defi yield

Pendle

Pendle Labs

Pendle is the leading yield-tokenization protocol. It splits yield-bearing assets (sUSDe, stETH, USDS, etc.) into separately-tradeable Principal Tokens (PT) and Yield Tokens (YT), enabling fixed-rate borrowing and yield speculation.

Official site Documentation Updated today
Scale
Updated 1d ago
TVL
$3.4B
24h volume
$95.0M
Active maturities
120+
Boros perp OI
$45M
Pendle V2 perp yield
Company

Pendle Finance Pte. Ltd.

Country
Singapore
Founded
Jun 1, 2021
Structure
private
Key people
  • TN Lee Co-founder & CEO
Timeline

Timeline

  1. Jun 29, 2021
    Pendle V1 mainnet
  2. Nov 15, 2022
    Pendle V2 launch
  3. Apr 1, 2024
    USDe PT markets explode
  4. Dec 10, 2024
    Boros (perp yield trading)
Funding and investors

Funding and investors

Total raised: $3.7M
Investors
Mechanism CapitalHashKey CapitalBixin VenturesCrypto.com Capital
Rounds
May 1, 2021 Seed $3.7M Mechanism Capital, HashKey
Products

Products

Own products
  • Pendle V2
  • PT/YT split
  • Boros (perpetual yield trading)
  • Pendle Earn (passive yield)
Integrations
  • Ethena USDe
  • Lido stETH
  • EigenLayer
  • Sky USDS
Stablecoins and chains

Stablecoins and chains

Stablecoins
usde usdc
Chains
ethereum arbitrum optimism bsc
Security and audits

Security and audits

Bug bounty (max): $250,000
Audits
  • Ackee Blockchain Feb 20, 2024 Pendle V2 + Boros
  • Spearbit Nov 15, 2023 Pendle V2 SY/PT/YT
Risk notes

Risk notes

  • ● Yield-asset peg risk on underlying
  • ● Liquidity fragmentation across maturities
  • ● Smart contract risk in V2 AMM
Competitors

Competitors

Element Finance (defunct)Sense Protocol (defunct)Spectra
Resources

Resources

Notes

For deeper context on Pendle’s role in stablecoin commerce, see the blog and the stablecoins index.