Pendle (PENDLE)USD

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.