Pendle V2 (Part 2/3) — 开放访问

The V2 AMM is in place，what’s next？

V2 AMM 已经到位，下一步是什么？

Experimentation thus far has been limited to a handful of protocols searching for the best approach to yield derivatives，and our nascent ecosystem is still a far cry from the traditional $6 trillion fixed-income market。

到目前为止，实验仅限于少数几个寻找收益衍生品最佳方法的协议，我们新生的生态系统与传统的 6 万亿美元固定收益市场相去甚远。

We are strong believers in the untapped potential of the yield layer，as well as the growth waiting to be unlocked with simpler tooling and easier access。

我们坚信产量层尚未开发的潜力，以及等待通过更简单的工具和更轻松的访问来解锁的增长。

Seamless，permissionless integration of any yield asset is the next door we’re opening。

无缝、无需许可地集成任何收益资产是我们打开的下一扇门。

DeFi boasts a massive diversity of assets with unique yield-generating mechanisms。Even in the bear market，we’ve seen deeper experimentation and sustainable yield creation (hard to believe that the Merge was only 2 months ago)。

DeFi 拥有种类繁多的资产，具有独特的收益产生机制。即使在熊市中，我们也看到了更深入的实验和可持续的收益创造 (很难相信合并仅在 2 个月前)。

Each yield-bearing asset represents an opportunity，but this is only possible if the yield market can be created in the first place。We’ve streamlined，decentralized，and democratized the process of creating yield markets，allowing anyone to create one with any yield-bearing asset。

每种收益率资产都代表着一个机会，但这只有在首先能够创建收益率市场的情况下才有可能。我们已经简化、分散和民主化了创建收益市场的过程，允许任何人使用任何收益率资产创建一个收益市场。

去中心化收益市场 Decentralizing Yield Markets

Uniswap revolutionized DEXes by decentralizing token pool creation — anyone can create a pool for any token。This allowed liquidity to bloom without the need for approval from a central authority，incentivizing innovation and ecosystem growth。

Uniswap 通过去中心化代币池创建彻底改变了 DEX——任何人都可以为任何代币创建池。这使得流动性无需中央机构的批准即可蓬勃发展，从而激励了创新和生态系统增长。

Just like how Uniswap has become the de facto token exchange for DeFi，Pendle strives to be the main destination for yield markets in DeFi。

就像 Uniswap 如何成为 DeFi 事实上的代币交易所一样，Pendle 努力成为 DeFi 收益市场的主要目的地。

那么是什么阻止了我们呢？So what’s stopping us？

Permissionless-ness has always been a goal we have been working towards，but the path is not so straightforward。

无需许可一直是我们一直在努力的目标，但道路并不那么简单。

All DeFi protocols use different yield-generating mechanisms and each new token has to be manually integrated。While the ERC-4626 standard has mitigated part of the fragmentation，there are other yield-generating mechanisms that cannot conform to it (e.g. LP Tokens)。

所有 DeFi 协议都使用不同的收益生成机制，每个新代币都必须手动集成。虽然 ERC-4626 标准减轻了部分碎片化，但还有其他产生收益的机制无法符合它 (例如 LP 代币)。

This makes building on top of yield assets difficult and time-consuming as developers have to account for many different yield-generating mechanics。As it stands now，yield markets cannot be fully permissionless。

这使得在收益资产之上构建变得困难且耗时，因为开发人员必须考虑许多不同的收益生成机制。就目前而言，收益市场不可能完全没有许可。

标准化收益 Standardized Yield

Our answer to the fragmented yield market is EIP5115：Standardized Yield (SY)。

我们对分散收益市场的回答是 EIP5115：标准化收益率 (SY)。

Building on top of the ethos that inspired ERC-4626，SY is a new interface standard designed by Pendle，to wrap all ybTokens (yield-bearing tokens) into a single standardized yield interface。

在启发 ERC-4626 的精神之上，SY 是由 Pendle 设计的新接口标准，将所有 ybTokens (产生收益的代币) 包装到一个标准化的收益接口中。

即插即用 Plug and Play

With SY，creating yield markets becomes trivially easy。

有了 SY，创建收益市场变得非常容易。

Specialized contracts are no longer needed，and developers can instantly access a ybToken’s yield。

不再需要专门的合约，开发人员可以立即访问 ybToken 的收益。

This is not only possible with popular tokens like vault and lending tokens，but also with staking tokens (e.g. stETH，sJOE)，and most notably，LP tokens。

这不仅适用于金库和借贷代币等流行代币，也适用于质押代币 (例如 stETH、sJOE)，最值得注意的是 LP 代币。

Liquidity provision represents a significant source of yield in DeFi and remains a largely untapped market。With SY，yield markets can be created for LP tokens，making Pendle the only protocol that enables the yield of LP tokens to be standardized。

流动性提供是 DeFi 收益的重要来源，并且仍然是一个尚未开发的市场。使用 SY，可以为 LP 代币创建收益市场，使 Pendle 成为唯一能够标准化 LP 代币收益率的协议。

Standardization = Composability

标准化 = 可组合性

This streamlined process makes it simple for both new and existing projects to work with yield。

这种简化的流程使新项目和现有项目都可以轻松获得收益。

It also futureproofs SY，as it is compatible with new yield innovations in DeFi — enabling future yield streams to be tokenized and traded with ease。

它还使 SY 面向未来，因为它与 DeFi 中的新收益创新兼容——使未来的收益流能够轻松代币化和交易。

With this，Pendle’s ability to scale is passed on to the community，and market growth will not be bottlenecked by the team。

有了这个，Pendle 的扩展能力就传递给了社区，市场增长不会受到团队的瓶颈。

In such a world，every DeFi user will have yield at their fingertips。

在这样的世界里，每个 DeFi 用户都将触手可及。

可扩展性 Scaling

As a protocol grows，it must also be capable of serving beyond ETH as the base chain。Fortunately other projects have also been working tirelessly on such tooling and we have integrated both LayerZero and Kyber Network。

随着协议的发展，它还必须能够超越 ETH 作为基础链。幸运的是，其他项目也一直在不知疲倦地研究这些工具，我们已经集成了 LayerZero 和 Kyber 网络。

Cross-chain communication。Trade auto-routing。Done。

跨链通信。交易自动路由。已完成。

Contracts are flexible to accommodate more integrations that are in the works。

合同是灵活的，以适应更多正在进行的集成。

Pendle can scale。

Pendle 可以扩展。

两个下去，一个上来 Two down，one to go

There’s one last piece of the puzzle remaining。The final piece will explain the governance model and future plans for Pendle。

还剩下最后一块拼图。最后一篇文章将解释 Pendle 的治理模型和未来计划。

Keep yourself updated by following our Twitter and joining the community。

通过关注我们的推特并加入社区来保持自己的最新状态。

附录 Appendix

Pendle V2’s AMM supports PT/SY pairs (e.g. PT-stETH/SY-stETH) where SY is the wrapped version of the underlying yield-bearing token。However，the protocol is designed in a way that users need not understand nor explicitly interact with SY to use the protocol。The user experience will be similar to as if you are interacting with a vanilla ybToken。

Pendle V2 的 AMM 支持 PT/SY 对 (例如 PT-stETH/SY-stETH)，其中 SY 是底层收益率代币的包装版本。但是，该协议的设计方式使用户无需理解或显式与 SY 交互即可使用该协议。用户体验将类似于您正在与普通的 ybToken 交互。

Auto-routing is built into V2，allowing anyone to trade or provide liquidity for PTs and YTs with any major asset。This is key to enabling the smooth UX everyone is used to and allows Pendle users to take advantage of the deep liquidity that already exists on major DEXes。

V2 内置了自动路由功能，允许任何人使用任何主要资产交易或为 PT 和 YT 提供流动性。这是实现每个人都习惯的流畅用户体验的关键，并允许 Pendle 用户利用主要 DEX 上已经存在的深度流动性。

Stay tuned for our developers’ docs to dive deeper into SY’s implementation！

请继续关注我们开发人员的文档，以深入了解 SY 的实现！