Pendle協議：加密和Defi世界的創新

加密和分散財務（DEFI）的世界不斷看到創新。其中之一是Pendle協議，該協議允許加密投資者代幣和交易“未來收益”，即未來的收入。這個概念不僅改變了投資加密貨幣的方式

The realm of crypto and decentralized finance (DeFi) is constantly spinning up new protocols and innovations. Among these is Pendle Protocol, which stands out by enabling crypto investors to tokenize and trade “future yield”—essentially, the future earnings of an asset.

加密貨幣和分散財務（DEFI）的領域不斷旋轉新的協議和創新。其中是Pendle協議，它通過使加密投資者能夠將其代幣化和交易“未來收益率”而脫穎而出，這實際上是資產的未來收入。

This concept drastically changes the way we invest in cryptocurrencies and has implications for the fabric of financial markets. But with any new protocol, the question of safety naturally arises.

這個概念大大改變了我們投資加密貨幣的方式，並對金融市場的結構產生了影響。但是有了任何新協議，安全問題自然就會出現。

In this blog post, we’ll take a closer look at how Pendle Protocol works, delving into its security, potential benefits, and the risks to consider.

在這篇博客文章中，我們將仔細研究Pendle協議的工作方式，深入研究其安全性，潛在的好處和要考慮的風險。

What is Pendle and how does it work?

什麼是Pendle，它如何工作？

Pendle is a DeFi protocol that allows you to convert your future yield into liquidity or trade it immediately by converting it into a token. It is specifically designed for assets that lose their value over time. The native token of Pendle Protocol is Pendle Crypto.

Pendle是一種Defi協議，可讓您通過將未來的收益轉換為流動性或通過將其轉換為令牌來立即進行交易。它是專門為隨著時間的流逝而失去價值的資產而設計的。 Pendle協議的天然令牌是Pendle Crypto。

Pendle creates two types of tokens:

Pendle創建了兩種類型的令牌：

• Yield Tokens (YT): These tokens represent the future earnings of an asset. For example, if you lock ETH in a protocol and it generates a 10% annual return, Pendle tokenizes that return into YT, which you can sell or hold separately.

•產量令牌（YT）：這些令牌代表資產的未來收益。例如，如果您將ETH鎖定在協議中，並且會產生10％的年收益，則Pendle Tokenize將其返回到YT，您可以單獨出售或持有。

• Pendle Tokens (P tokens): These tokens are used to provide liquidity to the Pendle AMM and are pegged to the underlying asset.

•Pendle令牌（P令牌）：這些令牌用於向Pendle Amm提供流動性，並將其固定到基礎資產。

The biggest advantage of this system is that users can adopt different strategies by dividing their assets into different parts, such as raising funds by selling one part of the future earnings and holding the other part.

該系統的最大優點是，用戶可以通過將其資產分為不同的部分來採用不同的策略，例如通過出售未來收益的一部分並持有另一部分來籌集資金。

Pendle’s support for AMM and Time Decay assets

Pendle對AMM和時間衰減資產的支持

Pendle has developed a special Automated Market Maker (AMM) that supports assets with “Time Decay”. Normal AMMs, such as Uniswap or SushiSwap, cannot accurately value future earnings, as they do not change over time.

彭德爾（Pendle）開發了一個特殊的自動化做市商（AMM），該公司支持“時間衰減”的資產。正常的AMM，例如Uniswap或SushisWap，無法準確估算未來的收入，因為它們不會隨著時間而變化。

For example, if we consider an AMM like Uniswap, it is efficient for assets that have a stable value over time. However, in the context of Pendle, the value of future earnings decreases gradually over time. To manage this unique characteristic, Pendle has designed a unique AMM that can handle assets with Time Decay.

例如，如果我們考慮像uniswap這樣的AMM，那麼隨著時間的推移具有穩定價值的資產是有效的。但是，在Pendle的背景下，隨著時間的推移，未來收益的價值逐漸下降。為了管理這種獨特的特徵，彭德爾設計了一個獨特的AMM，可以隨時間衰減處理資產。

Pendle’s AMM solves this problem and manages the value of such assets in a better way.

Pendle的AMM解決了這個問題，並以更好的方式管理此類資產的價值。

Advantages of AMM:

AMM的優勢：

• The Pendle AMM can provide liquidity for any asset, even those that do not have a standard time decay, such as BTC or ETH.

•Pendle AMM可以為任何資產提供流動性，即使是沒有標準時間衰減的資產，例如BTC或ETH。

• It enables the creation of a market for future yield, allowing users to sell or buy it directly.

•它可以為未來的產量創建市場，從而使用戶可以直接出售或購買。

• DEvs can easily integrate the AMM into their protocols to provide liquidity for their own assets.

•開發人員可以輕鬆地將AMM集成到其協議中，以為自己的資產提供流動性。

This unique AMM by Pendle is a novel experiment in the Defi space that sets it apart from other platforms.

Pendle的這一獨特的AMM是在Defi空間中的一個新穎實驗，它使其與其他平台區分開來。

How safe is Pendle? Safety Analysis

彭德爾有多安全？安全分析

Pendle’s security strategy is based on several layers:

Pendle的安全策略基於幾層：

Smart Contract Audits: All of Pendle’s smart contracts are audited by the industry’s leading security firms. The purpose of these audits is to identify and fix vulnerabilities in the code.

智能合同審核：Pendle的所有智能合約均由行業領先的安全公司審核。這些審核的目的是識別和修復代碼中的漏洞。

Reactive and Proactive Security: Pendle has faced a security breach in the past, but the protocol has since strengthened its security policies. They are now taking several steps such as regular code reviews, automated monitoring, and monitoring of user transactions.

反應性和主動的安全：Pendle過去曾面臨安全漏洞，但該協議此後加強了其安全政策。他們現在正在採取多個步驟，例如常規代碼審查，自動監視和對用戶交易的監視。

Open-source transparency: Pendle’s code is public on GitHub. This means any developer or security researcher can review it. This makes it clear that the protocol prioritizes transparency, not secrecy.

開源透明度：Pendle的代碼在Github上是公開的。這意味著任何開發人員或安全研究人員都可以對其進行審查。這清楚地表明，該協議優先考慮透明度，而不是保密。

Community engagement: Pendle believes in active interaction with its community of users and developers. They collect feedback, respond to suggestions, and keep the community informed about any updates or changes. For example, on their Discord server, they have a dedicated channel for reporting any bugs or vulnerabilities.

社區參與：Pendle相信與其用戶和開發人員社區的積極互動。他們收集反饋，響應建議，並向社區通報任何更新或更改。例如，在他們的Discord服務器上，他們有一個專用渠道來報告任何錯誤或漏洞。

While no protocol is 100% secure, the steps taken by Pendle make it relatively safe.

儘管沒有協議100％安全，但Pendle採取的步驟使其相對安全。

Benefits and Risks of Pendle

Pendle的好處和風險

Benefit:

益處：

• Innovative and useful protocol with a strong team and community

•與強大的團隊和社區的創新和有用的協議

• The protocol is constantly being updated and improved

•該協議不斷更新和改進

• The Pendle token is used in the protocol's ecosystem and can be staked to earn rewards

•Pendle代幣用於協議的生態系統中，可以放置以贏得獎勵

Risk:

風險：

• The cryptocurrency market is volatile, and the value of Pendle tokens can fluctuate significantly

•加密貨幣市場是波動的，Pendle令牌的價值會大大波動

• The Pendle protocol is still in the early stages of development, and there is a risk that it may not be successful in the long term

•Pendle協議仍處於開發的早期階段，從長遠來看可能不會成功

• As with any DeFi protocol, there is a risk of smart contract bugs or other technical issues that could lead to the loss of funds

•與任何DEFI協議一樣，智能合約錯誤或其他技術問題可能會導致資金損失

Users should carefully evaluate their risk profile and investment strategy when making decisions regarding Pendle.

在做出有關Pendle的決策時，用戶應仔細評估其風險概況和投資策略。

If you want to know about other similar crypto projects, then you can read them by clicking on the link and going to the Project Review section.

如果您想了解其他類似的加密項目，則可以通過單擊鏈接並轉到項目審查部分來閱讀它們。

Pendle Protocol is a revolutionary initiative in the world of decentralized finance, giving users the opportunity to freely play with future yields. Its

Pendle協議是分散財務世界中的一項革命性倡議，使用戶有機會自由發揮未來的收益率。它是