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Prerequisites: What is ArcX?, familiarity with Pendle basics

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Quick Mapping

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The Main Difference

Pendle splits a yield-bearing position into:
  • PT = principal
  • YT = interest + rewards
ArcX splits a vault position into:
  • ST = the underlying-token side, including any yield but without points exposure
  • EPT = the points side
This remains true for both yield-bearing and zero-yield vaults. If a vault has no underlying APY, NAV remains constant and ST is simply the underlying-token side. By isolating the points side, an EPT buyer does not also pay for the yield exposure they do not want.

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Illustrative Example

Assume a vault position:
  • earns 5% APR
  • is expected to contribute to a points program
  • has one year remaining in the selected series
In a principal/yield split, the points buyer may need to buy both the yield stream and points exposure. In ArcX, the EPT buyer pays only for the points side; ST retains exposure to the underlying and the 5% yield earned by vToken.

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Integration Model

On Pendle, points distribution is handled by the underlying protocol and requires protocol-side integration work. ArcX does not require changes to the underlying protocol. ArcX can integrate a protocol directly, track user credits, apply the market operator’s point weights, and issue CreditTokens through on-chain logic.

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When to Use Which

Read Trading CreditTokens for the separate CreditToken market.