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- Ajna protocol:
Ajna's protocol is a non-custodial, peer-to-peer, permissionless lending, borrowing and trading system that requires no governance or external price feeds to function. The protocol consists of pools with lenders and borrowers.
- Listed (Curated) lending pool:
Lending pool on Ajna protocol with a derivative collateral token created by Solace
- Ajna's NFT:
A transferable NFT minted on Ajna that represents a user's Ajna pool lending position.
- Quote token:
A token provided by lenders to a specific Ajna lending pool.
- Derivative token:
A token that represents a position in a DeFi protocol. Any LSD and yield-bearing token is a derivative token.
- Yield-Bearing Token:
A token that generates yield, such as stETH, GLP, gDAI, or liquidity tokens like Aura rETH-WETH.
- LSD token:
Liquid Staking Derivative (LSD), representing staked assets in a blockchain, such as stETH, frxETH, cbETH, etc.
- Pendle Protocol:
Pendle is a decentralized protocol that facilitates the tokenization and trading of future yield generated by various DeFi protocols.
- SY (Standardized Yield):
SY is a token standard (EIP-5115) introduced by the Pendle team. It wraps any yield-bearing token, providing a standardized interface for interacting with its yield generation mechanism. Users do not directly interact with SY.
- PT (Principal Token):
PT represents the principal amount of the underlying yield-bearing token. It is redeemable after a specific maturity period. PTs can be traded at any time, even before maturity.
- YT (Yield Token):
YT entitles the holder to the real-time yield generated by the underlying yield-bearing token. Users can manually claim the accrued yield from the Pendle Dashboard. YT tokens can be traded at any time, even before maturity.
Maturity refers to the date when PT becomes fully redeemable for the underlying asset, and YT stops accruing yield. Each asset may have multiple maturity dates, with independent markets for each date. The implied yield and market dynamics can vary across different maturities.
- Underlying APY (Annual Percentage Yield):
Underlying APY represents the 7-day moving average yield rate of the underlying asset. This approach provides a more accurate indication of the underlying yield over a specific time period, assisting traders in estimating the Future Average Underlying APY.