🕑Comparison to Pendle

The plETH and ybETH tokens are similar to Pendle in some ways:

• Both protocols split an underlying liquid staking token into principal and yield components.

However, plETH and ybETH have important differences from Pendle:

• The redemption of the principal token (plETH) is based on the ETH price, rather than time.

This difference enable different trading strategies in comparison to Pendle, like leveraged long positions and leveraged yield farming.