Pendle协议：加密和Defi世界的创新

加密和分散财务（DEFI）的世界不断看到创新。其中之一是Pendle协议，该协议允许加密投资者代币和交易“未来收益”，即未来的收入。这个概念不仅改变了投资加密货币的方式

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.

加密货币和分散财务（DEFI）的领域不断旋转新的协议和创新。其中是Pendle协议，它通过使加密投资者能够将其代币化和交易“未来收益率”而脱颖而出，这实际上是资产的未来收入。

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.

这个概念大大改变了我们投资加密货币的方式，并对金融市场的结构产生了影响。但是有了任何新协议，安全问题自然就会出现。

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.

在这篇博客文章中，我们将仔细研究Pendle协议的工作方式，深入研究其安全性，潜在的好处和要考虑的风险。

What is Pendle and how does it work?

什么是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是一种Defi协议，可让您通过将未来的收益转换为流动性或通过将其转换为令牌来立即进行交易。它是专门为随着时间的流逝而失去价值的资产而设计的。 Pendle协议的天然令牌是Pendle Crypto。

Pendle creates two types of tokens:

Pendle创建了两种类型的令牌：

• 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.

•产量令牌（YT）：这些令牌代表资产的未来收益。例如，如果您将ETH锁定在协议中，并且会产生10％的年收益，则Pendle Tokenize将其返回到YT，您可以单独出售或持有。

• 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）：这些令牌用于向Pendle Amm提供流动性，并将其固定到基础资产。

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.

该系统的最大优点是，用户可以通过将其资产分为不同的部分来采用不同的策略，例如通过出售未来收益的一部分并持有另一部分来筹集资金。

Pendle’s support for AMM and Time Decay assets

Pendle对AMM和时间衰减资产的支持

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.

彭德尔（Pendle）开发了一个特殊的自动化做市商（AMM），该公司支持“时间衰减”的资产。正常的AMM，例如Uniswap或SushisWap，无法准确估算未来的收入，因为它们不会随着时间而变化。

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，如果我们考虑像uniswap这样的AMM，那么随着时间的推移具有稳定价值的资产是有效的。但是，在Pendle的背景下，随着时间的推移，未来收益的价值逐渐下降。为了管理这种独特的特征，彭德尔设计了一个独特的AMM，可以随时间衰减处理资产。

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

Pendle的AMM解决了这个问题，并以更好的方式管理此类资产的价值。

Advantages of AMM:

AMM的优势：

• 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可以为任何资产提供流动性，即使是没有标准时间衰减的资产，例如BTC或ETH。

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

•它可以为未来的产量创建市场，从而使用户可以直接出售或购买。

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

•开发人员可以轻松地将AMM集成到其协议中，以为自己的资产提供流动性。

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

Pendle的这一独特的AMM是在Defi空间中的一个新颖实验，它使其与其他平台区分开来。

How safe is Pendle? Safety Analysis

彭德尔有多安全？安全分析

Pendle’s security strategy is based on several layers:

Pendle的安全策略基于几层：

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.

智能合同审核：Pendle的所有智能合约均由行业领先的安全公司审核。这些审核的目的是识别和修复代码中的漏洞。

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.

反应性和主动的安全：Pendle过去曾面临安全漏洞，但该协议此后加强了其安全政策。他们现在正在采取多个步骤，例如常规代码审查，自动监视和对用户交易的监视。

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.

开源透明度：Pendle的代码在Github上是公开的。这意味着任何开发人员或安全研究人员都可以对其进行审查。这清楚地表明，该协议优先考虑透明度，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.

社区参与：Pendle相信与其用户和开发人员社区的积极互动。他们收集反馈，响应建议，并向社区通报任何更新或更改。例如，在他们的Discord服务器上，他们有一个专用渠道来报告任何错误或漏洞。

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

尽管没有协议100％安全，但Pendle采取的步骤使其相对安全。

Benefits and Risks of Pendle

Pendle的好处和风险

Benefit:

益处：

• Innovative and useful protocol with a strong team and community

•与强大的团队和社区的创新和有用的协议

• The protocol is constantly being updated and improved

•该协议不断更新和改进

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

•Pendle代币用于协议的生态系统中，可以放置以赢得奖励

Risk:

风险：

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

•加密货币市场是波动的，Pendle令牌的价值会大大波动

• 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协议仍处于开发的早期阶段，从长远来看可能不会成功

• 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

•与任何DEFI协议一样，智能合约错误或其他技术问题可能会导致资金损失

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

在做出有关Pendle的决策时，用户应仔细评估其风险概况和投资策略。

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.

如果您想了解其他类似的加密项目，则可以通过单击链接并转到项目审查部分来阅读它们。

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

Pendle协议是分散财务世界中的一项革命性倡议，使用户有机会自由发挥未来的收益率。它是