SIERRA's fourth market on Pendle launches on August 6th 2026, running through October 22nd, 2026. This is the final SIERRA market of the Summit Program, it uses the new SIERRA token natively issued on Ethereum as the underlying asset, and it carries the largest Peaks allocation of any market to date at 25,000,000 Peaks.

Market #3 Recap

SIERRA's third market on Pendle continued to scale across every metric relative to the second market:

• Liquidity and TVL: over $22M in AMM liquidity and over $30M in TVL

• Ranking: grew to the 8th largest market on Pendle across all chains, up from 9th for Market #2

• Yields: implied yields continued to trade between 9-11%

• Incentives: continued to be eligible for Pendle's Limit Order incentives with over $5M in depth, making SIERRA's market one of the most liquid RWA markets on Pendle

• PT Looping: SIERRA PTs were added as collateral on the Gauntlet USDT Frontier and Presto Forte Vaults

  
  

The sustained premium of implied yields over SIERRA's intrinsic yield of ~4% continued to signal strong demand for Peaks exposure through YT buying for participation in the Summit Program.

Market #4 Key Details

As the final market of the Summit Program, SIERRA's fourth market is structured with the largest Peaks allocation, a new underlying asset, and a maturity that runs to the TGE of the Sierra Governance Token (SGT), including:

• Timeline: August 6th, 2026 - October 22nd, 2026 (76 Days)

• New Underlying Asset: the market is built on the new SIERRA token natively issued on Ethereum (0xBcEb5f6877d979EC621AE694dA1102CB95691aD3), which becomes the standardized yield (SY) asset for the market. Authorized Participants mint and redeem this token directly on Ethereum, bringing primary liquidity to the same network as the market itself

• Peaks Allocation: At least 25,000,000 Peaks allocated for YT holders, which will be distributed throughout the market on each Friday consistent with the Summit Program

• New Integration: PT SIERRA OCT222026 will become eligible collateral on Morpho shortly after launch, enabling PT looping

  
  

The allocation of 25,000,000 Peaks is more than double the 10,500,000 allocated to Market #3 and represents at least 25% of the entire amount of Peaks to be distributed in the Summit Program. With the Summit Program concluding in September 2026 and the TGE of SGT occurring shortly afterwards, this is the final and largest opportunity to earn Peaks through Pendle.

Summit Program Reminder

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

• Users earn Peaks to track use of SIERRA

• Summit Program concludes in September 2026 and TGE for SGT in October 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 22OCT2026, 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 #3, you can redeem your PTs (PT SIERRA 06AUG2026) for SIERRA 1:1 without any fees. You can also withdraw from the LP position and claim any remaining accrued yield from YTs.

For Market #4, users can acquire SIERRA on Uniswap on Ethereum or directly through Pendle's Router, as it has been whitelisted to mint SIERRA on Ethereum. The Pendle Router supports swaps of any assets directly 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.