Pendle
PENDLE
#164Pendle
Pendle
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About & Links
About & Links
Pendle is a protocol initially deployed on Ethereum that provides a market for the yields of supported yield-bearing tokens. Pendle facilitates this market by splitting yield-bearing tokens into principal and yield tokens and offering liquidity pools by which these tokens can be traded. In doing so, Pendle offers a market for fixed and floating rates of supported yield-bearing tokens by which users can earn fixed yield, long yield (e.g., speculate on the yield of the underlying token increasing), and provide liquidity to the Pendle pool for the underlying token.
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Biggest Stories of 2025
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Pendle Solana Citadel Announced: The Pendle team confirmed that expanding Principal Tokens (PTs) to Solana via Chainlink CCIP and Kamino would represent the first non-EVM "Citadel" originally outlined in the 2025 Roadmap. This marks a major step in extending Pendle's yield market beyond Ethereum Virtual Machine (EVM) chains. (December 16, 2025)
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Pendle on Unichain: Pendle announced an expansion to Unichain beginning with Pendle PTs, USDai, and CUSD, allowing users to trade and use the assets as collateral on Unichain via the Pendle cross-chain PT interface. The assets leverage LayerZero's OFT standard for cross-chain functionality. (December 11, 2025)
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Kamino PT-sUSDe on Solana: The Kamino team announced plans to add support for PT-sUSDe on Solana, enabling Solana users to access Pendle's principal token for sUSDe directly through Kamino without interacting with Ethereum bridges or paying Ethereum gas fees. This was the first implementation of the Chainlink Cross-Chain Token (CCT) standard for Pendle. (December 11, 2025)
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Plasma Parade: Pendle launched Plasma Parade, a set of incentive campaigns on the Plasma network intended to distribute the native Plasma token, XPL, to users participating in Pendle's Plasma-based markets. The initiative introduced Maker Order Rewards and Exclusive Pendle Market Incentives. (October 9, 2025)
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Symphony Partnership: Symphony announced a partnership with Pendle Finance to enable the development of autonomous yield strategies on Pendle's markets, allowing developers to create and deploy agent-based yield strategies that utilize Pendle's PTs and Yield Tokens (YTs). (October 9, 2025)
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Pendle Deployment on Plasma: Pendle went live on Plasma, with five markets deployed at launch (sUSDe, USDe, syrupUSDT, USDai, and sUSDai). Additionally, $900,000 of XPL was issued as weekly incentives, suggesting YT and LP tokens would benefit from higher-than-normal yield. (October 2, 2025)
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Response to Potential Pendle Exploit: Following multiple reports on X suggesting a potential Pendle hack, the Pendle team issued an official statement confirming that the protocol itself had not been compromised and that all funds remained secure. The incident was limited to a single individual's wallet, which was drained by an exploiter who minted and sold PY/YT tokens. (September 30, 2025)
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Pendle Deployment on HyperEVM Launched: Pendle went live on HyperEVM, initially featuring Hyperbeat USDT, Ultra Hype, and beHYPE (pre-deposit) pools, in addition to a Kinetiq kHype pool. The team indicated plans to grow its yield ecosystem on HyperEVM by expanding markets and introducing native Pencosystem support like PT and LP collateral. (July 30, 2025)
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Pendle Fee Adjustments: The Pendle team announced that vePENDLE yield would be distributed in stables beginning in May 2025, and that YT fees would increase from 3% to 5% on May 2, 2025, with all fees continuing to be distributed to vePENDLE holders. The adjustment was projected to increase overall protocol revenue by ~30% and increase proceeds to vePENDLE's base APY by ~60%. (April 14, 2025)
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Deployment on Berachain: Pendle Finance went live on Berachain, leveraging LayerZero infrastructure for cross-chain messaging. (March 27, 2025)
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Pendle Prime: The Pendle team introduced Pendle Prime, a curated collection of pools that have met specific requirements such as proven traction and a TVL threshold. The feature came as Pendle began to support community listings with plans to make permissionless pool deployment accessible through the UI. (March 6, 2025)
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Pendle Deployment on Sonic: Pendle went live on Sonic, and the PENDLE token became available on the network. (February 27, 2025)
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Pendle Principal Token Risk Oracle (Proposed): Voting started on a proposal to introduce a Risk Oracle framework for integrating Pendle Finance's Principal Tokens (PTs) into Aave's lending markets, incorporating volatility-based pricing mechanisms, dynamic loan-to-value (LTV) adjustments, and a killswitch mechanism. The proposal was subsequently canceled. (February 17–18, 2025)
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Pendle 2025 Roadmap: Pendle co-founder TN Lee shared a blog post detailing three pillars for Pendle in 2025: Pendle V2 (opening up pool deployment, dynamic fees, and vePENDLE improvements), Citadels (PT for non-EVM ecosystems, TradFi, and Islamic funds), and Boros (a new set of standards for trades to interact with funding rates). Lee concluded that the value generated from all three pillars "will be seen in flows to vePENDLE." (February 4, 2025)
About & Links
About & Links
Pendle is a protocol initially deployed on Ethereum that provides a market for the yields of supported yield-bearing tokens. Pendle facilitates this market by splitting yield-bearing tokens into principal and yield tokens and offering liquidity pools by which these tokens can be traded. In doing so, Pendle offers a market for fixed and floating rates of supported yield-bearing tokens by which users can earn fixed yield, long yield (e.g., speculate on the yield of the underlying token increasing), and provide liquidity to the Pendle pool for the underlying token.
Pendle Profile
Pendle Profile
Pendle was co-founded by TN Lee, Vu Nguyen, GT, and YK and was first introduced by its former name, Benchmark, in November 2020 as “an on-chain yield asset aggregator enabling the separation and trading of future yield.”
Below is a timeline of key protocol developments:
- On March 20, 2021, the Pendle testnet was launched.
- On April 28, 2021, Pendle held its liquidity bootstrapping event for ERC-20 PENDLE, the day after the token contract was deployed on April 27, 2021.
- On June 16, 2021, Pendle launched on Ethereum, with users able to mint YT and OT (now PT) for aUSDC and cDAI, as well as trade and provide liquidity to YT and OT pools paired with the underlying yield-bearing token. Additionally, users could earn yield from both token’s LP token pairs and single-sided stake ERC-20 PENDLE.
- On Nov. 4, 2021, the project team announced Pendle on Avalanche C-Chain, with pools launched on Nov. 11, 2021. In addition, ERC-20 PENDLE was bridged to Avalanche C-Chain as ARC-20 PENDLE via Multichain (formerly Anyswap). It is important to note that on July 6, 2023, Multichain confirmed via a post on “X” that all Multichain bridges had been halted with no confirmed time to resume operations. As such, ARC-20 PENDLE on Avalanche C-Chain cannot be bridged for ERC-20 PENDLE on Ethereum and vice versa. The last Pendle V1 markets on Avalanche C-Chain expired in December 2023. As of April 8, 2024, only redemption of tokens previously deposited is available.
- On Nov. 29, 2022, Pendle V2 launched on Ethereum, introducing the AMM employed as of April 8, 2024, that allows trading of both PT and YT via a single liquidity pool pairing SY and PT of the underlying yield-bearing token. Pendle V2 also introduced auto-routing, which allows users to deposit other supported tokens subsequently swapped via third-party DEX for the underlying yield-bearing token that is then used to complete an action on Pendle. Finally, Pendle V2 introduced vePENDLE, a vote-escrowed version of ERC-20 PENDLE, based on the ve(3,3) mechanism Andre Cronje outlined.
- In March 2023, Pendle V2 launched on Arbitrum with support for GMX’s GLP token.
- On July 5, 2023, Pendle V2 launched on BNB Smart Chain with support for wBETH and THENA ETH-frxETH.
- On Aug. 8, 2023, the Mantle team announced Pendle had launched on Mantle. Based on a commercially reasonable search, in April 2024, USDe became the first token supported by Pendle V2 on Mantle.
- On Aug. 16, 2023, Pendle V2 launched on Optimism with support for wstETH and Rocket Pool’s rETH.
- On Jan. 11, 2024, the Pendle team introduced Limit Orders on select pools on Arbitrum. Limit Order allows users to place buy or sell orders for PT and YT at a specific implied APY.
On Feb. 26, 2024, the Pendle team announced in a Medium post that it was interested in exploring opportunities with partner projects to develop money markets, leverage strategies, index funds, structured products, derivatives, and collateralized debt positions (CDPs) for PTs, as well as vaults and autocompounders for YT, PT, or LP positions.
Additionally, Pendle has plans to launch Pendle V3; however, based on a commercially reasonable search as of April 8, 2024, further details regarding an intended Pendle V3 launch have not been disclosed.
As of the same date, the yield-bearing tokens that Pendle supports are permissioned and fully controlled by the Pendle team. However, the project’s documentation lists a “Creating New Pools” page that states “Coming Soon.” A commercially reasonable search identified no further disclosures from the Pendle team regarding this intended mechanism.