About Pendle
Pendle is a permissionless yield-trading protocol built on Ethereum and other chains, including Arbitrum. It splits yield-bearing assets into two components: a principal token that represents fixed yield and a yield token that represents variable yield. Users can trade and manage future yield from each component independently. TN Lee and co-founders, including Vu Nguyen, started Pendle Finance around 2020 to 2021. The protocol's mainnet launched on Ethereum in June 2021. Pendle is a DeFi application layer and relies on the proof-of-stake consensus of whichever chain it deploys on. Its own design centers on yield tokenization contracts and a specialized AMM for trading principal and yield tokens. The native token is PENDLE, used for protocol incentives and governance. Users can stake PENDLE to receive vePENDLE, which grants governance voting rights, boosted yields on liquidity positions, and a share of protocol revenue. PENDLE has a reported total supply of approximately 281.5 million tokens. Weekly emissions decrease by 1.1 percent per week until April 2026, after which the protocol targets a terminal inflation rate of roughly 2 percent per year. There is no hard maximum supply cap. DeFi participants use Pendle to lock in fixed yields, speculate on variable yields, or build interest-rate strategies on yield-bearing assets.
Pendle becomes the largest DeFi venue for tokenized stocks with about 18.5% market share
Pendle's rise in DeFi tokenized stocks highlights growing interest in yield and leverage, signaling a shift in investment strategies within DeFi.
Pendle’s real-world asset TVL tops $850 million as RWAs take over the protocol
Pendle's shift to real-world assets highlights DeFi's evolving landscape, emphasizing stability and integration with traditional finance systems.
Pendle launches PendleLoop for automated leveraged trading
PendleLoop's automation of leveraged trading could significantly impact DeFi by increasing both potential returns and associated risks for traders.
Janus Henderson’s tokenized JAAA fund yields 5.37% onchain
The tokenization of traditional credit strategies like JAAA could revolutionize access to institutional-grade yields for crypto investors.
Centrifuge and Pendle bring fixed-rate markets to tokenized real-world assets on Base
The collaboration could revolutionize DeFi by integrating traditional finance, but it faces risks like liquidity and credit dependency challenges.
Pendle becomes second-largest DeFi venue for tokenized stocks with 17% share
Pendle's rapid ascent in DeFi tokenized stocks highlights the volatile yet transformative potential of decentralized finance innovations.
A sourced map of Pendle's relationships is on the way.
Partners, competitors and related assets, each link independently verified and source-linked before it appears here.
The Crypto Briefing podcast is on the way.
Conversations on Pendle and the wider market, hosted by our team, will appear here once episodes are live.