Proposal: Add Pendle’s PT-SolvBTC.BNB market on Venus Core Pool

Proposals
1

This proposal is co-authored by Pendle Finance and Solv Finance.

Proposal Summary

  • Add PT-SolvBTC.BNB (18 Dec 2025) as a non-borrowable market on Venus Core Pool on BNB chain
  • Delegate full discretion for Venus’s risk managers to decide risk parameters and appropriate supply cap for PT-SolvBTC.BNB

About PT-SolvBTC.BNB

SolvBTC.BNB is a yield-bearing Bitcoin Liquid Staking Token (LST) from Solv Finance. Yield is generated from Binance Launchpools, BNB HODLer Airdrops, Megadrop rewards, and BNB DEX LP yields. Additionally, holding SolvBTC.BNB will also earn additional Solv Points, Astherus Points and Kernel Points.

PT-SolvBTC.BNB represents the Principal Token of SolvBTC.BNB where 1 PT SolvBTC.BNB (SolvBTC.BNB) is equal to 1 SolvBTC staked in Solv at maturity.

Benefits

  1. Increased Yield Opportunities for BTCB and SolvBTC lenders

Venus currently has massive idle BTCB and SolvBTC liquidity in its Core Pool. Total supply for BTCB is ~$850m while utilisation is only 8%. Whereas total supply for SolvBTC is ~$100m while utilisation is only 1%.

Adding PT-SolvBTC.BNB as collateral will enable PT looping strategies, increasing borrowing demand for both BTCB and SolvBTC which in turn generates more yield for lenders and also higher protocol fees for Venus.

  1. Complements SolvBTC ecosystem on Venus

This proposal builds on the previous successes of adding SolvBTC and xSolvBTC markets on the Core Pool which has $100m and $65m deposits respectively.

The PT-SolvBTC.BNB market on Pendle currently has ~$100m TVL with PT Fixed APY hovering around ~3%. The difference between PT’s Fixed APY and current BTCB borrowing APY of 0.8% provides a substantial margin for users to profitably leverage loop PT-SolvBTC.BNB and deploy other advanced DeFi strategies.

About Pendle

The Pendle protocol enables permissionless tokenization and trading of yield. Pendle allows anyone to purchase assets at a discount, obtain fixed yield, or long DeFi yield. The protocol enables this by taking yield-bearing tokens and then splitting them into their principal and yield components, PT (principal token) and YT (yield token) respectively, which allows them to be traded via Pendle’s AMM.

Pendle brings the TradFi interest derivative market into DeFi. In traditional finance, interest rate swaps are the biggest market in the world at >$500T. PT is the equivalent of zero-coupon bonds while YT is the equivalent of coupon payments. Pendle is positioning itself to become a core infrastructure for on-chain yield trading.

Principal Tokens Mechanics

PT is a non-rebasing token. PT represents the principal portion of the underlying asset and can be redeemed 1:1 for the underlying asset at maturity. Since the yield component (staking/restaking rewards and points accrual) has been separated, PT can be acquired at a discount compared to the underlying asset. The value of PT will approach and ultimately match the value of the underlying asset on maturity.

Details on how PT is minted can be found here: SY | Pendle Documentation

Details of PT Oracle can be found here:

Details of using PT as collateral in Money Markets can be found here:

Security and Audit

Pendle smart contracts have been audited by Spearbit, Chain Security, Ackee, Dedaub, Dingbats, and some of the top wardens from Code4rena. All of Pendle’s smart contracts are open source.

The complete list of audit reports can be found on our Github repo:

Specifications

PT-SolvBTC.BNB Token Address: 0xee61a49a180cd23c3e629c5a70c1ee6539c004bd

PT-SolvBTC.BNB market: Pendle

Website: Pendle

Github: GitHub - pendle-finance/pendle-core-v2-public

Twitter: https://x.com/pendle_fi

1 Like
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I fully support the listing of “PT-SolvBTC.BNB” on Venus core pool.

This is a smart move for several reasons:

  1. Unlocks Borrowing Demand – Venus currently holds a large amount of idle BTCB and SolvBTC with very low utilization. By adding PT-SolvBTC.BNB as collateral, users can execute loop strategies, increasing borrowing activity and ultimately boosting protocol revenue.

  2. Supports a Growing Ecosystem – SolvBTC and xSolvBTC markets on Venus have already attracted over $165M in deposits. PT-SolvBTC.BNB is the next logical step to strengthen the Solv ecosystem integration and provide more DeFi strategy options for users.

  3. Attractive Yield Opportunities – The current fixed APY for PT-SolvBTC.BNB is around 3%, while BTCB borrow rates on Venus are ~2.2%. This yield spread allows users to deploy profitable leveraged fixed-income strategies.

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I my opinoin, if Venus is going to support more PT-based assets, it shouldn’t stop at showing traditional APY figures. I suggested integrating Pendle’s API or price oracles to clearly display on the frontend:

:white_check_mark: The maturity date and fixed APY of the selected PT
:white_check_mark: T he leverage ratio and risk range indicator
:white_check_mark: The simulated leveraged APY (e.g. 3x looped strategy returns)

This helps users see the opportunity, understand the mechanics, and feel confident enough to participate—all directly from the Venus UI.

Launch One-Click Leveraged Strategy Vault (PT Looping Vault)

To further enhance usability, Venus can launch a one-click strategy vault for PT assets. With just a few clicks, users would be able to:

  1. Purchase PT-SolvBTC
  2. Supply it to Venus as collateral
  3. Borrow BTCB against it
  4. Use the borrowed BTCB to buy more PT-SolvBTC
  5. Repeat the loop up to 3-4x leverage
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