As you navigate DeFi, yield appears everywhere, whether you’re lending on Aave, staking through Lido Finance, or interacting with protocols like Morpho. In each case, you deposit assets to earn returns, and that position represents both your capital and the yield it generates over time. Protocols like Pendle Finance helped popularize a different model in DeFi, where a single yield-bearing position can be split into two distinct components, Principal & Yield Token: • Principal Token (PT