PENDRA KNOWLEDGE BASE

A clearer view of yield.

Precise concepts. Transparent capabilities. Start here.

What is PENDRA?

PENDRA is an independent interface for discovering Solana yield markets, modeling rates and viewing wallet balances. It connects to existing infrastructure and does not deploy a tokenization program, custody assets, or manage a treasury.

How Pendle-style markets work

A yield-bearing position can be separated into a Principal Token (PT) and Yield Token (YT) for a specified maturity. Exponent’s standardized-yield (SY) and vault accounting determine denominations, backing and redemption rules.

Principal Tokens and fixed yield

PT represents principal at maturity in the vault’s denomination. The effective implied APY is (redemption / price)^(365 / days) − 1. Both values must use the same units. Fixed yield does not remove credit, depeg, contract or exchange-rate risk.

Yield Tokens and future income

YT represents future yield until expiry. Its value depends on future rates, time remaining, fees and underlying performance. A YT purchase can lose 100%. Rewards and points should not be assumed to have cash value. Deposited YT and wallet YT can have different claim mechanics.

How to trade PT or YT

Choose a market, select PT or YT and buy or sell, then preview the CLMM quote. PENDRA resolves the actual settlement token from onchain vault state. Connect a wallet, get an executable quote, review the minimum output and approve. YT buys deposit into your yield position; YT sells withdraw from it. Simulation must pass before signing. Orderbook-only, matured, Token-2022 settlement and unsupported conversions are unavailable.

Liquidity provision

CLMM positions cover a rate range rather than a traditional order book. Trading changes the PT/SY inventory and fees depend on volume and time in range. LP balances are liquidity units, not dollars. PENDRA constructs deposits and percentage withdrawals; withdrawals can return underlying assets or PT and SY. Before maturity, underlying withdrawal protects the PT conversion leg; total payout varies with the LP mix and exchange rate. After maturity, isolated temporary token accounts must redeem completely and close in the same transaction, protecting existing wallet balances. LP fee collection releases 1 raw LP unit and includes its principal. Farm reward refresh releases 1 raw LP unit; empty positions can claim staged rewards. Claims must pass an onchain simulation; if a claim fails, no transaction is submitted. Review the simulation before signing.

Maturity, redemption and claims

PT redemption follows vault backing, SY exchange rates and maturity rules. Do not assume one PT redeems for one unit of the original underlying. Split deposits YT automatically; merge uses wallet YT and then deposited YT. Open a vault address in the trading terminal to redeem matured PT or claim interest and supported emissions. Each operation is simulated before wallet approval; protocol exchange rates can change between simulation and execution.

Swapping with Jupiter

The SOL, USDC and discovered market-asset swap form requests a Jupiter Swap API V2 order, checks mainnet, simulates the unsigned transaction and asks your wallet to sign. The signed transaction is sent to Jupiter execute. PENDRA reports confirmation only after RPC confirms the signature without an error. A pending result must be checked before trying again.

Data and calculation conventions

Rates and market prices come from Exponent’s public indexed API. Retrieval times indicate when PENDRA obtained the response, not when every underlying field was indexed. Market size is displayed in the market’s quote asset. Liquidity/depth and volume are withheld where units or intervals are uncertain. Calculators use ACT/365 effective compounding and explicit assumptions.

Portfolio coverage

Native SOL and SPL / Token-2022 balances come from Solana RPC. Deposited YT and CLMM positions come from Exponent’s indexer. This is partial coverage: escrow, vault, or unrecognized token positions may not appear. Recent high-confidence DefiLlama prices value supported wallet balances in USD, excluding unpriced and deposited assets. Exponent indexed YT cost basis, realized P&L in source accounting units, and claimed yield/reward USD values are shown separately. This is not complete tax accounting.

Integration status

Exponent: live discovery, history, wallet positions, native CLMM PT/YT buy/sell, liquidity deposits and withdrawals, split, merge, matured PT redemption, and yield claims. Availability depends on vault compatibility, balances, maturity and successful simulation. Jupiter: V2 order/sign/execute with keyless access and optional API key. Both require wallet approval and mainnet RPC. No funded signed transaction is claimed. RateX and Kamino remain external links and educational analysis only.

Open source and licenses

PENDRA is independently implemented. No FENT source, restricted Exponent core code or strategy-recipe code is copied. Native execution uses the pinned official Exponent SDK. The SDK-linked application source is published under AGPL-3.0. View the repository for the complete source and integration notes.