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YEdu
@yashascore
v2 | Writing uncomfortable truths about money, systems and what we pretend we believe
๊ฐ€์ž… February 2024
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Remember @pendle_fi' TAM is not crypto yield. It is every asset with a future cash-flow stream that needs price discovery, a hedge, or a fixed-rate buyer. Private credit, tokenized equities/dividends, infra, money-market funds, GPU financing etc. Basically issuers can tokenise each separately, but do not want to build a yield market from scratch. Pendle wants to be the common liquidity/rates layer and this NGI+ move is the first credible proof that Pendle can become the forward rates market for private assets. This is bullish for $PENDLE cuz there is an upside chain๐Ÿ‘‡ (1) A credible issuer sees Pendle as distribution + price discovery (2) MM's and fixed income buyers build liquidity around PT/YT (3) PTs become lending collateral and balance sheet assets (4) The next issuer lists cuz the market already has users and liquidity (5) More volume and yield fees support the buyback/distribution engine Pendle has already showed that permissioned instances and a curator model are part of the RWA scaling path and that is essential in my opinion cuz serious private market capital will not necessarily enter a fully permissionless pool. If Pendle can serve both open and permissioned structures, it becomes much harder to displace. h/t to @Blockworks for the data
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Partners Group's Next Generation Infrastructure strategy is now live on Pendle as NGI+ (10 Dec 2026 maturity). @PartnersGroup manages $186 billion across private equity, infrastructure, private credit, real estate and royalties for institutional and private investors worldwide. NGI+ is the onchain token linked to the NAV performance of Partners Group Next Generation Infrastructure, the firm's open-ended fund that invests alongside that flagship program. Private infrastructure of this calibre has historically been reserved for pensions, sovereign funds and family offices, and is now readily available through Pendle x @AssetoFinance, opening access to the fund's $1 billion AUM onchain. In 2.5 years, the fund has returned 48.8% net with volatility below 2.5%, returns and yield that can now be priced and traded around the clock on Pendle. Fixed rate is also now available for anyone looking to a lock in a return, which at time of writing is at 19%, higher than the fund's historical performance. This listing marks the point where private markets and onchain fixed yield meet at institutional scale. Pendle is proud to have brought a Partners Group strategy onchain. As the world's largest asset managers tokenise their funds, Pendle is the infrastructure that turns those assets into tradable yield, and we look forward to unlocking more of them alongside partners like Asseto ๐Ÿค
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