately $542 million.
The article also noted that the PENDLE token was trading at approximately $1.90 around September 4, with a 1.2% increase over 24 hours and a 9.1% gain over seven days.