Provider comparison
Celsius / BlockFi / Voyager (collapsed) vs Pendle Finance: compare risk grade, apy, fees, regulation, and custody in one head-to-head table.
Once leading crypto earn platforms, Celsius, BlockFi, and Voyager collapsed due to risky lending and lack of …
Pendle Finance is a DeFi protocol that lets you tokenize and trade future yield. It is best suited for experi…
Risk grade
Celsius / BlockFi / Voyager (collapsed)
Pendle Finance
APY
Celsius / BlockFi / Voyager (collapsed)
Pendle Finance
Base vs max rate
Celsius / BlockFi / Voyager (collapsed)
Pendle Finance
Assets
Celsius / BlockFi / Voyager (collapsed)
Pendle Finance
Lock-up / unbonding
Celsius / BlockFi / Voyager (collapsed)
Pendle Finance
Custody
Celsius / BlockFi / Voyager (collapsed)
Pendle Finance
Liquid-staking token
Celsius / BlockFi / Voyager (collapsed)
Pendle Finance
Payout frequency
Celsius / BlockFi / Voyager (collapsed)
Pendle Finance
US access
Celsius / BlockFi / Voyager (collapsed)
Pendle Finance
| Feature | Celsius / BlockFi / Voyager (collapsed) | Pendle Finance |
|---|---|---|
| Risk grade | BB | |
| APY | Highly variable: fixed yields ~5-15%+ (PT) and leveraged/speculative yields (YT) can be much higher or negative; directional, product-specific | |
| Base vs max rate | Fixed-yield (PT) vs speculative yield-trading (YT) are fundamentally different risk profiles; headline APYs are not a passive base rate | |
| Assets | Yield-bearing tokens: stETH, weETH, sUSDe, aTokens, LSTs/LRTs and stablecoin yield assets | |
| Lock-up / unbonding | PT/YT have fixed maturities; positions tradable before maturity via AMM | |
| Custody | Non-custodial, on-chain; risks are smart-contract, underlying-asset (LST depeg), and complexity/mispricing, this is an advanced product | |
| Liquid-staking token | Wraps others' LSTs/LRTs (PT/YT tokens), does not issue its own base LST | |
| Payout frequency | Yield accrues to token holders; realized at trade/maturity | |
| US access | Yes (permissionless; front-end may geoblock) |
Celsius / BlockFi / Voyager (collapsed)
Once leading crypto earn platforms, Celsius, BlockFi, and Voyager collapsed due to risky lending and lack of transparency. This review examines what went wrong and how to choose safer earn products.
Pendle Finance
Pendle Finance is a DeFi protocol that lets you tokenize and trade future yield. It is best suited for experienced crypto users who understand yield strategies.
Risk warning: Cryptocurrency is a volatile, high-risk asset class. Prices can fall as well as rise, and you could lose some or all of the money you put in. Custodial providers carry counterparty risk; self-custody puts key security entirely on you. This page is general information, not financial advice.
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