Jack Paul 
Pendle is now live on Robinhood Chain. The protocol said on Sept. 4 that its first deployment on the network is an sNET market, with a maturity date of Sept. 17, 2026. sNET is the staked version of NET, a reserve-backed token created by NetNet Capital. Pendle has not shared which assets will follow or when, adding only that more markets would arrive as the network expands.
How Pendle splits sNET
For this market, Pendle uses its standard structure. It wraps sNET and divides the position into Principal Tokens and Yield Tokens. PT represents the principal and becomes redeemable when the market matures. YT carries the right to the yield produced by sNET until that date. After Sept. 17, 2026, YT stops earning, so its value can decline as maturity approaches unless rate changes or incentives shift.
Buyers of PT can aim for an implied fixed return by holding through maturity. Pendle notes that this APY is based on the purchase price and not a contractual guarantee. Buyers of YT take a different path. They pay for future yield upfront, which can boost exposure if sNET’s yield stays high. It can also lead to losses if the yield collected ends up below the amount paid for YT.
NetNet’s structure is central to the market. NetNet describes itself as a reserve manager for NET, with a treasury that holds assets such as USDG. Users stake NET to receive sNET and become eligible for distributions under NetNet’s staking model. Bond sales have also been used to acquire assets for the treasury. NET and sNET remain exposed to reserve quality, market conditions, and smart contract risk.
Robinhood Chain picks up speed
Robinhood Chain’s mainnet opened on July 1 as a permissionless Ethereum Layer 2 built with Arbitrum technology. It uses ETH for fees and posts transaction data to Ethereum. Activity came quickly. The network processed about $945 million in DEX volume on Aug. 25, and cumulative volume passed $47 billion in less than two months. Uniswap has been a major source of that activity. Robinhood has also been covering gas costs for eligible Robinhood Wallet users through a 90-day promotion that is set to end around Sept. 29. Third-party wallets already pay network fees in ETH.
Access rules are still uneven. Robinhood’s stock tokens are not available to U.S. residents, for example. Pendle’s announcement did not say whether its sNET market has geographic limits or whether Robinhood Wallet will list it for U.S. users. A permissionless network does not automatically make a product available in every jurisdiction.
Before this deployment, Pendle already supported Ethereum, Arbitrum, BNB Chain, Base, Mantle, Optimism, HyperEVM, Monad, and Plasma. DefiLlama showed about $1.23 billion locked across Pendle products at reporting time. PENDLE traded near $1.90 on Sept. 4, up about 1.2% over 24 hours. NET changed hands near $1,012, with its most active pair listed as NET-USDG on Uniswap V4.