Proposal: Pendle Vault Integration

Proposals
1

This proposal introduces Venus Fixed-Rate Vaults with Pendle PT-slisBNB listed as the first asset, available for deposits on the Venus Vaults page.

Summary

If approved, this VIP will:

  • Place the PendlePTVaultAdapter contract under Venus governance, enabling protocol-controlled management of all Pendle PT vault markets
  • Activate ACM permissions for market administration and emergency pause controls across all Venus governance timelocks and the guardian
  • Register the PT-slisBNB-25JUN2026 Pendle market as the first Fixed-Rate Vault on Venus, available at venus.io/vaults
  • Allow users to deposit BNB for a fixed return maturing on 25 June 2026, without requiring direct interaction with Pendle
  • Establish the technical foundation for onboarding additional Pendle PT markets in future VIPs

Background

Pendle Finance is a yield-trading protocol on BNB Chain (and other networks) that allows users to split yield-bearing assets into two components: Principal Tokens (PT) and Yield Tokens (YT). A PT represents the principal portion of a deposit and redeems at face value at maturity, effectively locking in a fixed return over a defined period. This makes PT tokens a natural building block for fixed-rate financial products.

The PT-slisBNB-25JUN2026 Pendle market allows users to lock in a fixed yield on their BNB exposure, with the PT redeeming for full BNB value on 25 June 2026.

Venus Protocol is introducing a new Fixed-Rate Vault product category that wraps Pendle PT markets, enabling Venus users to deposit BNB directly into the vault and receive fixed-rate exposure, all within the familiar Venus interface, without needing to interact with Pendle directly.

Details

When a user deposits into the vault, the following flow executes automatically:

  1. The user deposits BNB (native) via the Venus Vaults page
  2. The PendlePTVaultAdapter swaps the deposit into PT-slisBNB-25JUN2026 via Pendle’s on-chain AMM
  3. The acquired PT tokens are supplied directly into the Venus Core Pool vPT-slisBNB market
  4. The user receives vPT-slisBNB tokens representing their position in the Core Pool

This means that by depositing into the vault, users are simultaneously gaining fixed-rate PT exposure and supplying into Venus’s Core Pool, unlocking the ability to borrow against their PT-slisBNB position, subject to the market’s collateral parameters.

At maturity (25 June 2026), users may redeem their vPT-slisBNB for PT-slisBNB, to be then redeemed for full BNB value. Early withdrawals before maturity are also supported, subject to Pendle’s AMM pricing and available liquidity.

:lock: This release is initially available to Venus ambassadors only. Public access will follow in a subsequent phase.

Action

This VIP consists of 4 key actions on BNB Chain:

1. Accept Ownership of PendlePTVaultAdapter

  • Calls acceptOwnership() on PendlePTVaultAdapter (0x60Db...0B4a)
    • Completes the two-step ownership transfer, placing the adapter under Venus governance control

2. Grant addMarket Permission to Normal Timelock

  • Calls giveCallPermission on the AccessControlManager for addMarket(address,address) → Normal Timelock
    • Enables future governance-controlled registration of new Pendle PT markets

3. Grant pause and unpause Permissions

  • Grants pause() and unpause() on the adapter to:
    • Normal Timelock, Fast Track Timelock, Critical Timelock, Guardian
    • Provides circuit-breaker capability at all governance response speeds

4. Register PT-slisBNB-25JUN2026 Market

  • Calls addMarket on the adapter
    • Registers the Pendle PT-clisBNBx-25JUN2026 market with its Venus vToken, activating deposit, withdrawal, and redemption-at-maturity functionality for this market through the Venus vault system. The market matures on 25 June 2026.

We welcome community feedback on this proposal ahead of submitting it for a VIP vote.

2 Likes
2

What a great feature add on for yield lover

Great great great !