Glossary 术语表
Yield-Bearing Token 收益代币
Yield-bearing Token is an umbrella term that refers to any token that generates yield. Examples include stETH, GLP, gDAI or even liquidity tokens such as Aura rETH-WETH.
收益代币是一个统称，指的是任何能够产生收益的代币。例子包括 stETH、GLP、gDAI，甚至像 Aura rETH-WETH 这样的流动性代币。
Accounting Asset 会计资产
The asset yield bearing token appreciates in value against. While some tokens have a clear accounting asset, others do not. Here are some examples:
资产收益代币的价值在上升。虽然一些代币有明确的会计资产，但其他代币则没有。以下是一些例子：
- For tokens like stETH and GLP, stETH and GLP themselves serve as the accounting asset. In the case of stETH, its value remains fixed, but holders receive more stETH over time due to rebasing. Similarly, GLP distributes ETH rewards, but its own value does not increase.
对于像 stETH 和 GLP 这样的代币，stETH 和 GLP 本身作为会计资产。在 stETH 的情况下，其价值保持不变，但持有者随着时间的推移会因重置而获得更多的 stETH。类似地，GLP 分配 ETH 奖励，但其自身的价值并不增加。 - Tokens like cDAI and ezETH have DAI deposits in Compound Finance and ETH deposits in Renzo Protocol as their accounting assets, respectively. These tokens accrue yield by increasing in value relative to the DAI and ETH in their respective pools. Therefore, the accounting asset for these tokens is the base asset (e.g. DAI for cDAI, ETH for ezETH) deposited in the protocol.
像 cDAI 和 ezETH 这样的代币分别在 Compound Finance 中拥有 DAI 存款和在 Renzo Protocol 中拥有 ETH 存款作为其会计资产。这些代币通过相对于各自池中的 DAI 和 ETH 增值来获得收益。因此，这些代币的会计资产是存入协议的基础资产（例如 cDAI 的 DAI，ezETH 的 ETH）。
SY = Standardized Yield SY = 标准化产量
SY is a token standard (EIP-5115) written by the Pendle team that wraps any yield-bearing token and provides a standardized interface for interacting with any yield-bearing token’s yield generating mechanism. SY is a purely technical component, the user does not interact directly with SY.
SY 是一个由 Pendle 团队编写的代币标准（EIP-5115），用于包装任何产生收益的代币，并提供与任何产生收益的代币的收益生成机制交互的标准化接口。SY 是一个纯技术组件，用户不直接与 SY 交互。
PT = Principal Token
PT entitles you to the principal of the underlying yield-bearing token, redeemable after maturity. If you own 1 PT-stETH with 1 year maturity, you will be able to redeem 1 ETH worth of stETH after 1 year.
PT 赋予您对基础收益代币本金的权利，可在到期后赎回。如果您拥有 1 个 PT-stETH，且到期时间为 1 年，您将在 1 年后能够赎回价值 1 ETH 的 stETH。
PT is tradeable anytime, even before maturity.
PT 可以在任何时候进行交易，甚至在到期之前。
YT = Yield Token
YT entitles you to all the yield generated by the underlying yield-bearing token in real-time, and the yield accrued can be manually claimed at any time from the Pendle Dashboard.
YT 使您有权实时获得基础收益代币产生的所有收益，并且所累积的收益可以随时通过 Pendle 仪表板手动领取。
If you own 1 YT-stETH and stETH has an average yield of 5% through the year, you will have accrued 0.05 stETH by the end of the year.
如果您拥有 1 个 YT-stETH，并且 stETH 的年平均收益率为 5%，那么到年底您将累计获得 0.05 个 stETH。
YT is tradeable anytime, even before maturity.
YT 可以随时交易，甚至在到期之前。
Maturity 成熟
Maturity is the date at which PT becomes fully redeemable for the underlying asset and YT stops accruing yield. One asset can have multiple maturity dates, with an independent market for each maturity date. As such, the implied yield of an asset can also differ across different maturities.
到期是指 PT 完全可兑换为基础资产的日期，此时 YT 不再产生收益。一个资产可以有多个到期日，每个到期日都有独立的市场。因此，资产的隐含收益在不同到期之间也可能有所不同。
Underlying APY 基础年利率
Underlying APY represents the 7-day moving average yield rate of the underlying asset. This approach allows a more accurate indication of the underlying yield over a period of time, which can help traders to better estimate the Future Average Underlying APY.
基础年利率代表基础资产的 7 天移动平均收益率。这种方法可以更准确地指示一段时间内的基础收益，有助于交易者更好地估计未来平均基础年利率。
Implied APY 隐含年化收益率
Implied APY is the market consensus of the future APY of an asset. This value is calculated based on the ratio of the price of YT to PT and the formula is shown below.
隐含年化收益率是市场对资产未来年化收益率的共识。该值是根据 YT 与 PT 的价格比例计算得出的，公式如下所示。
When used in conjunction with the Underlying APY, Implied APY can be used to establish the relative valuation of an asset such as YT and PT at their current price, and help traders determine their trading strategies.
当与基础年收益率（APY）结合使用时，隐含年收益率（Implied APY）可以用来确定资产如 YT 和 PT 在当前价格下的相对估值，并帮助交易者制定交易策略。
The value of Implied Yield is numerically equivalent to the to Fixed Yield APY.
隐含收益的数值等于固定收益的年利率。
Fixed APY
Fixed APY is the guaranteed yield you will receive by holding PT. This value is numerically equivalent to the Implied APY.
Long Yield APY
Long Yield APY is the approximated return (annualized) from buying YT at the current price, assuming underlying APY remains constant at its current value.
This value can be negative, meaning that the total value of all the future yield based on the Underlying APY will be less than the cost of buying YT.