{"id":204162,"date":"2025-12-26T12:41:47","date_gmt":"2025-12-26T03:41:47","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=204162"},"modified":"2026-01-06T17:53:28","modified_gmt":"2026-01-06T08:53:28","slug":"pendle-finance","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/pendle-finance\/","title":{"rendered":"Pendle Finance\u3068\u306f\uff1f\u4f7f\u3044\u65b9\u30fb3\u3064\u306e\u904b\u7528\u6226\u7565\u30fb\u4eee\u60f3\u901a\u8ca8\u306e\u5c06\u6765\u6027\u307e\u3067\u89e3\u8aac\uff01"},"content":{"rendered":"\n<p><a href=\"https:\/\/ichizenholdings.co.jp\/media\/how-to-start-defi\/\" title=\"\u3010\u5b8c\u5168\u7248\u3011DeFi\u306e\u59cb\u3081\u65b9\uff5c\u5b9f\u969b\u306b\u904b\u7528\u3059\u308b\u307e\u3067\u306e\u5177\u4f53\u7684\u306aStep\u3092\u753b\u50cf\u4ed8\u304d\u3067\u89e3\u8aac\uff01\">DeFi\uff08\u5206\u6563\u578b\u91d1\u878d\uff09<\/a>\u3067\u306e\u8cc7\u7523\u904b\u7528\u306b\u304a\u3044\u3066\u3001\u300c\u5229\u56de\u308a\u306e\u5909\u52d5\u300d\u306f\u5e38\u306b\u60a9\u307f\u306e\u7a2e\u3067\u3059\u3002<br><strong><span class=\"swl-inline-color has-swl-deep-01-color\">\u9ad8\u3044\u5229\u56de\u308a\u306b\u60f9\u304b\u308c\u3066\u8cc7\u91d1\u3092\u6295\u3058\u305f\u3082\u306e\u306e\u3001\u7fcc\u65e5\u306b\u306f\u5229\u7387\u304c\u5927\u5e45\u306b\u4e0b\u843d\u3057\u3001\u671f\u5f85\u3057\u305f\u307b\u3069\u306e\u53ce\u76ca\u304c\u5f97\u3089\u308c\u306a\u304b\u3063\u305f<\/span><\/strong>\u3068\u3044\u3046\u7d4c\u9a13\u3092\u6301\u3064\u65b9\u3082\u5c11\u306a\u304f\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">\u3053\u306e\u3088\u3046\u306aDeFi\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u89e3\u6c7a\u3057\u3001\u5229\u56de\u308a\u904b\u7528\u306e\u5e38\u8b58\u3092\u8986\u3059\u9769\u65b0\u7684\u306a\u30d7\u30ed\u30c8\u30b3\u30eb\u304c\u300cPendle Finance\u300d\u3067\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001Pendle Finance\u306e\u57fa\u672c\u7684\u306a\u4ed5\u7d44\u307f\u304b\u3089\u3001\u5177\u4f53\u7684\u306a\u6295\u8cc7\u6226\u7565\u3001\u305d\u3057\u3066\u5229\u7528\u3059\u308b\u4e0a\u3067\u306e\u30ea\u30b9\u30af\u307e\u3067\u7db2\u7f85\u7684\u306b\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\uff01<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"\u3010\u4eee\u60f3\u901a\u8ca8\u3011\u30b3\u30c4\u30b3\u30c4\u8cc7\u7523\u5f62\u6210 OR \u30cf\u30a4\u30ea\u30b9\u30af\u306e\u7206\u76ca\u6295\u8cc7 \u3069\u3063\u3061\u3092\u9078\u3076\uff1fpendle finance\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/7H-4aEtfAx0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading u-mb-ctrl u-mb-10\">Pendle Finance\u3068\u306f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"578\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.08.00-1024x578.png\" alt=\"\" class=\"wp-image-204192\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.08.00-1024x578.png 1024w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.08.00-300x169.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.08.00-768x433.png 768w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.08.00-1536x866.png 1536w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.08.00-2048x1155.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\"><a href=\"https:\/\/www.pendle.finance\/\" target=\"_blank\" rel=\"noopener\" title=\"Pendle Finance\">Pendle Finance<\/a>\u3068\u306f\u3001\u4e00\u8a00\u3067\u8a00\u3048\u3070\u300c\u5229\u56de\u308a\u3092\u81ea\u7531\u306b\u58f2\u308a\u8cb7\u3044\u3067\u304d\u308b\u5e02\u5834\u300d\u3092\u63d0\u4f9b\u3059\u308bDeFi\u30d7\u30ed\u30c8\u30b3\u30eb\u3067\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<p>\u901a\u5e38\u3001\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u3055\u308c\u305f\u30a4\u30fc\u30b5\u30ea\u30a2\u30e0\uff08stETH\uff09\u306e\u3088\u3046\u306a\u5229\u56de\u308a\u8cc7\u7523\u306f\u3001\u300c\u5143\u672c\u300d\u3068\u305d\u3053\u304b\u3089\u751f\u307e\u308c\u308b\u300c\u5229\u56de\u308a\u300d\u304c\u4e00\u4f53\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>Pendle\u306f\u3001<strong>\u3053\u306e2\u3064\u3092\u300cPT\uff08\u5143\u672c\u30c8\u30fc\u30af\u30f3\uff09\u300d\u3068\u300cYT\uff08\u5229\u56de\u308a\u30c8\u30fc\u30af\u30f3\uff09\u300d\u306b\u5206\u5272\u3057\u3001\u305d\u308c\u305e\u308c\u3092\u500b\u5225\u306e\u30c8\u30fc\u30af\u30f3\u3068\u3057\u3066\u53d6\u5f15\u53ef\u80fd\u306b<\/strong>\u3057\u307e\u3057\u305f\u3002<br>\u3053\u306e<strong><span class=\"swl-inline-color has-swl-deep-01-color\">\u300cYield Tokenization\uff08\u5229\u56de\u308a\u306e\u30c8\u30fc\u30af\u30f3\u5316\uff09\u300d\u3068\u3044\u3046\u753b\u671f\u7684\u306a\u4ed5\u7d44\u307f\u304c\u3001Pendle\u306e\u6700\u5927\u306e\u7279\u5fb4<\/span><\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p>Pendle Finance\u304c\u7d76\u5927\u306a\u4eba\u6c17\u3092\u8a87\u308b\u7406\u7531\u306f\u3001\u305d\u306e\u9769\u65b0\u6027\u304c\u3082\u305f\u3089\u3059\u591a\u69d8\u306a\u6295\u8cc7\u6226\u7565\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li><strong>\u56fa\u5b9a\u5229\u56de\u308a\u306e\u5b9f\u73fe<\/strong>\uff1a\u5c06\u6765\u306e\u5229\u56de\u308a\u3092\u653e\u68c4\u3059\u308b\u4ee3\u308f\u308a\u306b\u3001PT\u3092\u5272\u5f15\u4fa1\u683c\u3067\u8cfc\u5165\u3059\u308b\u3053\u3068\u3067\u3001\u6e80\u671f\u6642\u306b\u5f97\u3089\u308c\u308b\u5229\u76ca\u3092\u300c\u56fa\u5b9a\u300d\u3067\u304d\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u5e02\u5834\u306e\u5909\u52d5\u30ea\u30b9\u30af\u3092\u907f\u3051\u3001\u5b89\u5b9a\u3057\u305f\u53ce\u76ca\u8a08\u753b\u3092\u7acb\u3066\u308b\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u30ec\u30d0\u30ec\u30c3\u30b8\u6226\u7565<\/strong>\uff1a\u5c11\u306a\u3044\u5143\u624b\u3067YT\u3092\u8cfc\u5165\u3059\u308b\u3053\u3068\u3067\u3001\u5c06\u6765\u5f97\u3089\u308c\u308b\u5229\u56de\u308a\u3084\u3001\u6628\u4eca\u6ce8\u76ee\u3092\u96c6\u3081\u308b\u300c\u30a8\u30a2\u30c9\u30ed\u30c3\u30d7\u30dd\u30a4\u30f3\u30c8\u300d\u3092\u3001\u5143\u672c\u3092\u5168\u3066\u4fdd\u6709\u3057\u3066\u3044\u308b\u5834\u5408\u3068\u6bd4\u8f03\u3057\u3066\u4f55\u500d\u3082\u306e\u52b9\u7387\u3067\u7372\u5f97\u3067\u304d\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u9ad8\u3044\u5e02\u5834\u30b7\u30a7\u30a2<\/strong>\uff1a\u305d\u306e\u72ec\u81ea\u6027\u3068\u6709\u7528\u6027\u304b\u3089\u3001Pendle\u306f2024\u5e74\u3060\u3051\u306720\u500d\u3082\u306e\u6210\u9577\u3092\u9042\u3052\u3001\u30a4\u30fc\u30eb\u30c9\uff08\u5229\u56de\u308a\uff09\u30bb\u30af\u30bf\u30fc\u306eTVL\uff08Total Value Locked\uff1a\u9810\u304b\u308a\u8cc7\u7523\u7dcf\u984d\uff09\u306e50%\u4ee5\u4e0a\u3092\u5360\u3081\u308b\u307b\u3069\u306e\u5727\u5012\u7684\u306a\u5b58\u5728\u611f\u3092\u793a\u3057\u3066\u3044\u307e\u3059 \u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Pendle Finance\u306e\u57fa\u672c\u7684\u306a\u4ed5\u7d44\u307f\u30fb\u6982\u5ff5<\/h2>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">Pendle Finance\u306e\u6838\u5fc3\u306f\u3001\u524d\u8ff0\u3057\u305f\u300cYield Tokenization \u300d\u306b\u3042\u308a\u307e\u3059\u3002<\/span><\/strong><br>\u3053\u308c\u306f\u3001<strong><span class=\"swl-marker mark_yellow\">\u5229\u56de\u308a\u3092\u751f\u307f\u51fa\u3059\u8cc7\u7523\u3092\u300c\u5143\u672c\u300d\u3068\u300c\u5229\u56de\u308a\u300d\u3068\u3044\u30462\u3064\u306e\u8981\u7d20\u306b\u5206\u96e2\u3059\u308b\u6280\u8853<\/span><\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u4ed5\u7d44\u307f\u3092\u7406\u89e3\u3057\u3066\u3044\u304d\u307e\u3057\u3087\u3046\uff01<br>\u308a\u3093\u3054\u306e\u6728\u306b\u4f8b\u3048\u3066\u89e3\u8aac\u3082\u3057\u3066\u3044\u304d\u307e\u3059\uff01<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Yield Tokenization\u3068\u306f<\/h3>\n\n\n\n<p>\u307e\u305a\u3001\u30e6\u30fc\u30b6\u30fc\u304cstETH\u306e\u3088\u3046\u306a\u5229\u56de\u308a\u4ed8\u304d\u8cc7\u7523\u3092Pendle\u306b\u9810\u3051\u5165\u308c\u308b\u3068\u3001\u3053\u308c\u306fPendle\u306e\u5185\u90e8\u3067\u6271\u3048\u308b\u300cSY\uff08Standardized Yield Token\uff09\u300d\u3068\u3044\u3046\u6a19\u6e96\u5316\u3055\u308c\u305f\u30c8\u30fc\u30af\u30f3\u306b\u5909\u63db\uff08\u30e9\u30c3\u30d7\uff09\u3055\u308c\u307e\u3059\u3002<br>\u305d\u3057\u3066\u3001\u3053\u306eSY\u304c\u300cPT\u300d\u3068\u300cYT\u300d\u306e2\u3064\u306b\u5206\u5272\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li><strong>PT\uff08Principal Token \/ \u5143\u672c\u30c8\u30fc\u30af\u30f3\uff09<\/strong><\/li>\n\n\n\n<li><strong>YT\uff08Yield Token \/ \u5229\u56de\u308a\u30c8\u30fc\u30af\u30f3\uff09<\/strong><\/li>\n<\/ol>\n\n\n\n<p>\u6570\u5f0f\u3067\u8868\u3059\u3068\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center is-style-dent_box\"><strong><span class=\"swl-fz u-fz-xl\">1SY-Asset = 1PT-Asset + 1YT-Asset<\/span><\/strong><\/p>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u300c1\u679a\u306e\u5229\u5b50\u4ed8\u304d\u8cc7\u7523\u306f\u30011\u679a\u306ePT\u30681\u679a\u306eYT\u3092\u8db3\u3057\u305f\u3082\u306e\u306b\u7b49\u3057\u3044\u300d\u3068\u3044\u3046\u95a2\u4fc2\u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Yield Tokenization\u3092\u308a\u3093\u3054\u306e\u6728\u306b\u4f8b\u3048\u3066\u307f\u3088\u3046<\/h3>\n\n\n\n<p>\u3053\u306e\u95a2\u4fc2\u6027\u3092\u3001\u6bce\u5e74\u308a\u3093\u3054\u304c\u5b9f\u308b\u300c\u308a\u3093\u3054\u306e\u6728\u300d\u306b\u4f8b\u3048\u3066\u8003\u3048\u3066\u307f\u307e\u3057\u3087\u3046\u3002<br>\u308a\u3093\u3054\u306e\u6728\u3092\u3001\u300c\u6728\u306e\u5e79\u300d\u3068\u300c\u308a\u3093\u3054\u306e\u5b9f(\u5c06\u6765\u751f\u307e\u308c\u3066\u304f\u308b)\u300d\u306b\u5206\u3051\u3066\u8003\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li><strong>\u6728\u306e\u5e79\uff1aPT\uff08Principal Token\uff09<\/strong>\n<ul class=\"wp-block-list\">\n<li> PT\u306f\u3001\u308a\u3093\u3054\u306e\u5b9f\uff08\u5229\u56de\u308a\uff09\u3092\u53d6\u308a\u9664\u3044\u305f\u300c\u6728\u306e\u5e79\u300d\u305d\u306e\u3082\u306e\u3067\u3059\u3002<\/li>\n\n\n\n<li>\u3053\u306e\u6728\u306e\u5e79\u306f\u3001\u7279\u5b9a\u306e\u671f\u9593\uff08\u6e80\u671f\uff09\u304c\u904e\u304e\u308c\u3070\u3001\u5fc5\u305a\u5143\u306e\u4fa1\u5024\uff081stETH\u306a\u3069\uff09\u306b\u623b\u308a\u307e\u3059\u3002<\/li>\n\n\n\n<li>\u3057\u304b\u3057\u3001<strong><span class=\"swl-inline-color has-swl-deep-01-color\">\u5c06\u6765\u306e\u308a\u3093\u3054\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u304c\u306a\u3044\u305f\u3081\u3001\u73fe\u5728\u306e\u5e02\u5834\u3067\u306f\u5143\u306e\u4fa1\u5024\u3088\u308a\u3082\u5272\u308a\u5f15\u304b\u308c\u305f\u4fa1\u683c\u3067\u53d6\u5f15<\/span><\/strong>\u3055\u308c\u307e\u3059\u3002<strong>\u3053\u306e\u4fa1\u683c\u5dee\u3053\u305d\u304c\u3001\u5f8c\u8ff0\u3059\u308b\u300c\u56fa\u5b9a\u5229\u56de\u308a\u300d\u306e\u6e90\u6cc9<\/strong>\u3068\u306a\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u5c06\u6765\u751f\u307e\u308c\u3066\u304f\u308b\u308a\u3093\u3054\u306e\u5b9f\uff1aYT\uff08Yield Token\uff09<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u308a\u3093\u3054\u306e\u5b9f\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229YT\u306f\u3001<strong><span class=\"swl-marker mark_yellow\">\u5c06\u6765\u3053\u306e\u6728\u304b\u3089\u5b9f\u308b\u3059\u3079\u3066\u306e\u300c\u308a\u3093\u3054\uff08\u5229\u56de\u308a\uff09\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u300d<\/span><\/strong>\u3067\u3059\u3002<\/li>\n\n\n\n<li>\u3053\u308c\u306b\u306f\u3001\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u5831\u916c\u3060\u3051\u3067\u306a\u304f\u3001\u5bfe\u8c61\u8cc7\u7523\u304c\u751f\u307f\u51fa\u3059\u53ef\u80fd\u6027\u306e\u3042\u308b\u30a8\u30a2\u30c9\u30ed\u30c3\u30d7\u30dd\u30a4\u30f3\u30c8\u306a\u3069\u3082\u542b\u307e\u308c\u307e\u3059\u3002<\/li>\n\n\n\n<li>\u305f\u3060\u3057\u3001<strong><span class=\"swl-inline-color has-swl-deep-01-color\">\u3053\u306e\u6a29\u5229\u306f\u6e80\u671f\u65e5\u307e\u3067\u306e\u3082\u306e\u3067\u3042\u308a\u3001\u6e80\u671f\u3092\u904e\u304e\u308b\u3068\u3059\u3079\u3066\u306e\u5229\u56de\u308a\u3092\u53d7\u3051\u53d6\u308a\u7d42\u3048\u308b\u305f\u3081\u3001YT\u306e\u4fa1\u5024\u306f\u30bc\u30ed\u306b<\/span><\/strong>\u306a\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306b\u8cc7\u7523\u3092\u5206\u5272\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5bb6\u306f\u305d\u308c\u305e\u308c\u306e\u30cb\u30fc\u30ba\u306b\u5fdc\u3058\u3066\u300c\u5143\u672c\u3060\u3051\u3092\u5b89\u304f\u624b\u306b\u5165\u308c\u305f\u3044\u300d\u3042\u308b\u3044\u306f\u300c\u5143\u672c\u306f\u4e0d\u8981\u306a\u306e\u3067\u3001\u5229\u56de\u308a\u3060\u3051\u3092\u52b9\u7387\u7684\u306b\u7372\u5f97\u3057\u305f\u3044\u300d\u3068\u3044\u3063\u305f\u7570\u306a\u308b\u6226\u7565\u3092\u53d6\u308b\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading u-mb-ctrl u-mb-10\">Pendle Finance\uff1aPT\u6226\u7565<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2560\" height=\"1444\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.19.08-scaled.png\" alt=\"\" class=\"wp-image-204193\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.19.08-scaled.png 2560w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.19.08-300x169.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.19.08-1024x578.png 1024w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.19.08-768x433.png 768w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.19.08-1536x866.png 1536w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.19.08-2048x1155.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/app.pendle.finance\/trade\/markets\/0x5fa69163085efd4767f24639eb1fb87ed34bbb12\/swap?view=pt&amp;chain=plasma\" target=\"_blank\" rel=\"noopener\" title=\"PT sUSDe\uff1a09 Apr 2026\uff08103days\uff09\">PT sUSDe\uff1a09 Apr 2026\uff08103days\uff09<\/a><\/figcaption><\/figure>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">PT\uff08Principal Token\uff09\u6226\u7565\u306f\u3001\u5c06\u6765\u306e\u5229\u56de\u308a\u5909\u52d5\u30ea\u30b9\u30af\u3092\u907f\u3051\u3001\u78ba\u5b9f\u306b\u5229\u76ca\u3092\u78ba\u5b9a\u3055\u305b\u305f\u3044\u300c\u5b88\u308a\u300d\u306e\u6295\u8cc7\u5bb6\u5411\u3051\u306e\u6226\u7565\u3067\u3059\u3002<\/span><\/strong><br>\u3053\u306e\u6226\u7565\u306e\u6838\u5fc3\u306f\u3001<strong><span class=\"swl-inline-color has-swl-deep-01-color\">\u6e80\u671f\u65e5\u3092\u8fce\u3048\u308b\u3068\u5fc5\u305a\u5143\u306e\u8cc7\u75231\u5358\u4f4d\uff08\u4f8b\uff1a1 stETH\uff09\u3068\u4ea4\u63db\u3067\u304d\u308bPT\u3092\u3001\u5e02\u5834\u3067\u5272\u5f15\u4fa1\u683c\u3067\u8cfc\u5165\u3059\u308b\u3053\u3068<\/span><\/strong>\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u5c06\u6765\u306e\u5229\u56de\u308a\uff08YT\uff09\u304c\u5206\u96e2\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3001PT\u306e\u73fe\u5728\u4fa1\u683c\u306f\u5e38\u306b\u5143\u8cc7\u7523\u306e\u4fa1\u683c\u3088\u308a\u3082\u4f4e\u304f\u306a\u308a\u307e\u3059\u3002<br>\u4f8b\u3048\u3070\u30011 stETH\u304c\u5e02\u5834\u30671000\u30c9\u30eb\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u5834\u5408\u3001\u305d\u306ePT\u3067\u3042\u308bPT-stETH\u306f950\u30c9\u30eb\u306e\u3088\u3046\u306b\u3001\u3088\u308a\u5b89\u3044\u4fa1\u683c\u3067\u8cfc\u5165\u3067\u304d\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u6e80\u671f\u65e5\u3092\u8fce\u3048\u308c\u3070\u3001\u3053\u306e950\u30c9\u30eb\u3067\u8cfc\u5165\u3057\u305fPT-stETH\u30921 stETH\uff08\u5e02\u5834\u4fa1\u683c\u304c1000\u30c9\u30eb\u3067\u3042\u308c\u30701000\u30c9\u30eb\uff09\u3068\u4ea4\u63db\u3067\u304d\u308b\u305f\u3081\u3001\u5dee\u984d\u306e50\u30c9\u30eb\u304c\u78ba\u5b9a\u5229\u76ca\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3053\u306e\u4fa1\u683c\u5dee\u304c\u300c\u56fa\u5b9a\u5229\u56de\u308a\u300d\u3068\u3057\u3066\u6a5f\u80fd\u3057\u307e\u3059\u3002<br>Pendle\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u4e0a\u3067\u306f\u3001\u3053\u306e\u5229\u56de\u308a\u304c\u300cFixed APY\uff08\u5e74\u63db\u7b97\u5229\u56de\u308a\uff09\u300d\u3068\u3057\u3066\u8868\u793a\u3055\u308c\u307e\u3059\u3002<br><strong><span class=\"swl-marker mark_yellow\">\u305f\u3060\u3057\u3001\u5b9f\u969b\u306b\u5f97\u3089\u308c\u308b\u5229\u76ca\u306f\u904b\u7528\u671f\u9593\u306b\u3088\u3063\u3066\u5909\u52d5\u3059\u308b\u305f\u3081\u3001\u5e74\u7387\u3060\u3051\u3067\u306a\u304f\u3001\u5177\u4f53\u7684\u306a\u5229\u76ca\u7387\uff08% gain\uff09\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box\"><div class=\"cap_box_ttl\"><span>PT\u6226\u7565\u306e\u307e\u3068\u3081<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li><strong>PT\u6226\u7565\u306e\u30e1\u30ea\u30c3\u30c8<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u8cfc\u5165\u3057\u305f\u6642\u70b9\u3067\u3001\u6e80\u671f\u6642\u306e\u53d7\u53d6\u984d\u304c\u6c7a\u307e\u3063\u3066\u3044\u308b\u305f\u3081\u3001\u300c\u56fa\u5b9a\u5229\u56de\u308a\uff08Fixed Yield\uff09\u300d\u3092\u4eab\u53d7\u3067\u304d\u307e\u3059\u3002<\/li>\n\n\n\n<li>\u5e02\u5834\u306e\u91d1\u5229\u304c\u66b4\u843d\u3057\u3066\u3082\u3001\u305d\u306e\u5f71\u97ff\u3092\u53d7\u3051\u307e\u305b\u3093\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>PT\u6226\u7565\u304c\u5411\u3044\u3066\u3044\u308b\u4eba<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u5e02\u5834\u306e\u5909\u52d5\u30ea\u30b9\u30af\u3092\u907f\u3051\u3001\u5805\u5b9f\u306b\u8cc7\u7523\u3092\u5897\u3084\u3057\u305f\u3044\u4eba\u3002<\/li>\n\n\n\n<li>\u5c06\u6765\u7684\u306b\u91d1\u5229\uff08\u5229\u56de\u308a\uff09\u304c\u4e0b\u304c\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u4eba\u3002<\/li>\n\n\n\n<li>\u9280\u884c\u9810\u91d1\u3088\u308a\u3082\u9ad8\u3044\u5229\u56de\u308a\u3092\u3001\u6bd4\u8f03\u7684\u5b89\u5168\u306b\u78ba\u4fdd\u3057\u305f\u3044\u4eba\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading u-mb-ctrl u-mb-10\">Pendle Finance\uff1aYT\u6226\u7565<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2560\" height=\"1444\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.20.16-scaled.png\" alt=\"\" class=\"wp-image-204194\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.20.16-scaled.png 2560w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.20.16-300x169.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.20.16-1024x578.png 1024w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.20.16-768x433.png 768w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.20.16-1536x866.png 1536w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.20.16-2048x1155.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/app.pendle.finance\/trade\/markets\/0x5fa69163085efd4767f24639eb1fb87ed34bbb12\/swap?view=yt&amp;chain=plasma\" target=\"_blank\" rel=\"noopener\" title=\"PT sUSDe\uff1a09 Apr 2026\uff08103days\uff09\">YT sUSDe\uff1a09 Apr 2026\uff08103days\uff09<\/a><\/figcaption><\/figure>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">YT\uff08Yield Token\uff09\u6226\u7565\u306f\u3001\u30cf\u30a4\u30ea\u30b9\u30af\u30fb\u30cf\u30a4\u30ea\u30bf\u30fc\u30f3\u3092\u8a31\u5bb9\u3057\u3001\u5c06\u6765\u306e\u5229\u56de\u308a\u4e0a\u6607\u3084\u30a8\u30a2\u30c9\u30ed\u30c3\u30d7\u30dd\u30a4\u30f3\u30c8\u3092\u6700\u5927\u9650\u306b\u6d3b\u7528\u3057\u305f\u3044\u300c\u653b\u3081\u300d\u306e\u6295\u8cc7\u5bb6\u5411\u3051\u306e\u6226\u7565<\/span><\/strong>\u3067\u3059\u3002<br>\u3053\u306e\u6226\u7565\u3067\u306f\u3001<strong><span class=\"swl-inline-color has-swl-deep-01-color\">\u5143\u672c\uff08PT\uff09\u3092\u653e\u68c4\u3057\u3001\u5c06\u6765\u306e\u5229\u56de\u308a\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\uff08YT\uff09\u306e\u307f\u3092\u8cfc\u5165<\/span><\/strong>\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>YT\u6226\u7565\u306e\u6700\u5927\u306e\u9b45\u529b\u306f\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u52b9\u679c\u306b\u3042\u308a\u307e\u3059\u3002<br>\u4f8b\u3048\u3070\u3001100\u4e07\u5186\u5206\u306e\u5143\u672c\u304c\u306a\u3051\u308c\u3070\u5f97\u3089\u308c\u306a\u3044\u306f\u305a\u306e\u5229\u56de\u308a\u3084\u30dd\u30a4\u30f3\u30c8\u3092\u3001YT\u3092\u8cfc\u5165\u3059\u308b\u3053\u3068\u3067\u6570\u4e07\u5186\u306e\u6295\u8cc7\u3067\u7372\u5f97\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002Pendle\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u306f\u3001\u3053\u306e\u52b9\u7387\u304c\u300cYT Leverage\u300d\u3068\u3057\u3066\u300c\u301c\u500d\u300d\u3068\u3044\u3046\u5f62\u3067\u8868\u793a\u3055\u308c\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u5c11\u306a\u3044\u8cc7\u91d1\u3067\u3001\u3042\u305f\u304b\u3082\u5927\u304d\u306a\u8cc7\u91d1\u3092\u904b\u7528\u3057\u3066\u3044\u308b\u304b\u306e\u3088\u3046\u306a\u5229\u56de\u308a\uff08\u30dd\u30a4\u30f3\u30c8\uff09\u7372\u5f97\u52b9\u7387\u3092\u5b9f\u73fe\u3067\u304d\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u7279\u306b\u3001EigenLayer\u306b\u4ee3\u8868\u3055\u308c\u308b\u30ea\u30ad\u30c3\u30c9\u30ea\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30c8\u30fc\u30af\u30f3\uff08LRT\uff09\u306e\u767b\u5834\u4ee5\u964d\u3001\u30d7\u30ed\u30c8\u30b3\u30eb\u306e\u5c06\u6765\u306e\u30a8\u30a2\u30c9\u30ed\u30c3\u30d7\u304c\u671f\u5f85\u3055\u308c\u308b\u300c\u30dd\u30a4\u30f3\u30c8\u300d\u3092\u52b9\u7387\u7684\u306b\u7a3c\u3050\u624b\u6bb5\u3068\u3057\u3066\u3001YT\u6226\u7565\u306f\u7d76\u5927\u306a\u4eba\u6c17\u3092\u535a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3001YT\u6226\u7565\u306b\u306f\u76f8\u5fdc\u306e\u30ea\u30b9\u30af\u304c\u4f34\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-bad_list -list-under-dashed\">\n<li><strong>\u6642\u9593\u7684\u4fa1\u5024\u306e\u6e1b\u8870<\/strong>\uff1aYT\u306e\u4fa1\u5024\u306f\u3001\u6e80\u671f\u65e5\u306b\u8fd1\u3065\u304f\u306b\u3064\u308c\u3066\u6e1b\u5c11\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u305d\u3057\u3066\u6e80\u671f\u3092\u8fce\u3048\u305f\u77ac\u9593\u3001\u305d\u306e\u4fa1\u5024\u306f\u30bc\u30ed\u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u640d\u76ca\u5206\u5c90\u70b9<\/strong>\uff1a<span class=\"swl-marker mark_yellow\">YT\u306e\u8cfc\u5165\u306b\u306f\u3001\u5e02\u5834\u306e\u9700\u7d66\u30d0\u30e9\u30f3\u30b9\u306b\u3088\u3063\u3066\u5909\u52d5\u3059\u308b\u300cImplied APY\uff08\u5e02\u5834\u304c\u7e54\u308a\u8fbc\u3080\u7406\u8ad6\u4e0a\u306e\u5229\u56de\u308a\uff09\u300d\u304c\u5f71\u97ff\u3057\u307e\u3059\u3002\u5b9f\u969b\u306b\u5f97\u3089\u308c\u308b\u5229\u56de\u308a\uff08Underlying APY\uff09\u304c\u3001\u624b\u6570\u6599\u306a\u3069\u3092\u8003\u616e\u3057\u305f\u5b9f\u8cea\u7684\u306a\u640d\u76ca\u5206\u5c90\u70b9\uff08Effective Implied APY\uff09\u3092\u4e0a\u56de\u3089\u306a\u3051\u308c\u3070\u3001\u6295\u8cc7\u306f\u640d\u5931\u306b\u7d42\u308f\u308a\u307e\u3059\u3002<\/span><\/li>\n\n\n\n<li><strong>\u9ad8\u3044\u624b\u6570\u6599<\/strong>\uff1a\u4e00\u822c\u7684\u306b\u3001YT\u306e\u53d6\u5f15\u306fPT\u306b\u6bd4\u3079\u3066\u624b\u6570\u6599\u304c\u9ad8\u304f\u8a2d\u5b9a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<p>YT\u6226\u7565\u306f\u3001\u7279\u5b9a\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u5c06\u6765\u6027\u3084\u5229\u56de\u308a\u52d5\u5411\u3092\u5f37\u304f\u78ba\u4fe1\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u304c\u3001\u5c11\u306a\u3044\u5143\u624b\u3067\u5927\u304d\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3046\u305f\u3081\u306e\u5f37\u529b\u306a\u30c4\u30fc\u30eb\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u306e\u6295\u6a5f\u7684\u306a\u6027\u8cea\u304b\u3089\u3001\u6295\u8cc7\u984d\u306e\u5168\u3066\u3092\u5931\u3046\u53ef\u80fd\u6027\u3082\u5341\u5206\u306b\u3042\u308a\u3001\u614e\u91cd\u306a\u5224\u65ad\u3068\u30ea\u30b9\u30af\u7ba1\u7406\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box\"><div class=\"cap_box_ttl\"><span>YT\u6226\u7565\u306e\u307e\u3068\u3081<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li><strong>YT\u6226\u7565\u52dd\u6557\u306e\u5206\u304b\u308c\u76ee<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>Implied APY\uff08\u5e02\u5834\u304c\u4e88\u6e2c\u3059\u308b\u5229\u56de\u308a\uff09<\/strong> &lt;  <strong>Underlying APY\uff08\u5b9f\u969b\u306e\u5229\u56de\u308a\uff09<\/strong><\/li>\n\n\n\n<li>\u8cfc\u5165\u6642\u306b\u652f\u6255\u3063\u305f\u30b3\u30b9\u30c8\uff08\u5e02\u5834\u306e\u671f\u5f85\u5024\uff09\u3088\u308a\u3082\u3001\u5b9f\u969b\u306b\u767a\u751f\u3057\u305f\u5229\u56de\u308a\u304c\u4e0a\u56de\u308c\u3070\u5229\u76ca\u306b\u306a\u308a\u307e\u3059\u3002\u9006\u306b\u3001\u671f\u5f85\u307b\u3069\u5229\u56de\u308a\u304c\u51fa\u306a\u3051\u308c\u3070\u640d\u5931\uff08\u6700\u5927\u3067\u6295\u8cc7\u984d\u306e\u5168\u640d\uff09\u3068\u306a\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>YT\u6226\u7565\u304c\u5411\u3044\u3066\u3044\u308b\u4eba<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u7279\u5b9a\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u30a8\u30a2\u30c9\u30ed\u30c3\u30d7\u4fa1\u5024\u3084\u5229\u56de\u308a\u304c\u3001\u5e02\u5834\u306e\u4e88\u60f3\u4ee5\u4e0a\u306b\u9ad8\u304f\u306a\u308b\u3068\u78ba\u4fe1\u3057\u3066\u3044\u308b\u4eba\u3002<\/li>\n\n\n\n<li>\u5c11\u984d\u306e\u8cc7\u91d1\u3067\u3001\u5927\u53e3\u6295\u8cc7\u5bb6\u4e26\u307f\u306e\u30dd\u30a4\u30f3\u30c8\u3092\u7a3c\u304e\u305f\u3044\u4eba\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading u-mb-ctrl u-mb-10\">Pendle Finance\uff1aLP\u6226\u7565<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2560\" height=\"1444\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.25.15-scaled.png\" alt=\"\" class=\"wp-image-204195\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.25.15-scaled.png 2560w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.25.15-300x169.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.25.15-1024x578.png 1024w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.25.15-768x433.png 768w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.25.15-1536x866.png 1536w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.25.15-2048x1155.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/app.pendle.finance\/trade\/pools\/0x5fa69163085efd4767f24639eb1fb87ed34bbb12\/zap\/in?chain=plasma\" target=\"_blank\" rel=\"noopener\" title=\"LP sUSDC 09 Apr 2026\uff08103 days\uff09\">LP sUSDC 09 Apr 2026\uff08103 days\uff09<\/a><\/figcaption><\/figure>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">LP\uff08\u6d41\u52d5\u6027\u63d0\u4f9b\uff09\u6226\u7565\u306f\u3001PT\u3068YT\u306e\u58f2\u8cb7\u3092\u652f\u3048\u308b\u5e02\u5834\u306b\u6d41\u52d5\u6027\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u3067\u3001\u8907\u6570\u306e\u53ce\u76ca\u6e90\u304b\u3089\u5b89\u5b9a\u3057\u305f\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3046\u6226\u7565<\/span><\/strong>\u3067\u3059\u3002<br>\u5e02\u5834\u306e\u65b9\u5411\u6027\u3092\u4e88\u6e2c\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u53d6\u5f15\u624b\u6570\u6599\u3084\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u3092\u30b3\u30c4\u30b3\u30c4\u3068\u7a4d\u307f\u4e0a\u3052\u305f\u3044\u6295\u8cc7\u5bb6\u306b\u5411\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-inline-color has-swl-deep-01-color\">Pendle\u306e\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u306f\u3001\u4e00\u822c\u7684\u306aDeFi\u30d7\u30ed\u30c8\u30b3\u30eb\u3068\u306f\u7570\u306a\u308a\u3001\u300cPT\u300d\u3068\u300c\u5143\u306e\u8cc7\u7523\uff08\u4f8b\uff1astETH\uff09\u300d\u306e\u30da\u30a2\u3067\u69cb\u6210<\/span><\/strong>\u3055\u308c\u3066\u3044\u307e\u3059\u3002<br>YT\u3067\u306f\u306a\u304fPT\u3092\u30da\u30a2\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u4fa1\u683c\u5909\u52d5\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u304f\u3001\u3088\u308a\u5b89\u5b9a\u3057\u305f\u6d41\u52d5\u6027\u63d0\u4f9b\u304c\u53ef\u80fd\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Zap\u6a5f\u80fd\u306b\u3088\u308b\u624b\u8efd\u306a\u6d41\u52d5\u6027\u63d0\u4f9b<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full size_xs\"><img decoding=\"async\" width=\"908\" height=\"1214\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.26.49.png\" alt=\"\" class=\"wp-image-204196\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.26.49.png 908w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.26.49-224x300.png 224w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.26.49-766x1024.png 766w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.26.49-768x1027.png 768w\" sizes=\"(max-width: 908px) 100vw, 908px\" \/><\/figure>\n\n\n\n<p>\u901a\u5e38\u3001\u6d41\u52d5\u6027\u63d0\u4f9b\u3092\u884c\u3046\u306b\u306f2\u7a2e\u985e\u306e\u30c8\u30fc\u30af\u30f3\u3092\u9069\u5207\u306a\u6bd4\u7387\u3067\u7528\u610f\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u304c\u3001Pendle\u306b\u306f\u300cZap\u300d\u3068\u3044\u3046\u975e\u5e38\u306b\u4fbf\u5229\u306a\u6a5f\u80fd\u304c\u642d\u8f09\u3055\u308c\u3066\u3044\u307e\u3059\u3002<br>\u3053\u308c\u306b\u3088\u308a\u3001<strong><span class=\"swl-marker mark_yellow\">\u30e6\u30fc\u30b6\u30fc\u306f\u624b\u6301\u3061\u306e\u8cc7\u7523\uff08\u4f8b\uff1asUSDe\u3084ETH\u306a\u3069\uff09\u30921\u7a2e\u985e\u5165\u91d1\u3059\u308b\u3060\u3051\u3067\u3001\u30b7\u30b9\u30c6\u30e0\u304c\u81ea\u52d5\u7684\u306b\u6700\u9069\u306a\u6bd4\u7387\u3067PT\u3068\u5143\u306e\u8cc7\u7523\u306b\u5909\u63db\u3057\u3001\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u306b\u8ffd\u52a0\u3057\u3066\u304f\u308c\u307e\u3059<\/span><\/strong>\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u624b\u8efd\u3055\u304c\u3001Pendle\u3067\u306eLP\u6226\u7565\u306e\u30cf\u30fc\u30c9\u30eb\u3092\u5927\u304d\u304f\u4e0b\u3052\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8907\u6570\u306e\u53ce\u76ca\u6e90<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1564\" height=\"664\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.27.40.png\" alt=\"\" class=\"wp-image-204197\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.27.40.png 1564w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.27.40-300x127.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.27.40-1024x435.png 1024w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.27.40-768x326.png 768w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2025-12-26-9.27.40-1536x652.png 1536w\" sizes=\"(max-width: 1564px) 100vw, 1564px\" \/><\/figure>\n\n\n\n<p>LP\u63d0\u4f9b\u8005\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u8907\u6570\u306e\u53ce\u76ca\u6e90\u304b\u3089\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li><strong>Underlying APY<\/strong>\uff1a\u5143\u306e\u8cc7\u7523\u305d\u306e\u3082\u306e\u304c\u751f\u307f\u51fa\u3059\u57fa\u672c\u7684\u306a\u5229\u56de\u308a<\/li>\n\n\n\n<li><strong>PT Yield<\/strong>\uff1aLP\u306e\u4e00\u90e8\u3068\u3057\u3066\u4fdd\u6709\u3059\u308bPT\u304b\u3089\u5f97\u3089\u308c\u308b\u56fa\u5b9a\u5229\u56de\u308a<\/li>\n\n\n\n<li><strong>Pendle LP Yield<\/strong>\uff1a\u30d7\u30fc\u30eb\u5185\u3067\u306e\u53d6\u5f15\uff08\u30b9\u30ef\u30c3\u30d7\uff09\u304b\u3089\u767a\u751f\u3059\u308b\u624b\u6570\u6599\u53ce\u5165\u3084\u3001Pendle\u30d7\u30ed\u30c8\u30b3\u30eb\u304b\u3089\u306e$PENDLE\u30c8\u30fc\u30af\u30f3\u306b\u3088\u308b\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u5831\u916c\u3002<\/li>\n\n\n\n<li><strong>Off-chain Yield<\/strong>\uff1a\u30a8\u30a2\u30c9\u30ed\u30c3\u30d7\u30dd\u30a4\u30f3\u30c8\u306a\u3069\u3001Pendle\u4e0a\u3067\u306f\u76f4\u63a5\u8868\u793a\u3055\u308c\u306a\u3044\u8ffd\u52a0\u5831\u916c\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u5143\u306e\u8cc7\u7523\u306e\u5229\u56de\u308a\u306b\u52a0\u3048\u3001Pendle\u72ec\u81ea\u306e\u5831\u916c\u304c\u4e0a\u4e57\u305b\u3055\u308c\u308b\u70b9\u304cLP\u6226\u7565\u306e\u5927\u304d\u306a\u30e1\u30ea\u30c3\u30c8\u3067\u3059\u3002<br>\u307e\u305f\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u30c8\u30fc\u30af\u30f3\u3067\u3042\u308b$PENDLE\u3092\u30ed\u30c3\u30af\u3057\u3066vePENDLE\u3092\u4fdd\u6709\u3059\u308b\u3053\u3068\u3067\u3001\u3053\u306eLP\u5831\u916c\u3092\u3055\u3089\u306b\u30d6\u30fc\u30b9\u30c8\u3055\u305b\u308b\u3053\u3068\u3082\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">LP\u6226\u7565\u306f\u3001\u76f8\u5834\u3092\u7a4d\u6975\u7684\u306b\u4e88\u6e2c\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u30d7\u30ed\u30c8\u30b3\u30eb\u306e\u6210\u9577\u306b\u8ca2\u732e\u3057\u306a\u304c\u3089\u3001\u591a\u69d8\u306a\u53ce\u76ca\u6e90\u3092\u78ba\u4fdd\u3057\u305f\u3044\u3068\u8003\u3048\u308b\u3001\u30d0\u30e9\u30f3\u30b9\u306e\u53d6\u308c\u305f\u4e2d\u7d1a\u8005\u5411\u3051\u306e\u6226\u7565\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/span><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4eee\u60f3\u901a\u8ca8$PENDLE\u3068\u306f\u30fb\u5c06\u6765\u6027<\/h2>\n\n\n\n<p>Pendle Finance\u306e\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306b\u306f\u3001\u305d\u306e\u30cd\u30a4\u30c6\u30a3\u30d6\u30c8\u30fc\u30af\u30f3\u3067\u3042\u308b$PENDLE\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<br>PT\u3084YT\u3092\u7528\u3044\u305f\u57fa\u672c\u7684\u306a\u904b\u7528\u6226\u7565\u306b\u304a\u3044\u3066\u306f\u5fc5\u9808\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001$PENDLE\u306f\u30d7\u30ed\u30c8\u30b3\u30eb\u306e\u9577\u671f\u7684\u306a\u6210\u9577\u3068\u30ac\u30d0\u30ca\u30f3\u30b9\u306b\u304a\u3044\u3066\u4e2d\u5fc3\u7684\u306a\u5f79\u5272\u3092\u62c5\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">$PENDLE\u30c8\u30fc\u30af\u30f3\u3092\u30ed\u30c3\u30af\u3057\u3001vePENDLE (vote-escrowed PENDLE) \u3092\u4fdd\u6709\u3059\u308b\u3053\u3068\u3067\u3001\u30e6\u30fc\u30b6\u30fc\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u30e1\u30ea\u30c3\u30c8\u3092\u4eab\u53d7\u3067\u304d\u307e\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li><strong>LP\u5831\u916c\u306e\u30d6\u30fc\u30b9\u30c8<\/strong>\uff1a\u6d41\u52d5\u6027\u63d0\u4f9b\u8005\u3068\u3057\u3066\u5f97\u3089\u308c\u308b$PENDLE\u5831\u916c\u3092\u3001vePENDLE\u306e\u4fdd\u6709\u91cf\u306b\u5fdc\u3058\u3066\u5897\u52a0\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u30ac\u30d0\u30ca\u30f3\u30b9\u3078\u306e\u53c2\u52a0<\/strong>\uff1a\u30d7\u30ed\u30c8\u30b3\u30eb\u306e\u904b\u55b6\u306b\u95a2\u3059\u308b\u91cd\u8981\u306a\u610f\u601d\u6c7a\u5b9a\uff08\u3069\u306e\u30d7\u30fc\u30eb\u306b\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u3092\u914d\u5206\u3059\u308b\u304b\u306a\u3069\uff09\u306b\u6295\u7968\u3059\u308b\u6a29\u5229\u3092\u5f97\u3089\u308c\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u30d7\u30ed\u30c8\u30b3\u30eb\u53ce\u76ca\u306e\u5206\u914d<\/strong>\uff1aYT\u53d6\u5f15\u304b\u3089\u767a\u751f\u3059\u308b\u624b\u6570\u6599\u306e\u4e00\u90e8\u306a\u3069\u304c\u3001vePENDLE\u4fdd\u6709\u8005\u306b\u5206\u914d\u3055\u308c\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<p>Pendle Finance\u306f\u3001\u5358\u306a\u308b\u4e00\u3064\u306eDeFi\u30d7\u30ed\u30c8\u30b3\u30eb\u306b\u7559\u307e\u3089\u305a\u3001DeFi\u306b\u304a\u3051\u308b\u300c\u91d1\u5229\u5e02\u5834\u306e\u30a4\u30f3\u30d5\u30e9\u300d\u3068\u306a\u308b\u3053\u3068\u3092\u76ee\u6307\u3057\u3066\u304a\u308a\u3001\u305d\u306e\u6210\u9577\u30b7\u30ca\u30ea\u30aa\u306f\u6975\u3081\u3066\u91ce\u5fc3\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li><strong>\u30de\u30eb\u30c1\u30c1\u30a7\u30fc\u30f3\u5c55\u958b\u3068EVM\u3092\u8d85\u3048\u305f\u62e1\u5927<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u3053\u308c\u307e\u3067\u30a4\u30fc\u30b5\u30ea\u30a2\u30e0\u53ca\u3073\u305d\u306e\u30ec\u30a4\u30e4\u30fc2\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3092\u4e2d\u5fc3\u306b\u5c55\u958b\u3057\u3066\u304d\u307e\u3057\u305f\u304c\u30012025\u5e74\u306e\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\u3067\u306fSolana\u3001Hyperliquid\u3001TON\u3068\u3044\u3063\u305fEVM\uff08\u30a4\u30fc\u30b5\u30ea\u30a2\u30e0\u4eee\u60f3\u30de\u30b7\u30f3\uff09\u4ee5\u5916\u306e\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u3078\u306e\u62e1\u5927\u3092\u8a08\u753b\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n\n\n\n<li>\u3053\u308c\u306b\u3088\u308a\u3001\u5168\u304f\u65b0\u3057\u3044\u30e6\u30fc\u30b6\u30fc\u5c64\u3068\u8cc7\u672c\u3092\u53d6\u308a\u8fbc\u307f\u3001DeFi\u5168\u4f53\u306e\u56fa\u5b9a\u91d1\u5229\u30ec\u30a4\u30e4\u30fc\u3068\u3057\u3066\u306e\u5730\u4f4d\u3092\u78ba\u7acb\u3059\u308b\u3053\u3068\u3092\u76ee\u6307\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u547c\u3073\u8fbc\u307f<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u898f\u5236\u306b\u6e96\u62e0\u3057\u305f\u6295\u8cc7\u3092\u6c42\u3081\u308b\u6a5f\u95a2\u6295\u8cc7\u5bb6\u5411\u3051\u306b\u3001KYC\uff08\u672c\u4eba\u78ba\u8a8d\uff09\u306b\u5bfe\u5fdc\u3057\u305f\u30d7\u30ed\u30c0\u30af\u30c8\u7fa4\u300cCitadel\u300d\u306e\u7acb\u3061\u4e0a\u3052\u3092\u9032\u3081\u3066\u3044\u307e\u3059\u3002<\/li>\n\n\n\n<li>\u3053\u308c\u306b\u3088\u308a\u3001\u4f1d\u7d71\u7684\u306a\u91d1\u878d\u6a5f\u95a2\u304c\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u306e\u5229\u56de\u308a\u5546\u54c1\u3078\u30a2\u30af\u30bb\u30b9\u3059\u308b\u969b\u306e\u969c\u58c1\u3092\u53d6\u308a\u9664\u304d\u3001\u6570\u5341\u5104\u30c9\u30eb\u898f\u6a21\u306e\u65b0\u305f\u306a\u8cc7\u91d1\u6d41\u5165\u3092\u4fc3\u9032\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u6c38\u7d9a\u5229\u56de\u308a\u5e02\u5834\u3078\u306e\u9032\u51fa (Boros)<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u73fe\u5728\u306e\u30b9\u30dd\u30c3\u30c8\u5229\u56de\u308a\u306e\u53d6\u5f15\u306b\u52a0\u3048\u3001\u7121\u671f\u9650\u5148\u7269\u5951\u7d04\u306e\u8cc7\u91d1\u8abf\u9054\u7387\uff08\u30d5\u30a1\u30f3\u30c7\u30a3\u30f3\u30b0\u30ec\u30fc\u30c8\uff09\u3068\u3044\u3063\u305f\u300c\u6c38\u7d9a\u7684\u306a\u5229\u56de\u308a\u300d\u3092\u53d6\u5f15\u53ef\u80fd\u306b\u3059\u308b\u300cBoros\u300d\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3092\u8a08\u753b\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n\n\n\n<li>\u3053\u308c\u306f\u3001\u4eee\u60f3\u901a\u8ca8\u5e02\u5834\u3067\u6700\u5927\u7d1a\u304b\u3064\u6700\u3082\u5909\u52d5\u306e\u6fc0\u3057\u3044\u5229\u56de\u308a\u6e90\u3092\u6271\u3046\u3082\u306e\u3067\u3042\u308a\u3001\u6210\u529f\u3059\u308c\u3070Pendle\u306fDeFi\u306b\u304a\u3051\u308b\u91d1\u5229\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5e02\u5834\u306e\u652f\u914d\u7684\u306a\u30d7\u30ec\u30a4\u30e4\u30fc\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u6226\u7565\u304c\u793a\u3059\u3088\u3046\u306b\u3001Pendle Finance\u306f\u5229\u56de\u308a\u53d6\u5f15\u306e\u53ef\u80fd\u6027\u3092\u3042\u3089\u3086\u308b\u65b9\u5411\u306b\u62e1\u5927\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u3084\u30c8\u30fc\u30af\u30f3\u5316\u3055\u308c\u305f\u73fe\u5b9f\u4e16\u754c\u8cc7\u7523\uff08RWA\uff09\u306e\u5e02\u5834\u304c\u6210\u9577\u3059\u308b\u4e2d\u3067\u3001Pendle\u304c\u63d0\u4f9b\u3059\u308b\u56fa\u5b9a\u91d1\u5229\u30a4\u30f3\u30d5\u30e9\u306e\u91cd\u8981\u6027\u306f\u307e\u3059\u307e\u3059\u9ad8\u307e\u3063\u3066\u3044\u304f\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pendle Finance\u3092\u4f7f\u3046\u3068\u304d\u306e4\u3064\u306e\u30ea\u30b9\u30af<\/h2>\n\n\n\n<p>Pendle Finance\u306f\u9769\u65b0\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u3082\u305f\u3089\u3059\u53ef\u80fd\u6027\u304c\u3042\u308b\u4e00\u65b9\u3067\u3001\u5229\u7528\u3059\u308b\u969b\u306b\u306f\u5fc5\u305a\u7406\u89e3\u3057\u3066\u304a\u304f\u3079\u304d\u30ea\u30b9\u30af\u304c\u5b58\u5728\u3057\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u4e3b\u8981\u306a4\u3064\u306e\u30ea\u30b9\u30af\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box\"><div class=\"cap_box_ttl\"><span><strong>Pendle Finance\uff1a4\u3064\u306e\u30ea\u30b9\u30af<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li><strong>YT\u306e\u6642\u9593\u7684\u4fa1\u5024\u3068\u6e80\u671f\u30ea\u30b9\u30af<\/strong><\/li>\n\n\n\n<li><strong>\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u30ea\u30b9\u30af<\/strong><\/li>\n\n\n\n<li><strong>\u5143\u8cc7\u7523\u306e\u30ea\u30b9\u30af<\/strong><\/li>\n\n\n\n<li><strong>PT\u306e\u5143\u672c\u5272\u308c\u30ea\u30b9\u30af<\/strong><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">YT\u306e\u6642\u9593\u7684\u4fa1\u5024\u3068\u6e80\u671f\u30ea\u30b9\u30af<\/h3>\n\n\n\n<p>YT\uff08\u5229\u56de\u308a\u30c8\u30fc\u30af\u30f3\uff09\u306f\u3001\u305d\u306e\u6027\u8cea\u4e0a\u3001\u6642\u9593\u3068\u5171\u306b\u4fa1\u5024\u304c\u6e1b\u5c11\u3057\u3066\u3044\u304d\u307e\u3059\u3002<br><strong><span class=\"swl-marker mark_yellow\">YT\u306f\u3042\u304f\u307e\u3067\u300c\u6e80\u671f\u65e5\u307e\u3067\u306e\u5229\u56de\u308a\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u300d\u3067\u3042\u308a\u3001\u6e80\u671f\u65e5\u304c\u8a2a\u308c\u305f\u77ac\u9593\u3001\u305d\u306e\u4fa1\u5024\u306f\u5b8c\u5168\u306b\u30bc\u30ed\u306b<\/span><\/strong>\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u4f7f\u3044\u5207\u3063\u305f\u30c1\u30b1\u30c3\u30c8\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3057\u305f\u304c\u3063\u3066\u3001<strong><span class=\"swl-inline-color has-swl-deep-01-color\">YT\u3092\u8cfc\u5165\u3057\u305f\u5834\u5408\u306f\u3001\u6e80\u671f\u307e\u3067\u306e\u9593\u306b\u5f97\u3089\u308c\u308b\u5229\u56de\u308a\u3084\u30dd\u30a4\u30f3\u30c8\u306e\u4fa1\u5024\u304c\u3001YT\u306e\u8cfc\u5165\u4fa1\u683c\u3092\u4e0a\u56de\u3089\u306a\u3051\u308c\u3070\u6295\u8cc7\u306f\u640d\u5931\u306b\u7d42\u308f\u308a\u307e\u3059<\/span><\/strong>\u3002\u7279\u306b\u3001\u4fa1\u683c\u5909\u52d5\u304c\u6fc0\u3057\u3044\u76f8\u5834\u3067\u306f\u3001\u6295\u8cc7\u984d\u306e\u5168\u3066\u3092\u5931\u3046\u53ef\u80fd\u6027\u3082\u5341\u5206\u306b\u3042\u308b\u305f\u3081\u3001\u5fc5\u305a\u4f59\u5270\u8cc7\u91d1\u3067\u904b\u7528\u3059\u308b\u3053\u3068\u304c\u9244\u5247\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u30ea\u30b9\u30af<\/h3>\n\n\n\n<p>Pendle Finance\u306f\u3001\u305d\u306e\u904b\u55b6\u306e\u6839\u5e79\u3092\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\uff08\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u4e0a\u3067\u81ea\u52d5\u5b9f\u884c\u3055\u308c\u308b\u30d7\u30ed\u30b0\u30e9\u30e0\uff09\u306b\u4f9d\u5b58\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u307e\u3067\u306b\u6570\u591a\u304f\u306e\u5c02\u9580\u6a5f\u95a2\u306b\u3088\u308b\u76e3\u67fb\u3092\u53d7\u3051\u3066\u304a\u308a\u3001\u9ad8\u3044\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u57fa\u6e96\u3092\u7dad\u6301\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u30d7\u30ed\u30b0\u30e9\u30e0\u306b\u672a\u77e5\u306e\u30d0\u30b0\u3084\u8106\u5f31\u6027\u304c\u5b58\u5728\u3059\u308b\u53ef\u80fd\u6027\u306f\u30bc\u30ed\u3067\u306f\u3042\u308a\u307e\u305b\u3093 \u3002\u4e07\u304c\u4e00\u3001\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u304c\u30cf\u30c3\u30ad\u30f3\u30b0\u653b\u6483\u3092\u53d7\u3051\u305f\u5834\u5408\u3001\u30d7\u30ed\u30c8\u30b3\u30eb\u306b\u9810\u3051\u5165\u308c\u305f\u8cc7\u7523\u3092\u5931\u3046\u30ea\u30b9\u30af\u306f\u3001\u4ed6\u306eDeFi\u30d7\u30ed\u30c8\u30b3\u30eb\u3068\u540c\u69d8\u306b\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5143\u8cc7\u7523\u306e\u30ea\u30b9\u30af<\/h3>\n\n\n\n<p>\u3053\u308c\u306f\u6700\u3082\u6ce8\u610f\u3059\u3079\u304d\u30ea\u30b9\u30af\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<br>Pendle\u3067\u53d6\u5f15\u3055\u308c\u308bPT\u3084YT\u306e\u4fa1\u5024\u306f\u3001\u305d\u306e\u5927\u5143\u3068\u306a\u308b\u8cc7\u7523\uff08Underlying Asset\uff09\u306e\u4fa1\u5024\u306b\u5b8c\u5168\u306b\u4f9d\u5b58\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u4f8b\u3048\u3070\u3001\u3042\u306a\u305f\u304ceETH\uff08ether.fi\u306e\u30ea\u30ad\u30c3\u30c9\u30ea\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30c8\u30fc\u30af\u30f3\uff09\u306ePT\u3084YT\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u3082\u3057ether.fi\u306e\u30d7\u30ed\u30c8\u30b3\u30eb\u306b\u554f\u984c\u304c\u767a\u751f\u3057\u305f\u308a\u3001eETH\u306e\u4fa1\u683c\u304cETH\u3068\u8457\u3057\u304f\u4e56\u96e2\uff08\u30c7\u30da\u30b0\uff09\u3057\u305f\u308a\u3059\u308c\u3070\u3001PT\u3084YT\u306e\u4fa1\u5024\u3082\u66b4\u843d\u3057\u3001\u5171\u5012\u308c\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u7279\u306b\u3001sUSDe\u306e\u3088\u3046\u306a\u5408\u6210\u30c9\u30eb\u306f\u3001\u305d\u306e\u8907\u96d1\u306a\u4ed5\u7d44\u307f\u304b\u3089\u72ec\u81ea\u306e\u30c7\u30da\u30b0\u30ea\u30b9\u30af\u3092\u62b1\u3048\u3066\u3044\u307e\u3059\u3002<br><strong><span class=\"swl-inline-color has-swl-deep-01-color\">\u5229\u56de\u308a\u304c\u9ad8\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u305d\u308c\u3060\u3051\u5143\u8cc7\u7523\u304c\u4f55\u3089\u304b\u306e\u30ea\u30b9\u30af\u3092\u8ca0\u3063\u3066\u3044\u308b\u3053\u3068\u306e\u88cf\u8fd4\u3057<\/span><\/strong>\u3067\u3042\u308b\u3068\u3044\u3046DeFi\u306e\u57fa\u672c\u539f\u5247\u3092\u5e38\u306b\u5fd8\u308c\u3066\u306f\u3044\u3051\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">PT\u306e\u5143\u672c\u5272\u308c\u30ea\u30b9\u30af<\/h3>\n\n\n\n<p>PT\u306f\u6e80\u671f\u306b\u306a\u308c\u3070\u5143\u672c\u304c\u8fd4\u3063\u3066\u304f\u308b\u3068\u8aac\u660e\u3057\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306b\u306f\u4f8b\u5916\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<br>\u305d\u308c\u306f\u3001<strong><span class=\"swl-marker mark_yellow\">\u5143\u8cc7\u7523\u306e\u5229\u56de\u308a\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u300c\u30cd\u30ac\u30c6\u30a3\u30d6\u30a4\u30fc\u30eb\u30c9\u300d\u3068\u3044\u3046\u7a00\u306a\u72b6\u6cc1\u304c\u767a\u751f\u3057\u305f\u5834\u5408<\/span><\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4f8b\u3048\u3070\u3001\u4f55\u3089\u304b\u306e\u7406\u7531\u3067stETH\u306e\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u5831\u916c\u304c\u30da\u30ca\u30eb\u30c6\u30a3\u306a\u3069\u306b\u3088\u308a\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u305f\u5834\u5408\u3001\u305d\u306e\u5229\u56de\u308a\u3092\u6e90\u6cc9\u3068\u3059\u308bPT\u306e\u4fa1\u5024\u3082\u5f71\u97ff\u3092\u53d7\u3051\u3001\u6e80\u671f\u6642\u306b\u5143\u672c\u5272\u308c\u3092\u8d77\u3053\u3059\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u306f\u6975\u3081\u3066\u7a00\u306a\u30b1\u30fc\u30b9\u3067\u3059\u304c\u3001\u7406\u8ad6\u4e0a\u306e\u30ea\u30b9\u30af\u3068\u3057\u3066\u5b58\u5728\u3059\u308b\u3053\u3068\u3092\u8a8d\u8b58\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"swell-block-postLink\">\t\t\t<div class=\"p-blogCard -internal\" data-type=\"type1\" data-onclick=\"clickLink\">\n\t\t\t\t<div class=\"p-blogCard__inner\">\n\t\t\t\t\t<span class=\"p-blogCard__caption\">\u3042\u308f\u305b\u3066\u8aad\u307f\u305f\u3044<\/span>\n\t\t\t\t\t<div class=\"p-blogCard__thumb c-postThumb\"><figure class=\"c-postThumb__figure\"><img decoding=\"async\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2022\/02\/ICHIZEN-CAPITAL-7-1-300x169.png\" alt=\"\" class=\"c-postThumb__img u-obf-cover\" width=\"320\" height=\"180\"><\/figure><\/div>\t\t\t\t\t<div class=\"p-blogCard__body\">\n\t\t\t\t\t\t<a class=\"p-blogCard__title\" href=\"https:\/\/ichizenholdings.co.jp\/media\/impermanent-loss\/\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3068\u306f\uff1f\u5bfe\u7b56\u6cd5\u3084\u65e9\u898b\u8868\u30fb\u4ed5\u7d44\u307f\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/a>\n\t\t\t\t\t\t<span class=\"p-blogCard__excerpt\">DeFi\uff08\u5206\u6563\u578b\u91d1\u878d\uff09\u306e\u4e16\u754c\u3067\u3001\u30a4\u30fc\u30eb\u30c9\u30d5\u30a1\u30fc\u30df\u30f3\u30b0\u3084\u6d41\u52d5\u6027\u63d0\u4f9b\u3068\u3044\u3063\u305f\u9b45\u529b\u7684\u306a\u904b\u7528\u65b9\u6cd5\u306b\u6311\u6226\u3057\u3088\u3046\u3068\u3059\u308b\u3068\u304d\u3001\u591a\u304f\u306e\u4eba\u304c\u51fa\u4f1a\u3046\u306e\u304c\u300c\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\uff08Imper&#8230;<\/span>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\n<h2 class=\"wp-block-heading\">Pendle Finance\u3092\u3053\u308c\u304b\u3089\u89e6\u308b\u4eba\u3078<\/h2>\n\n\n\n<p>\u3053\u306e\u8a18\u4e8b\u3092\u8aad\u3093\u3067\u3001Pendle Finance\u306b\u8208\u5473\u3092\u6301\u3063\u305f\u3082\u306e\u306e\u3001\u4f55\u304b\u3089\u624b\u3092\u3064\u3051\u308c\u3070\u826f\u3044\u304b\u5206\u304b\u3089\u306a\u3044\u3068\u3044\u3046\u65b9\u3082\u591a\u3044\u3067\u3057\u3087\u3046 \u3002\u6700\u5f8c\u306b\u3001\u3053\u308c\u304b\u3089Pendle\u3092\u89e6\u3063\u3066\u307f\u3088\u3046\u3068\u3044\u3046\u65b9\u3078\u306e\u5b9f\u8df5\u7684\u306a\u30a2\u30c9\u30d0\u30a4\u30b9\u3092\u3044\u304f\u3064\u304b\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-step\" data-num-style=\"circle\">\n<div class=\"swell-block-step__item\"><div class=\"swell-block-step__number u-bg-main\"><span class=\"__label\">STEP<\/span><\/div><div class=\"swell-block-step__title u-fz-l\">\u516c\u5f0f\u30b5\u30a4\u30c8\u3092\u8997\u304f<\/div><div class=\"swell-block-step__body\">\n<p>\u4f55\u3088\u308a\u3082\u307e\u305a\u3001Pendle\u306e\u516c\u5f0f\u30b5\u30a4\u30c8\uff08pendle.finance\uff09\u306b\u30a2\u30af\u30bb\u30b9\u3057\u3001\u3069\u306e\u3088\u3046\u306a\u8cc7\u7523\u304c\u30ea\u30b9\u30c8\u3055\u308c\u3066\u3044\u308b\u304b\u3001\u305d\u3057\u3066\u73fe\u5728\u306e\u5229\u56de\u308a\u304c\u3069\u306e\u304f\u3089\u3044\u306a\u306e\u304b\u3092\u773a\u3081\u3066\u307f\u308b\u3053\u3068\u304b\u3089\u59cb\u3081\u307e\u3057\u3087\u3046\u3002<br>\u30d5\u30a3\u30c3\u30b7\u30f3\u30b0\u30b5\u30a4\u30c8\u3092\u907f\u3051\u308b\u305f\u3081\u3001URL\u304c\u6b63\u3057\u3044\u3053\u3068\u3092\u5fc5\u305a\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u30ea\u30b9\u30af\u306e\u306a\u3044\u60c5\u5831\u53ce\u96c6\u3060\u3051\u3067\u3082\u3001\u5e02\u5834\u306e\u30c8\u30ec\u30f3\u30c9\u3092\u63b4\u3080\u826f\u3044\u52c9\u5f37\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-step__item\"><div class=\"swell-block-step__number u-bg-main\"><span class=\"__label\">STEP<\/span><\/div><div class=\"swell-block-step__title u-fz-l\">\u9ad8\u5229\u56de\u308a\u8cc7\u7523\u306e\u80cc\u666f\u3092\u8abf\u3079\u308b<\/div><div class=\"swell-block-step__body\">\n<p>\u3082\u3057\u9b45\u529b\u7684\u306a\u5229\u56de\u308a\u306e\u8cc7\u7523\u3092\u898b\u3064\u3051\u305f\u3089\u3001\u3059\u3050\u306b\u98db\u3073\u3064\u304f\u306e\u3067\u306f\u306a\u304f\u3001\u300c<span class=\"swl-inline-color has-swl-deep-01-color\"><strong>\u306a\u305c\u3053\u306e\u8cc7\u7523\u306f\u9ad8\u3044\u5229\u56de\u308a\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u308b\u306e\u304b\uff1f<\/strong><\/span>\u300d\u305d\u306e\u4ed5\u7d44\u307f\u3092\u81ea\u5206\u81ea\u8eab\u3067\u8abf\u3079\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002<br>\u305d\u306e\u8cc7\u7523\u306f\u3069\u306e\u3088\u3046\u306a\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c\u767a\u884c\u3057\u3066\u3044\u3066\u3001\u3069\u306e\u3088\u3046\u306a\u30ea\u30b9\u30af\u3092\u5185\u5305\u3057\u3066\u3044\u308b\u306e\u304b\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u3001\u8ce2\u660e\u306a\u6295\u8cc7\u306e\u7b2c\u4e00\u6b69\u3067\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-step__item\"><div class=\"swell-block-step__number u-bg-main\"><span class=\"__label\">STEP<\/span><\/div><div class=\"swell-block-step__title u-fz-l\">\u5c11\u984d\u304b\u3089\u8a66\u3057\u3066\u307f\u308b<\/div><div class=\"swell-block-step__body\">\n<p>\u4ed5\u7d44\u307f\u3068\u30ea\u30b9\u30af\u3092\u7406\u89e3\u3057\u305f\u3089\u3001\u307e\u305a\u306f\u5931\u3063\u3066\u3082\u554f\u984c\u306a\u3044\u3068\u601d\u3048\u308b\u5c11\u984d\u304b\u3089\u8a66\u3057\u3066\u307f\u308b\u3053\u3068\u3092\u5f37\u304f\u304a\u52e7\u3081\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7279\u306b\u3001\u5c06\u6765\u306e\u4fa1\u683c\u5909\u52d5\u30ea\u30b9\u30af\u304c\u9650\u5b9a\u7684\u306a\u300cPT\u6226\u7565\u300d\u306f\u3001\u521d\u5fc3\u8005\u306b\u3068\u3063\u3066\u6700\u521d\u306e\u30b9\u30c6\u30c3\u30d7\u3068\u3057\u3066\u6700\u9069\u3067\u3059\u3002<\/p>\n<\/div><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Pendle Finance \u307e\u3068\u3081<\/h2>\n\n\n\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001DeFi\u306b\u304a\u3051\u308b\u5229\u56de\u308a\u904b\u7528\u306e\u65b0\u305f\u306a\u5730\u5e73\u3092\u5207\u308a\u958b\u304fPendle Finance\u306b\u3064\u3044\u3066\u3001\u305d\u306e\u4ed5\u7d44\u307f\u304b\u3089\u5177\u4f53\u7684\u306a\u6226\u7565\u3001\u5c06\u6765\u6027\u3001\u305d\u3057\u3066\u30ea\u30b9\u30af\u306b\u81f3\u308b\u307e\u3067\u3092\u5305\u62ec\u7684\u306b\u89e3\u8aac\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p><strong><span class=\"swl-marker mark_yellow\">Pendle\u306f\u3001\u5358\u306b\u5229\u56de\u308a\u3092\u751f\u307f\u51fa\u3059\u3060\u3051\u3067\u306a\u304f\u3001\u305d\u306e\u300c\u5229\u56de\u308a\u300d\u81ea\u4f53\u3092\u30c8\u30fc\u30af\u30f3\u5316\u3057\u3066\u53d6\u5f15\u53ef\u80fd\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5bb6\u306b\u3053\u308c\u307e\u3067\u306b\u306a\u3044\u30ec\u30d9\u30eb\u306e\u67d4\u8edf\u6027\u3068\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3092\u63d0\u4f9b\u3057\u307e\u3059<\/span><\/strong>\u3002\u6700\u5f8c\u306b\u3001Pendle\u304c\u63d0\u4f9b\u3059\u308b\u4e3b\u8981\u306a\u6226\u7565\u3092\u518d\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box\"><div class=\"cap_box_ttl\"><span><strong>Pendle Finance\uff1a3\u3064\u306e\u6226\u7565<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li><strong>\u5b88\u308a\u306ePT\u6226\u7565<\/strong>\uff1a\u5c06\u6765\u306e\u91d1\u5229\u5909\u52d5\u30ea\u30b9\u30af\u3092\u30d8\u30c3\u30b8\u3057\u3001\u56fa\u5b9a\u5229\u56de\u308a\u3092\u78ba\u4fdd\u3057\u305f\u3044\u5b89\u5b9a\u5fd7\u5411\u306e\u6295\u8cc7\u5bb6\u5411\u3051\u3002<\/li>\n\n\n\n<li><strong>\u653b\u3081\u306eYT\u6226\u7565<\/strong>\uff1a\u5c11\u306a\u3044\u5143\u624b\u3067\u5c06\u6765\u306e\u5229\u56de\u308a\u3084\u30a8\u30a2\u30c9\u30ed\u30c3\u30d7\u30dd\u30a4\u30f3\u30c8\u3092\u52b9\u7387\u7684\u306b\u7372\u5f97\u3057\u305f\u3044\u3001\u30cf\u30a4\u30ea\u30b9\u30af\u30fb\u30cf\u30a4\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3046\u6295\u8cc7\u5bb6\u5411\u3051\u3002<\/li>\n\n\n\n<li><strong>\u30d0\u30e9\u30f3\u30b9\u306eLP\u6226\u7565<\/strong>\uff1a\u5e02\u5834\u306e\u65b9\u5411\u6027\u3092\u4e88\u6e2c\u305b\u305a\u3001\u53d6\u5f15\u624b\u6570\u6599\u3084\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u5831\u916c\u3092\u30b3\u30c4\u30b3\u30c4\u3068\u7a4d\u307f\u4e0a\u3052\u305f\u3044\u4e2d\u7d1a\u8005\u5411\u3051\u306e\u6226\u7565\u3002<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p>DeFi\u306e\u4e16\u754c\u306f\u65e5\u3005\u9032\u5316\u3057\u3066\u304a\u308a\u3001Pendle\u306e\u3088\u3046\u306a\u9769\u65b0\u7684\u306a\u30d7\u30ed\u30c8\u30b3\u30eb\u3092\u7406\u89e3\u3057\u3001\u4f7f\u3044\u3053\u306a\u3059\u3053\u3068\u304c\u3001\u3053\u308c\u304b\u3089\u306e\u8cc7\u7523\u904b\u7528\u306b\u304a\u3044\u3066\u5927\u304d\u306a\u30a2\u30c9\u30d0\u30f3\u30c6\u30fc\u30b8\u3068\u306a\u308b\u3053\u3068\u306f\u9593\u9055\u3044\u3042\u308a\u307e\u305b\u3093\u3002<br>\u52d5\u753b\u3084\u8a18\u4e8b\u3067\u5b66\u3076\u3060\u3051\u3067\u306a\u304f\u3001\u307e\u305a\u306f\u5c11\u984d\u304b\u3089\u3067\u3082\u5b9f\u969b\u306b\u89e6\u308c\u3066\u307f\u308b\u3053\u3068\u304c\u3001\u4f55\u3088\u308a\u306e\u5b66\u3073\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u8a18\u4e8b\u304c\u3001\u3042\u306a\u305f\u306eDeFi\u3078\u306e\u7406\u89e3\u3092\u6df1\u3081\u3001\u65b0\u305f\u306a\u4e00\u6b69\u3092\u8e0f\u307f\u51fa\u3059\u304d\u3063\u304b\u3051\u3068\u306a\u308c\u3070\u5e78\u3044\u3067\u3059\u3002<\/p>\n\n\n<div class=\"swell-block-postLink\">\t\t\t<div class=\"p-blogCard -internal\" data-type=\"type1\" data-onclick=\"clickLink\">\n\t\t\t\t<div class=\"p-blogCard__inner\">\n\t\t\t\t\t<span class=\"p-blogCard__caption\">\u3042\u308f\u305b\u3066\u8aad\u307f\u305f\u3044<\/span>\n\t\t\t\t\t<div class=\"p-blogCard__thumb c-postThumb\"><figure class=\"c-postThumb__figure\"><img decoding=\"async\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/12\/ICHIZEN-CAPITAL-32-1-300x169.png\" alt=\"\" class=\"c-postThumb__img u-obf-cover\" width=\"320\" height=\"180\"><\/figure><\/div>\t\t\t\t\t<div class=\"p-blogCard__body\">\n\t\t\t\t\t\t<a class=\"p-blogCard__title\" href=\"https:\/\/ichizenholdings.co.jp\/media\/how-to-start-defi\/\">\u3010\u5b8c\u5168\u7248\u3011DeFi\u306e\u59cb\u3081\u65b9\uff5c\u5b9f\u969b\u306b\u904b\u7528\u3059\u308b\u307e\u3067\u306e\u5177\u4f53\u7684\u306aStep\u3092\u753b\u50cf\u4ed8\u304d\u3067\u89e3\u8aac\uff01<\/a>\n\t\t\t\t\t\t<span class=\"p-blogCard__excerpt\">\u300cDeFi\u3092\u59cb\u3081\u3066\u3001\u4e0d\u52b4\u6240\u5f97\u3092\u5f97\u305f\u3044\uff01\u300d\u3068\u601d\u3063\u3066\u3044\u308b\u65b9\u306b\u3053\u306e\u8a18\u4e8b\u306f\u8d85\u304a\u3059\u3059\u3081\u3067\u3059\uff01 \u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u3053\u308c\u304b\u3089DeFi\u3092\u59cb\u3081\u3088\u3046\u3068\u601d\u3063\u3066\u3044\u308b\u65b9\u306b\u5411\u3051\u3066\u3001DeFi\u3068\u306f\u4f55\u306a\u306e\u304b\uff1f&#8230;<\/span>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>DeFi\uff08\u5206\u6563\u578b\u91d1\u878d\uff09\u3067\u306e\u8cc7\u7523\u904b\u7528\u306b\u304a\u3044\u3066\u3001\u300c\u5229\u56de\u308a\u306e\u5909\u52d5\u300d\u306f\u5e38\u306b\u60a9\u307f\u306e\u7a2e\u3067\u3059\u3002\u9ad8\u3044\u5229\u56de\u308a\u306b\u60f9\u304b\u308c\u3066\u8cc7\u91d1\u3092\u6295\u3058\u305f\u3082\u306e\u306e\u3001\u7fcc\u65e5\u306b\u306f\u5229\u7387\u304c\u5927\u5e45\u306b\u4e0b\u843d\u3057\u3001\u671f\u5f85\u3057\u305f\u307b\u3069\u306e\u53ce\u76ca\u304c\u5f97\u3089\u308c\u306a\u304b\u3063\u305f\u3068\u3044\u3046\u7d4c\u9a13\u3092\u6301\u3064\u65b9\u3082\u5c11\u306a\u304f\u306a\u3044\u3067\u3057\u3087\u3046 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":204201,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[87],"tags":[],"class_list":["post-204162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-active-investments"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts\/204162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/comments?post=204162"}],"version-history":[{"count":5,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts\/204162\/revisions"}],"predecessor-version":[{"id":204203,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts\/204162\/revisions\/204203"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/media\/204201"}],"wp:attachment":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/media?parent=204162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/categories?post=204162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/tags?post=204162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}