SIERRA's third market on Pendle launches on July 2nd 2026, running through August 6th. This market matches the 10,500,000 Peaks allocation from Market #2 with a shorter market length

Market #2 Recap

SIERRA's second market on Pendle scaled meaningfully across every metric relative to the first market:

• Liquidity and TVL: reached $18M in AMM liquidity and nearly $28M in TVL, both up more than 2x from Market #1's ~$8M liquidity and ~$12M TVL

• Ranking: became the 9th largest market on Pendle across all chains, up from a Top 15 for Market #1

• Yields: Implied yields traded consistently between 9-12%

• Incentives: became eligible for Pendle's Limit Order incentives for the first time

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 #3 Key Details

Following the growth of the second market, SIERRA's third market is structured with a shorter maturity and further utility, including:

• Timeline: July 1st - August 6th 2026 (36 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 06AUG2026 will become eligible collateral on Morpho, enabling looping strategies for enhanced yield

Notably, the total allocation of Peaks for SIERRA's third market is at least the same size as the allocation for the second market. We have compressed the market length compressed into a 36-day window, representing a higher rate of Peaks distributed per day compared to Market #2. 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.

We intend to launch a fourth market on Pendle at the beginning of August 2026, which will run through the SGT's TGE 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

• 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 06AUG2026, 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 #2, you can redeem your PTs (PT SIERRA 01JUL2026) 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 #3, 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 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.