⚠️ NOTE ON DEPLOYMENT

• Naming convention
  • The SY name should follow the format: "SY " + IERC20(yieldToken).name().
  • The SY symbol should follow the format: "SY-" + IERC20(yieldToken).symbol().
  • Example: For Syrup USDC (syrupUSDC)
    • SY name should be SY Syrup USDC
    • SY symbol should be SY-syrupUSDC
• When deploying the SY, please check the following:
  • SY must be upgradeable in case the underlying contract changes.
  • ⚠️  The contract must be deployed using OZ’s Transparent Upgradeable Proxy, with Pendle’s Proxy Admin 0xA28c08f165116587D4F3E708743B4dEe155c5E64 as the admin.
    • When deploying the proxy, pass the proxy admin address (0xA28c08f165116587D4F3E708743B4dEe155c5E64) into the admin parameter (https://github.com/OpenZeppelin/openzeppelin-contracts/blob/v4.9.3/contracts/proxy/transparent/TransparentUpgradeableProxy.sol#L63), rather than deploying a new proxy admin.
  • Once the SY has been deployed:
    • Transfer ownership to Pendle’s pause controller so the SY can be paused in an emergency:
      • 0x830024529386a4a179ba6d1f31e8d49228674cd0 for Berachain
      • 0x2aD631F72fB16d91c4953A7f4260A97C2fE2f31e for every other blockchain
    • ⚠️  SY must inherit Ownable / BoringOwnable / another related single-owned contract. We do not accept SY authority management through AccessControl.

What is a SY?

SY (Standardized Yield) is a standard by Pendle, abstracting the information about a yield source.

A SY contract should contain all of the necessary logic to interact with the Pendle V2 system, including:

• Yield tokenization into PT and YT.
• Yield trading with Pendle V2 AMM.

Normally, SY is written as a wrapper of a yield bearing token (*yieldToken)*, allowing a yield source to interact with Pendle. Hence SY logic should include:

• How the yieldToken is minted/redeemed.

• What tokens can be used to mint/redeem the yieldToken.

• How yield is represented

  Normally, this is the exchangeRate between the yieldToken, and the underlying asset.

• The additional source of yield (rewards).

Prerequisite

• https://docs.pendle.finance/Developers/HighLevelArchitecture
• https://docs.pendle.finance/Developers/Contracts/StandardizedYield
• https://docs.pendle.finance/Developers/Contracts/UnitAndDecimals