Pendle is a yield trading protocol that allows users to tokenize and trade future yields by leveraging top yield-generating protocols such as Aave, Compound, and Wonderland. Similar to stripped bonds in traditional finance, Pendle splits yield-bearing assets into tokenized ownership (zero-coupon bonds) and yield components (coupons), enabling innovative yield trading opportunities.

Nunchi is an yield derivatives trading platform that turns income itself into a tradable asset. With Nunchi, users can go long or short yield (e.g., staked yield on stETH or interest rates on a bond index) as easily as they can trade any token. Moreover, users can operate with leverage anytime, anywhere.

Spectra is a protocol for future yield tokenisation.DeFi users can deposit their interest bearing tokens of other protocols during defined future periods and trade in advance the future yield that their funds will generate. Spectra works by placing Interest Bearing Tokens (IBT) or any yield-bearing asset for a fixed duration of time in a smart contract and issuing Future Yield Tokens (FYT) in return. The yield generated by these assets is directly received by the smart contract, and only the holder of the FYTs can redeem the corresponding underlying yield at the end of the period.As FYTs are regular ERC20 tokens, they can be freely traded, opening up a new market for future yield.

88mph is a non-custodial protocol that makes it easy to earn a fixed rate on cryptocurrency and stablecoin, speculate on future yields, and be rewarded with various incentives. 88mph offers two non-custodial on-chain products: 1. A fixed-term, fixed-rate yield product acting as an intermediary between users and third-party variable yield rate lending protocols to offer the best fixed yield rate on capital, with a custom maturity up to one year. 2. A yield speculation instrument, called Yield Tokens (YTs), allowing users to speculate on the variable yield rate of third-party protocols such as Compound or Aave.

Timeless is a yield tokenization protocol that offers Perpetual Yield Tokens (PYTs), giving their holders a perpetual right to claim the yield generated by the underlying principal. Additionally, Timeless offers Negative Yield Tokens (NYTs), providing a protocol-native way to short yield rates.