# Pendle Finance & Lista DAO: Unlocking New Yield Opportunities with clisBNB By [Lista DAO](https://blog.lista.org) · 2025-02-20 defi, pendle, yield, blockchain, crypto, lista --- Introduction to Pendle Finance ============================== Pendle Finance is a pioneering DeFi protocol that brings **yield trading** to the blockchain space, allowing users to unlock the full potential of their yield-bearing assets. At its core, Pendle Finance introduces a way for users to **separate and trade between current (guaranteed) and future (potential) yields**, making it possible to optimize earnings from yield-bearing assets. The system revolves around **3 key tokens**: 1\. Principal Tokens (PT): Locked-In Value ------------------------------------------ PT represents the principal portion of a yield-bearing asset and is **redeemable for the original asset at maturity**. This allows users to purchase assets at a discount and lock in a fixed return, providing a **fixed yield strategy** for those seeking predictable returns. In a nutshell: * PT represents the **base value (principal)** of a yield-generating asset. * When you buy PT, you’re essentially **purchasing an asset at a discount** and agreeing to receive its **full value later** at a set date (maturity). * This is ideal for those who prefer **fixed returns** — you know exactly how much you’ll get back, similar to a **fixed-term deposit**. 2\. Yield Tokens (YT): Earn from Yield Alone -------------------------------------------- YT gives holders **access to the yield generated by the underlying asset** without requiring them to own the principal. By trading YT, users can speculate on yield fluctuations or maximize their returns by optimizing when they claim their rewards. In a nutshell: * YT gives you access to the **yield (interest or rewards) generated** by an asset, without holding the asset itself. * When you own YT, you receive **all the rewards the asset earns** over time, such as **staking yields, airdrops, or lending interest**. **Why it’s useful:** * If you think the asset’s yield will increase, YT lets you **profit more** without holding the actual asset. * You can also **trade YT** based on how much yield people expect the asset to generate. 3\. LP tokens in Pendle ----------------------- LP tokens represent a user’s share of a Pendle liquidity pool, which consists of Principal Tokens (PT) and Standard Yield Tokens (SY) (a wrapped version of the underlying asset). Providing liquidity allows users to earn additional passive yield through multiple income streams while maintaining exposure to yield-bearing assets. Unlike traditional LP tokens, Pendle LPs are designed to minimize impermanent loss (IL) and provide stable returns if held until maturity. In a nutshell: * LP tokens allow users to earn extra yield on their idle yield-bearing assets. * A Pendle liquidity pool consists of PT + SY, meaning that users earn both fixed yields from PT and native yields from SY. * Since PT is always redeemable 1:1 for the underlying asset at maturity, LP providers face zero IL risk at maturity and minimal IL before maturity. Example of PT, YT and Pendle LP Using stETH (Lido Staked ETH) ------------------------------------------------------------- Let’s say you have stETH, which is staked Ethereum on Lido. Normally, stETH earns staking rewards over time, but with Pendle, you can separate the stETH into two parts: ### 1\. Principal Token (PT) — The stETH Itself * If you own **PT-stETH**, you **own the base ETH** but you **don’t earn staking rewards** until the maturity date. * You can buy **PT-stETH at a discount today** and receive the **full stETH back later** when it matures. **Example:** * 1 stETH is worth **$2,000**, but PT-stETH might be trading at **$1,900** today. * You buy **PT-stETH for $1,900**, and when it matures, you redeem it for **1 full stETH ($2,000)** — locking in a fixed return. ### 2\. Yield Token (YT) — The Staking Rewards * If you own **YT-stETH**, you **don’t own the stETH itself**, but you **earn all the staking rewards** from it until the maturity date. * The more stETH generates in rewards, the more valuable **YT-stETH** becomes. **Example:** * If stETH’s staking APY is **5%**, YT-stETH holders will receive that yield instead of PT holders. * If demand for stETH staking increases and APY rises to **8%**, YT-stETH holders benefit, and YT becomes **more valuable**. ### 3\. LP-stETH — Providing Liquidity for Extra Yield If you provide **LP-stETH**, you are essentially depositing both **PT-stETH and SY-stETH** into a Pendle liquidity pool. In return, you receive **LP tokens**, which entitle you to multiple yield sources: 1. **Native stETH staking rewards** from the SY portion. 2. **Fixed yield from PT-stETH**, which will be redeemable 1:1 at maturity. 3. **Swap fees** generated when traders buy/sell PT-stETH or YT-stETH in the liquidity pool. 4. **Additional incentives** in $PENDLE if you choose to boost your APY by locking PENDLE for vePENDLE. **Example:** * You deposit **1 stETH worth $2,000** into a Pendle liquidity pool. * Your 1 stETH is split into **PT-stETH + SY-stETH**, and you receive **LP tokens** representing your share of the pool. * Over time, you **earn native stETH staking yield** from SY-stETH, **fixed yield from PT-stETH**, and **swap fees from trading activity** in the pool. * If you hold the LP tokens until maturity, your **PT-stETH will be redeemable 1:1 for stETH**, ensuring **zero impermanent loss**. In a nutshell ------------- With **PT and YT**, Pendle turns **yield-bearing assets into a tradable market**, allowing users to: 1. **Lock in fixed returns** by buying PT at a discount and redeeming the full value later. 2. **Earn and trade yield separately** with YT, maximizing returns based on yield fluctuations 3. **Speculate on future yield trends** by trading PT and YT independently. This gives users **more flexibility and new ways to profit** from DeFi yield-generating assets. Lista DAO x Pendle: Bringing clisBNB to Yield Trading ===================================================== With the integration of **clisBNB** into **Pendle**, users now have enhanced access to **Binance Launchpool**, **Megadrop**, and **Hodler Airdrop** rewards while optimizing their capital efficiency. Traditionally, participating in these events required holding slisBNB or clisBNB within Binance’s ecosystem, but with Pendle, users can **trade, speculate, and maximize yield opportunities** without being restricted to Binance Web3 Wallets. Through **Pendle’s yield tokenization model**, clisBNB holders can separate **principal value (PT-clisBNB)** from its **yield (YT-clisBNB)**, providing **flexibility and strategic yield management**. This enables users to either lock in a discounted fixed yield with **PT-clisBNB** or speculate on Binance Launchpool’s profitability with **YT-clisBNB**, all while still earning BNB staking rewards. Maximizing Binance Rewards with clisBNB ======================================= clisBNB holders can access **three major Binance reward programs** through Pendle: * **Binance Launchpool:** Rewards accumulate from the official announcement date based on clisBNB holdings. * **Megadrop:** Users earn rewards based on Binance’s predefined calculation period. * **Hodler Airdrop:** Binance takes snapshots of holdings before the event announcement, meaning past holdings directly impact rewards. Pendle’s **YT-clisBNB** and **SY liquidity pool** components allow users to **automate their exposure to Binance Launchpool rewards** without actively managing their holdings, while **PT-clisBNB** enables discounted purchases with fixed yield strategies. Pendle’s **YT-clisBNB** and **SY liquidity pool** components allow users to **automate their exposure to Binance Launchpool rewards** without actively managing their holdings, while **PT-clisBNB** enables discounted purchases with fixed yield strategies. Efficient Reward Distribution and Claiming ------------------------------------------ Once airdrop tokens are received from Binance, clisBNB will **automatically convert the rewards into BNB within an hour of trading opening** to mitigate volatility risks. The converted BNB is then distributed to Pendle and its ecosystem partners within **1 to 5 business days**, after which users can claim their rewards through Pendle’s designated reward framework. Users staking clisBNB in Pendle have two ways to claim rewards: 1. **Partner-Managed Distribution:** Certain ecosystem partners, such as **Astherus**, handle reward distribution directly. 2. **Claiming via BNB.xyz:** Users staking via **Pendle** & **Pendle-affiliated projects** can claim rewards through the **BNB.xyz** platform. clisBNB as a Staking Mechanism for Token Launches ------------------------------------------------- Maintaining its **1:1 equivalence to BNB**, clisBNB ensures fair participation in Binance Launchpool events. Regardless of whether users stake BNB directly or through clisBNB, rewards are distributed under the same calculation model. Additionally, all clisBNB staking is pooled into a unified system, ensuring proportional distribution based on holdings and staking duration. By integrating **clisBNB into Pendle**, users gain **greater capital efficiency, optimized DeFi strategies, and seamless access to Binance’s most lucrative yield opportunities**, all without sacrificing liquidity. How clisBNB Rewards Are Calculated and Distributed on Pendle ------------------------------------------------------------ Rewards for clisBNB holders are determined based on **Binance’s snapshot timing** and the **total duration and volume of holdings** within the calculation cycle. The longer a user holds clisBNB and the greater their stake, the higher their allocated rewards. This structure ensures a fair distribution of Binance Launchpool, Megadrop, and Hodler Airdrop rewards, aligning incentives for long-term holders. Once airdrop tokens are received from Binance, **clisBNB automatically converts these tokens into BNB within one hour of trading opening**. This proactive approach minimizes market volatility risks and secures stable returns for users. The converted BNB is then distributed to **Pendle and its ecosystem partners within 1 to 5 business days**. After distribution, users can claim their rewards according to **Pendle’s reward framework**, ensuring a seamless and efficient payout process. ### 1\. Yield Trading with YT-clisBNB & PT-clisBNB, And LP-slisBNB With clisBNB now available on Pendle, users can **unlock multiple earning opportunities**: ### YT-clisBNB: * **Binance Launchpool APY (claimable in BNB)** * **BNB Staking APY (claimable in slisBNB)** This allows users to speculate on Binance Launchpool’s **frequency and profitability** while still earning staking rewards from Lista DAO. ![](https://storage.googleapis.com/papyrus_images/809825907a858f84b5922aa72c4efc02aab1ab03d48836a7522ef1d03a50721e.png) ### PT-clisBNB: * **Perfect for users looking for discounted BNB exposure or fixed yield in BNB.** * **1 PT-clisBNB = 1 BNB staked in Lista at maturity.** * Holders can purchase PT at a discount and redeem it at full value upon maturity, effectively securing a fixed yield strategy. ![](https://storage.googleapis.com/papyrus_images/e27bb34c8ac87440a273390adbb452d1d0c151994e51e59308c11249a7950f3d.png) For example, if the maturity of the PT-clisBNB token is in 1 year, and the yield of PT-clisBNB is 45.29%, then users can buy 1 PT-clisBNB at a discount, which is at 0.688 BNB. In one year’s time at maturity, users can exchange 1 PT-clisBNB for 1 BNB. ### LP-slisBNB: **LP-slisBNB — Providing Liquidity for Extra Yield** When you provide **LP-slisBNB**, you are depositing **PT-clisBNB and SY-slisBNB** into a Pendle liquidity pool, which allows you to earn from **several passive income streams**: 1. **Binance Launchpool APY** — Earn rewards from **Binance Launchpool** in **BNB**, generated by the SY-slisBNB portion of your liquidity. 2. **BNB Staking APY** — The SY-slisBNB portion also continues to accrue **staking rewards** in **slisBNB**, just like direct staking. 3. **Fixed Yield from PT-clisBNB** — At **maturity**, PT-slisBNB is **redeemable 1:1** for slisBNB, ensuring **zero impermanent loss** if held until maturity. 4. **Swap Fees** — Earn additional rewards from traders who swap PT-slisBNB and YT-clisBNB in the liquidity pool. 5. **$PENDLE Incentives** — Users can boost their **LP-slisBNB APY** by locking PENDLE for vePENDLE, increasing their returns up to **2.5x**. Key Benefits of clisBNB on Pendle ================================= 1. **Trade & Speculate on Binance Launchpool APY:** Users can **actively trade yield** and speculate on Launchpool event profitability. 2. **Earn Dual Rewards:** BNB staking yield + Launchpool rewards, fully claimable in **BNB (for Launchpool) and slisBNB (for staking APY).** 3. **Flexible Yield Strategies:** Choose between **fixed yield (PT-clisBNB) or variable yield (YT-clisBNB)** depending on market conditions and personal strategy. 4. **Increased Capital Efficiency:** Instead of passively holding slisBNB, users can **actively trade yield exposure** and optimize returns. 5. With Pendle, users can **trade, speculate, and maximize yield opportunities** without being restricted to Binance Web3 Wallets. Important Notes for Users ========================= **Launchpool rewards distribution:** Your share of Binance Launchpool rewards is time-volume-weighted across both YT and the SY portion of the LP throughout the event. This means that your share of **Binance Launchpool rewards** depends on **two factors**: * **How long you hold YT or SY in the liquidity pool** (Time) * **How much YT or SY you hold compared to others** (Volume) This means: * The **longer you hold** YT or SY, the more rewards you earn. * The **more YT or SY you hold**, the bigger your share of the rewards. Rewards are **calculated throughout the entire event**, so holding for a longer period and with a larger amount will **increase your total earnings**. **Launchpool rewards are claimable in BNB, while staking rewards are claimable in slisBNB.** **Zap-in with any assets, but zap-out withdrawals will be limited to slisBNB,** which can then be queued for withdrawal via Lista’s app. **Existing clisBNB holders must withdraw back into BNB/slisBNB to participate in Pendle’s pool.** Conclusion ========== Lista DAO’s integration with Pendle marks **a major step forward** in unlocking new yield strategies for **BNB holders and DeFi users**. By leveraging clisBNB on Pendle, users can now **seamlessly earn, trade, and speculate** on Binance Launchpool events while maintaining full flexibility and liquidity. Whether you’re looking for **fixed yield, yield speculation, or enhanced DeFi utility**, clisBNB on Pendle provides the **perfect gateway to maximize your returns**. Start trading & earning with **clisBNB on Pendle today!** 🚀 ### Additional readings: 1. [![User Avatar](https://storage.googleapis.com/papyrus_images/8651836dfaa5133c831cd9605057111f2360defa47b6c28dc6fb82d33ac6f37b.jpg)](https://twitter.com/PendleIntern) [Pendle Intern](https://twitter.com/PendleIntern) [@PendleIntern](https://twitter.com/PendleIntern) [](https://twitter.com/PendleIntern/status/1885224733370913067) If you're a small potato, it's often hard to get protocol exposure at the ground level. However, with clisBNB now on Pendle that's 𝑒𝑥𝑎𝑐𝑡𝑙𝑦 what you can do. Read on as your favourite intern turns small potatoes (yourself) into big potatoes (yourself but bigger). ![👇](https://abs-0.twimg.com/emoji/v2/72x72/1f447.png) ![](https://storage.googleapis.com/papyrus_images/6a3d0af27b6608985ac5092b6e07403dd27cb87df86f439d927f4cf199af6dce.png) [44](https://twitter.com/PendleIntern/status/1885224733370913067)[ 15:12 • 2025年1月31日 ](https://twitter.com/PendleIntern/status/1885224733370913067) 2. [![User Avatar](https://storage.googleapis.com/papyrus_images/be000501423bc05152ba1d26f2d698d56672136cc1b87fe652b402eac3eb38e3.jpg)](https://twitter.com/BitHappy) [BitHappy](https://twitter.com/BitHappy) [@BitHappy](https://twitter.com/BitHappy) [](https://twitter.com/BitHappy/status/1891392929622872106) ListaDAO 真的为 BNB 操了不少心，支援一波！ 之前 Lista 推出的 slisBNB、clisBNB 还有 lisUSD，我都有写文章介绍，链接放在文末。这次来补一下 Lista 刚联合 Pendle 推出的 PT/YT clisBNB，顺便给小伙伴们简要介绍 Pendle 的玩法！ 首先，截止发文，通过 YT clisBNB 最多可获得 17,163% ![](https://storage.googleapis.com/papyrus_images/8ad58f73134da876c1ee025e776dd474c374599c058848fbb89412ef872b6b40.jpg) [66](https://twitter.com/BitHappy/status/1891392929622872106)[ 15:43 • 2025年2月17日 ](https://twitter.com/BitHappy/status/1891392929622872106) 3. [![User Avatar](https://storage.googleapis.com/papyrus_images/9496771e9ba78deef25b17acd00af240dcaedb39d993668790b26cd4b911cc1f.jpg)](https://twitter.com/lianyanshe) [链研社🔶BNB💧SUI](https://twitter.com/lianyanshe) [@lianyanshe](https://twitter.com/lianyanshe) [](https://twitter.com/lianyanshe/status/1888928897926062108) [x.com/i/article/1888…](https://t.co/Pp8I9m2Cd5) [8](https://twitter.com/lianyanshe/status/1888928897926062108)[ 20:31 • 2025年2月10日 ](https://twitter.com/lianyanshe/status/1888928897926062108) --- *Originally published on [Lista DAO](https://blog.lista.org/pendle-finance-and-lista-dao-unlocking-new-yield-opportunities-with-clisbnb)*