SIERRA's second market on Pendle launches on April 2nd 2026, running through July 1st. This second market brings significantly higher Peaks allocation for YT holders and unlocks new yield opportunities through PT looping on Morpho.

Market #1 Recap

SIERRA’s first market on Pendle demonstrated strong demand for both fixed yields and Peaks exposure:

• Achieved ~$8M in liquidity and ~$12M TVL

• Fixed yields on PTs were consistently above 11%

• Top 15 market on Pendle by liquidity and TVL and Top 10 for stablecoin-backed projects by fixed APY

The significant premium of implied yields over SIERRA's intrinsic yield of ~3.5% signaled strong demand for Peaks exposure through YT buying for eligibility in the Summit Program.

Market #2 Key Details

Following the success of the first market, SIERRA’s second market is designed to be longer in length and support larger TVL. Key details of Market #2 include:

• Timeline: April 1st - July 2nd 2026 (92 Days)

• Peaks Allocation: At least 10,500,000 Peaks allocated for YT holders, which will be distributed throughout the market on each Friday consistent with the Summit Program

• New Integration: Shortly after launch, PT SIERRA 01JUL2026 tokens will become eligible collateral on Morpho, enabling looping strategies for enhanced yield

Notably, the total allocation of Peaks for SIERRA’s second market is at least 10 times larger than the allocation for the first market, despite the second market being only 3 times longer in maturity. The allocation of 10,500,000 represents at least 10.5% of the entire amount of Peaks to be distributed in the Summit Program, making it a significant opportunity to earn Peaks before the TGE of the Sierra Governance Token (SGT) in October 2026.

Summit Program Reminder

The Summit Program was announced in November 2025 with clear terms:

• Users earn Peaks to track use of SIERRA

• TGE for SGT occurs by end of September 2026

• At TGE, Peaks convert to SGT based on share of total SGT supply allocated to Summit Program

• At least 30% of total SGT supply allocated to Summit Program participants

• At most 100,000,000 Peaks issued throughout the program

• No vesting, penalties, or similar mechanisms on SGT received at TGE

• Linear distribution of Peaks and sybil detection

• Weekly snapshots of activity from 00:00 UTC Thursday to 23:59 UTC the following Wednesday with weekly Peaks allocations released each Friday

By design, SIERRA's markets on Pendle are a core method for earning Peaks. The primary approach is holding YTs, such as YT-SIERRA-01JUL2026 with a smaller amount of Peaks allocated to users providing liquidity to SIERRA’s market on Pendle.

How to Participate

For users already active in Market #1, once it matures you can redeem your PTs for SIERRA 1:1 without any fees. You can also withdraw from the LP position if applicable and claim any remaining accrued yield from YTs.

For Market #2, users can acquire SIERRA on Uniswap on Ethereum or LFJ on Avalanche and bridge through Stargate. Pendle’s Router also supports swaps of any assets into SIERRA’s new PTs and YTs. 

Make sure to connect your wallet at https://app.sierra.money/peaks to check your allocation each week, as Peaks are released every Friday afternoon ET for activity in the previous week.

Look out for more announcements soon on the launch of a market on Morpho for SIERRA PTs, which enable users to borrow USDC against PTs and loop their position to earn enhanced yield through leverage.

"SIERRA’s second market on Pendle represents an opportunity for more users to get exposure to high fixed yields and Peaks. Two important changes for Market #2 are an increased allocation of 10,500,000 Peaks and an increased market duration from 30 to over 90 days. Additionally, we’re excited for the launch of SIERRA PTs as collateral on Morpho, which unlock new yield opportunities for sophisticated users" Mitchell Nicholson, Core Contributor at Sierra.