Pendle’s protocol is now live on Robinhood Chain. Its first market covers sNET, the staked form of NET, and is set to mature on Sept. 17, 2026. That gives traders a fixed window to buy either principal or yield exposure.
How the sNET market works
Pendle announced the deployment on Sept. 4. It adds fixed yield products and yield trading to Robinhood Chain’s DeFi economy, starting with the sNET market. sNET comes from NetNet Capital, a protocol that describes itself as a reserve manager for NET. Its treasury holds assets that include the USDG stablecoin, and users who stake NET receive sNET while becoming eligible for distributions.
The Pendle structure splits a yield-bearing position in two. Deposited sNET is wrapped and turned into Principal Tokens and Yield Tokens. PT represents the principal and becomes redeemable at maturity. YT collects the yield generated by sNET until the market expires. In other words, PT buyers can aim for a fixed return if they hold to maturity, while YT buyers are betting on changes in sNET yield.
Pendle calculates an implied annual percentage yield from the price difference between PT and YT. That rate is an estimate based on market pricing, not a guarantee. YT carries more risk. If the income collected before maturity is lower than the cost of YT, the position can lose money.
Robinhood Chain is growing quickly
Robinhood Chain opened to the public on July 1 as a permissionless Layer 2 built on Ethereum using Arbitrum technology. It uses ETH for fees and posts transaction data to Ethereum. The launch brought in partners like Uniswap, Chainlink and Alchemy, and the chain saw rapid activity.
Robinhood Chain processed about $945 million in DEX volume on Aug. 25, up from an earlier daily record near $563 million. By late August, cumulative DEX volume had passed $47 billion, with total value locked around $1.4 billion. Much of that volume came from trading apps and memecoin platforms rather than tokenized stocks. Robinhood also covers gas costs for Robinhood Wallet users during a 90-day promotion that is expected to end around Sept. 29.
Not every product is available to everyone
The network is permissionless, so users can connect self-custody wallets without using Robinhood’s brokerage. But some products have limits. Robinhood’s stock tokens are not available to U.S. residents, even though they track companies listed on U.S. exchanges. Pendle’s announcement didn’t mention any restrictions for the sNET market, though that doesn’t mean access is guaranteed in every jurisdiction.
Pendle has expanded beyond its earlier networks, which include Ethereum, Arbitrum, BNB Chain, Base, Mantle, Optimism, HyperEVM, Monad and Plasma. DefiLlama shows about $1.23 billion locked across Pendle products, more than half of it on Ethereum. PENDLE was near $1.90 on Sept. 4, up about 1.2% in 24 hours. NET changed hands near $1,012 at the same time.
