Pendle Finance

Investment Thesis

Of all the financial instruments in TradFi, interest rate derivatives have arguably one of the largest total addressable markets. To illustrate, interest rate derivatives occupied over ~$500T in notional value in H2 ‘22, according to BIS. This market is generally supported by participants who want to speculate on or hedge yields on a myriad of asset classes, including foreign exchange, equities, commodities, and credit.

This class of instruments has been largely untapp...

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