Pendle

Pendle splits a yield-bearing asset into its principal and its future yield, then lets both trade separately. Someone who wants fixed income buys the principal at a discount and holds to maturity; someone with a view on rates buys the yield component. It is the closest thing DeFi has to an interest rate market, and it is the reason yields across the rest of the ecosystem have something to price against. DefiLlama tracks V2 on Base. Pendle runs on fourteen chains.