In this episode, Luke Leasure breaks down how DeFi’s onchain yield curve is constructed using Ethena and Pendle. He explores implied yields, term structure, and how curve signals connect to Bitcoin performance, shifting yield regimes, hedging demand, and broader crypto market risk.

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Timestamps:

(0:00) Introduction

(2:35) How Ethena and Pendle Work

(5:19) Reading the Yield Curve

(7:23) What Drives the Signal

(9:02) Why Implied Yields Trade Rich

(11:12) Closing Comments

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Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.

Architecting DeFi’s Yield Curve | DAS New York