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When yield-bearing assets are deposited into Pendle, they are split into tokenized ownership and yield components, minting Ownership Token (OT) and Yield Token (YT).


See Yield Tokenization to find out more about these tokens!

How to mint?

The mint function can be found on the Trade page.

Trade Page

  1. Select the asset you wish to deposit and select the expiry for the contract.
  2. Enter the amount of underlying asset to be deposited. The amount of OT and YT tokens to be minted will be displayed.
  3. Mint!



Most assets don't mint the same amount OT and YT. Find out why.

Redeeming your tokens

You can redeem OT and YT for the underlying tokens at any time by selecting Redeem under the Mint tab.


As seen in the screencap above, the requirements for redemption differ based on time.

Before expiry of the contract, you will need equal amounts of OT and YT to redeem the underlying. After expiry, you only need OT to redeem the underlying.