Common SY Contracts

Overview

Pendle provides a set of pre-built, audited Standardized Yield (SY) implementations that cover the most common yield-bearing asset patterns. Partners doing a Community Listing should use one of these contracts when their asset fits — this avoids the overhead of writing and auditing a custom SY from scratch.

These contracts can be deployed through PendleCommonSYFactory, described at the bottom of this page.

提示

When in doubt about which common SY to use, reach out to the Pendle team. Choosing the wrong type can result in incorrect exchangeRate() behavior or broken deposit/redeem paths.

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Choosing the Right Common SY

Type	Yield token type	exchangeRate()	Deposit tokens	Redeem tokens
ERC-20 with Adapter	Plain ERC-20 + optional adapter tokens	1e18 (constant)	yieldToken + adapter tokens	yieldToken + adapter tokens
ERC-20 with Oracle	Plain ERC-20, rate from oracle	From oracle	yieldToken	yieldToken
ERC-4626 with Adapter	ERC-4626 vault, full deposit/redeem + optional adapter	vault.convertToAssets(1e18)	asset, yieldToken + adapter tokens	asset, yieldToken + adapter tokens
ERC-4626 — No Redeem with Adapter	ERC-4626 vault, restricted withdraw + optional adapter	vault.convertToAssets(1e18)	asset, yieldToken + adapter tokens	yieldToken only
ERC-4626 — No Redeem, No Deposit	ERC-4626, both deposit and withdraw restricted	vault.convertToAssets(1e18)	yieldToken only	yieldToken only

备注

All WithAdapter variants accept adapter = address(0) if no adapter is needed at deploy time. An adapter can be set later via SY.setAdapter(adapterAddress).

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Common SY Types

ERC-20 with Adapter — PendleERC20WithAdapterSY

A 1:1 wrap of a plain ERC-20 token, with optional adapter support for depositing and redeeming via additional tokens.

When to use: The yield token is a standard non-rebasing ERC-20 whose share price against itself is always 1 (1 SY = 1 yieldToken). Yield in Pendle comes from external incentives (points, Merkle distributions) rather than on-chain token appreciation. If additional deposit/redeem tokens are needed (e.g., deposit DAI to receive USDS), attach an adapter. Common examples: USDe, USDS, reward tokens with fixed exchange rate.

Key behaviors:

• exchangeRate() = 1e18 (constant — no on-chain appreciation)
• PIVOT_TOKEN (adapter's pivot) = yieldToken
• assetInfo() returns yieldToken itself as the asset
• Without adapter: getTokensIn() / getTokensOut() = [yieldToken]
• With adapter: adds adapter.getAdapterTokensDeposit() / getAdapterTokensRedeem() to the lists

Constructor params (for deployUpgradableSY):

bytes memory constructorParams = abi.encode(
    address _erc20,
    address _offchainRewardManager
);
bytes memory initData = abi.encodeWithSelector(
    PendleERC20WithAdapterSY.initialize.selector,
    string  _name,    // e.g. "SY USDS"
    string  _symbol,  // e.g. "SY-USDS"
    address _adapter  // address(0) if no adapter needed at deploy time
);

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ERC-20 with Oracle — PendleERC20WithOracleSY

A plain ERC-20 wrap where exchangeRate() is sourced from an external IPExchangeRateOracle contract and assetInfo() returns a separately specified underlying asset.

When to use: The exchange rate of the yield token against its underlying asset cannot be computed on-chain from the token itself — for example, a token bridged from another chain where the vault state lives. The rate is instead published on-chain via a dedicated oracle contract.

Example: sUSDai is an Arbitrum-native savings token. It is bridged to Plasma as a LayerZero OFT. On Plasma the vault's convertToAssets logic is unavailable, so a Chainlink feed is deployed to publish the sUSDai / USDai exchange rate. The SY on Plasma points exchangeRateOracle at that Chainlink adapter.

Key behaviors:

• exchangeRate() = IPExchangeRateOracle(exchangeRateOracle).getExchangeRate()
• assetInfo() returns underlyingAsset (separate from yieldToken)
• getTokensIn() / getTokensOut() = [yieldToken]

Constructor params (for deployUpgradableSY):

bytes memory constructorParams = abi.encode(
    address _yieldToken,         // the ERC-20 yield token (e.g. sUSDai OFT on Plasma)
    address _underlyingAsset,    // asset it appreciates against (e.g. USDai)
    address _exchangeRateOracle, // IPExchangeRateOracle (e.g. Chainlink feed adapter)
    address _offchainRewardManager
);
bytes memory initData = abi.encodeWithSelector(
    PendleERC20WithOracleSY.initialize.selector,
    string  _name,
    string  _symbol,
    address _owner
);

IPExchangeRateOracle implementations

Pendle ships two ready-to-use oracle adapters that implement IPExchangeRateOracle. Deploy one of these and pass its address as _exchangeRateOracle.

PendleChainlinkExchangeRateWrapper

Wraps any Chainlink-compatible aggregator (AggregatorV2V3Interface). Reads latestRoundData() and normalises the answer to the 1e18 scale expected by the SY.

constructor(
    address _chainlinkFeed,      // Chainlink aggregator address
    int8    _tokenDecimalsOffset // decimal adjustment: see note below
)

tokenDecimalsOffset bridges the gap between the feed's native decimals and the SY's required scale:

• offset < 0 → result is multiplied by 10^|offset| (feed has fewer decimals than needed)
• offset > 0 → result is divided by 10^offset (feed has more decimals than needed)
• offset = 0 → feed decimals already match; only oracleDecimals normalisation is applied

PendleRedStoneRateOracleAdapter

Wraps a RedStone push-model price feed (IRedstonePriceFeed). Reads latestAnswer() and rescales from the feed's rawDecimals to the target decimals.

constructor(
    address _redStoneOracle, // RedStone push-feed address
    uint8   _decimals        // desired output decimals (typically 18)
)

// getExchangeRate() output:
// (latestAnswer * 10^decimals) / 10^rawDecimals

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ERC-4626 with Adapter — PendleERC4626WithAdapterSY

A full ERC-4626 vault wrap with bidirectional deposit and redemption, plus optional adapter support for additional deposit/redeem tokens.

When to use: The yield token is a fully ERC-4626 compliant vault with unrestricted deposit() and redeem(). Users can enter and exit via the vault's underlying asset. If users should also be able to enter/exit with other tokens natively (e.g., deposit USDC → adapter converts USDC → vault asset → vault shares), attach an adapter. Common examples: sUSDe, sDAI, Morpho vaults.

Key behaviors:

• exchangeRate() = IERC4626(yieldToken).convertToAssets(1e18)
• PIVOT_TOKEN (adapter's pivot) = vault's asset
• assetInfo() returns the vault's asset()
• Without adapter: getTokensIn() / getTokensOut() = [asset, yieldToken]
• With adapter: adds adapter.getAdapterTokens*() to both lists

Deposit flow with adapter token:

1. Non-asset token T is transferred to the adapter
2. adapter.convertToDeposit(T, amount) converts T → asset
3. IERC4626(yieldToken).deposit(amtAsset, address(this)) mints vault shares

Constructor params (for deployUpgradableSY):

bytes memory constructorParams = abi.encode(
    address _erc4626,
    address _offchainRewardManager
);
bytes memory initData = abi.encodeWithSelector(
    PendleERC4626WithAdapterSY.initialize.selector,
    string  _name,
    string  _symbol,
    address _adapter  // address(0) if no adapter needed at deploy time
);

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ERC-4626 — No Redeem with Adapter — PendleERC4626NoRedeemWithAdapterSY

An ERC-4626 wrap where depositing via the underlying asset is supported, but redeeming back to the underlying asset is not. Optional adapter support for extended deposit tokens.

When to use: The vault supports deposit() but has restricted or locked redeem() (e.g., cooldown periods, liquidity limits, or protocol-level withdrawal queues). Users who want to exit to the underlying asset must do so through secondary markets or the vault's own withdrawal mechanism. Add an adapter if users should be able to deposit using tokens other than asset.

Key behaviors:

• exchangeRate() = IERC4626(yieldToken).convertToAssets(1e18)
• PIVOT_TOKEN (adapter's pivot) = vault's asset
• getTokensIn() = [asset, yieldToken] + adapter.getAdapterTokensDeposit() (with adapter)
• getTokensOut() = [yieldToken] only — adapter is not used on the redeem side

Constructor params (for deployUpgradableSY): same as PendleERC4626WithAdapterSY above.

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ERC-4626 — No Redeem, No Deposit — PendleERC4626NoRedeemNoDepositUpgSY

The most restrictive ERC-4626 variant. Neither deposit() nor redeem() is called on the vault — the SY only wraps existing vault shares.

When to use: The vault does not support standard ERC-4626 deposit(asset) or redeem(shares) flows at all. Users must already hold vault shares; the SY is purely a wrapper that reads the vault's exchange rate. Common for locked positions, receipt tokens from bespoke protocols, or vaults with fully non-standard deposit mechanisms.

Key behaviors:

• exchangeRate() = IERC4626(yieldToken).convertToAssets(1e18)
• getTokensIn() = [yieldToken] only
• getTokensOut() = [yieldToken] only

Constructor params (for deployUpgradableSY):

bytes memory constructorParams = abi.encode(
    address _erc4626,
    address _offchainRewardManager
);
bytes memory initData = abi.encodeWithSelector(
    PendleERC4626NoRedeemNoDepositUpgSY.initialize.selector,
    string _name,
    string _symbol
);

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SY Adapters

What Is an Adapter?

An SY Adapter is an optional contract that extends a Common SY's supported deposit and redeem tokens beyond the base set (yieldToken and, for ERC-4626, asset). Without an adapter, the Pendle Router must rely on DEX swaps to convert between a user's token and the SY's base token, incurring price impact and fees. An adapter performs this conversion natively and atomically.

Example: A PendleERC20WithAdapterSY wrapping USDS can, via an adapter, accept DAI deposits. The adapter calls the Sky DAI → USDS converter on-chain. No DEX swap is needed.

An adapter is a separate contract plugged into the SY after deployment via SY.setAdapter(adapterAddress). This lets adapters be added or swapped without redeploying the SY or migrating the market.

IStandardizedYieldAdapter Interface

Source

interface IStandardizedYieldAdapter {
    /// @notice The intermediate token this adapter converts to/from.
    /// For ERC-20 SY: PIVOT_TOKEN = yieldToken
    /// For ERC-4626 SY: PIVOT_TOKEN = vault's asset
    function PIVOT_TOKEN() external view returns (address pivotToken);

    /// @notice Convert tokenIn → PIVOT_TOKEN.
    /// @dev tokenIn has already been transferred to this adapter before this call.
    function convertToDeposit(address tokenIn, uint256 amountTokenIn)
        external returns (uint256 amountOut);

    /// @notice Convert PIVOT_TOKEN → tokenOut.
    /// @dev PIVOT_TOKEN has already been transferred to this adapter before this call.
    function convertToRedeem(address tokenOut, uint256 amountPivotTokenIn)
        external returns (uint256 amountOut);

    /// @notice Preview convertToDeposit (off-chain / view).
    function previewConvertToDeposit(address tokenIn, uint256 amountTokenIn)
        external view returns (uint256 amountOut);

    /// @notice Preview convertToRedeem (off-chain / view).
    function previewConvertToRedeem(address tokenOut, uint256 amountPivotTokenIn)
        external view returns (uint256 amountOut);

    /// @notice Tokens this adapter accepts for deposit.
    function getAdapterTokensDeposit() external view returns (address[] memory tokens);

    /// @notice Tokens this adapter can output on redeem.
    function getAdapterTokensRedeem() external view returns (address[] memory tokens);
}

PIVOT_TOKEN — The Adapter's Bridge

The key concept is the pivot token: the token the adapter converts to on deposit and from on redeem.

SY type	PIVOT_TOKEN	What the adapter converts
ERC-20 with Adapter	yieldToken	tokenIn → yieldToken on deposit; yieldToken → tokenOut on redeem
ERC-4626 with Adapter	vault's asset	tokenIn → asset on deposit; asset → tokenOut on redeem
ERC-4626 No Redeem with Adapter	vault's asset	tokenIn → asset on deposit; (redeem not supported)

When SY.setAdapter(_adapter) is called, it validates that adapter.PIVOT_TOKEN() == expected pivot. This prevents accidentally attaching an adapter designed for a different SY type.

Example: PendleSUSDSAdapter

Source

This adapter allows a PendleERC20WithAdapterSY wrapping USDS to accept DAI as a deposit/redeem token. The Sky protocol provides a 1:1 DAI ↔ USDS converter.

contract PendleSUSDSAdapter is IStandardizedYieldAdapter {
    address public constant USDS        = 0xdC035D45d973E3EC169d2276DDab16f1e407384F;
    address public constant DAI         = 0x6B175474E89094C44Da98b954EedeAC495271d0F;
    address public constant PIVOT_TOKEN = USDS; // yieldToken of the SY

    // On deposit: DAI (already in adapter) → USDS (sent back to SY)
    function convertToDeposit(address, uint256 amountTokenIn)
        external override returns (uint256) {
        ISkyConverter(CONVERTER).daiToUsds(msg.sender, amountTokenIn);
        return amountTokenIn; // 1:1
    }

    // On redeem: USDS (already in adapter) → DAI (sent back to SY)
    function convertToRedeem(address, uint256 amountPivotToken)
        external override returns (uint256) {
        ISkyConverter(CONVERTER).usdsToDai(msg.sender, amountPivotToken);
        return amountPivotToken; // 1:1
    }

    function getAdapterTokensDeposit() external pure override returns (address[] memory tokens) {
        tokens = new address[](1);
        tokens[0] = DAI;
    }

    function getAdapterTokensRedeem() external pure override returns (address[] memory tokens) {
        tokens = new address[](1);
        tokens[0] = DAI;
    }
}

With this adapter attached:

• SY.deposit(DAI, amount): DAI → adapter.convertToDeposit → USDS → SY holds USDS
• SY.redeem(DAI, amount): SY releases USDS → adapter.convertToRedeem → DAI → user

Writing Your Own Adapter

Partners are responsible for writing, testing, and auditing their own adapters. Key requirements:

1. PIVOT_TOKEN must match the SY's expected pivot (yieldToken for ERC-20 SY; vault asset for ERC-4626 SY).
2. convertToDeposit and convertToRedeem are stateful — they receive the input token pre-transferred and must send the output to msg.sender (the SY contract).
3. previewConvert* functions are view — used by SY.previewDeposit/SY.previewRedeem. They should match the actual conversion as closely as possible.
4. Approvals must be set in the constructor — the adapter typically needs infinite approvals to external converters/routers.

Reference implementation: PendleSUSDSAdapter

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Deploying via PendleCommonSYFactory

Source

PendleCommonSYFactory is the on-chain factory for deploying all common SY contracts. It uses a split-code deployment pattern (BaseSplitCodeFactory) to work around the EVM's contract size limit.

Deployment address (all supported chains): 0x466CeD3b33045Ea986B2f306C8D0aA8067961CF8

deployUpgradableSY

function deployUpgradableSY(
    bytes32 id,
    bytes memory constructorParams,  // abi-encoded constructor args for the implementation
    bytes memory initData,           // abi-encoded initialize(...) call for the proxy
    address syOwner
) external returns (address SY);     // returns the proxy address

Deploys an implementation contract and wraps it in a TransparentUpgradeableProxy. initData is the ABI-encoded call to the initialize(...) function. The returned address is the proxy — this is the SY address to use.

Registered Type IDs

These are the bytes32 id values registered in the factory for each common SY type. Each bytes32 value is the keccak256 hash of the corresponding ID string.

SY Type	ID string	bytes32 value
ERC-20 with Adapter	"PendleERC20WithAdapterSY"	0xe5cce2b1999bf8c2cc4cf6d96d0569a24d8b782ba1647c09a8e1aa8bbfb98996
ERC-4626 with Adapter	"PendleERC4626WithAdapterSY"	0x73f41560741d6765943d3c955034291fe23d9141e3a4719bc97422d5bf019adc
ERC-4626 — No Redeem with Adapter	"PendleERC4626NoRedeemWithAdapterSY"	0x3b8dd2b992f773444e5422ba1db289c4657c57110d740dca7975dc095632ef23
ERC-4626 — No Redeem, No Deposit	"PendleERC4626NoRedeemNoDepositUpgSY"	0x5c1cddc0128e0b02bb711f84a022bf1c13177d4ab028830b702f3a77280025ea

Deploying via PendleCommonPoolDeployHelperV2

Source

PendleCommonPoolDeployHelperV2 wraps the factory with market deployment and liquidity seeding into a single transaction. Use deployCommonMarketById for all common SY types:

function deployCommonMarketById(
    bytes32 id,
    bytes memory constructorParams,
    bytes memory initData,
    PoolConfig memory config,
    address tokenToSeedLiquidity,
    uint256 amountToSeed,
    address syOwner
) external returns (PoolDeploymentAddrs memory);

This deploys the SY (via deployUpgradableSY), then immediately calls deploy5115MarketAndSeedLiquidity to create the Pendle market and seed initial liquidity. See Common Market Deployments for full details on PoolConfig and the seeding flow.