Pendle Brings Institutional-Grade Private Infrastructure to DeFi with NGI+ Market

Pendle has introduced the NGI+ market, allowing DeFi users to trade fixed and variable yield on tokenized private infrastructure assets. This product brings institutional-grade investments into the world of onchain finance, with a maturity date of December 10, 2026, and an initial fixed yield of approximately 19% for principal token holders.

The NGI+ market uses a unique mechanism where users can split the NGI+ token into a principal token (PT) and a yield token (YT). Buying the PT locks in a fixed return, similar to buying a bond and holding it to maturity. In contrast, buying the YT provides variable yield exposure, essentially speculating on whether the underlying infrastructure assets will outperform the fixed rate.

The NGI+ token is backed by AssetoFinance and tracks the performance of a Partners Group infrastructure strategy called Next Generation Infrastructure. Since its inception in February 2024, this fund has delivered a cumulative net return of 48.8%, with volatility below 2.5% and no reported drawdowns.

Pendle co-founder TN Lee described the NGI+ integration as a significant step toward merging institutional-grade private infrastructure with blockchain technology. This move adds liquidity and composability to the tokenized real-world asset market, which has now surpassed $300 billion.