Infrared Points live on Pendle

Today we’re excited to announce the launch of Infrared Points on Pendle. To spice things up, we’re also introducing a 2x multiplier for both the iBGT and iBERA markets. We’ll cover backdated points and how to get started with Pendle below.

Backdated points

Good news: If you used the iBGT or iBERA markets on Pendle before 4/30/25, you’ve already earned backdated points. However, these points did not include the 2x multiplier. The 2x multiplier started after 4/30/25 and applies to all activity going forward.

You should see your backdated points reflected on the points leaderboard.

Getting started

To get started, head to the Pendle points markets page for Berachain. Once there, you’ll see Infrared’s tokens (iBGT and iBERA):

After selecting your token of choice, you’ll see that you can buy a YT, provide liquidity, or buy a PT token. Each of these have different tradeoffs and different implications for the amount of points you can earn.

Pendle basics

Put simply, Pendle lets you trade yield. It does this through yield tokenization, which involves splitting a yield-bearing asset into two parts: the principal and the yield.

In Pendle, those parts are called PT (Principal Token) and YT (Yield Token).

• 1 PT gives you the right to redeem the full value of the underlying asset at maturity.
• 1 YT gives you the right to the yield that asset earns until maturity, claimable in real time.

This structure lets you do things that aren’t normally possible such as lock in fixed yield, speculate on future APRs, or enter leveraged yield positions. We won’t dive too deep here, so if you're new to Pendle, check out Pendle Academy.

Leveraged points

With the launch of Infrared Points on Pendle, things get more interesting. Users can now earn leveraged points by buying YT tokens (screenshot below). When you buy a YT token, you’re betting that the points you’ll earn will be worth more than the cost to buy in. Here’s how it works:

Let’s say you have $1,000 and you're bullish on iBGT yield and the value of the points you’ll earn alongside it. To make that bet, you buy YT iBGT:

You’ll see a date under YT iBGT called the expiry. After purchase, the value of your principal trends toward zero. At expiry, you receive all the yield and all the points you’ve earned. If your bet was right, you could come out ahead with more in yield and points than you spent buying the YT token.

What’s next?

Going forward, you’ll see your retroactive points earned on Pendle alongside your future points earned on Pendle tracked on the Infrared Points page. If you have any questions, please join the Infrared Discord.