​

Pendle lets you trade future yield. Deposit a yield-bearing asset and split it into principal tokens (PT) and yield tokens (YT). PTs give you the underlying at maturity—buy them at a discount for fixed yield. YTs give you all the yield until maturity—leverage your yield exposure or speculate on rates. It's interest rate trading for DeFi natives.

When you deposit assets like stETH or eETH into Pendle, you receive PT and YT tokens. The protocol's AMM is specifically designed for these time-decaying assets, enabling efficient trading between fixed and variable yield positions. At maturity, PTs redeem 1:1 for the underlying while YTs expire worthless (having paid out yield along the way).

Products & Services

  • Pendle V2 — Core yield trading protocol with specialized AMM for time-decaying assets

  • Pendle Boros — Margin trading for yield with leverage and off-chain rate exposure

  • Principal Tokens (PT) — Fixed yield exposure, redeemable for underlying at maturity

  • Yield Tokens (YT) — Variable yield exposure, captures all yield until maturity

  • PENDLE Token — Governance token with vePENDLE locking for boosted rewards

  • Yield Tokenization — Split yield-bearing assets into PT and YT components

  • Fixed Yield — Lock in guaranteed returns by purchasing PT at discount

  • Yield Leverage — Amplify yield exposure through YT

  • Rate Speculation — Trade views on future yield rates

Key People

  • TN Lee — Co-founder

  • Vu Nguyen — Co-founder

  • Ken Chia — Co-founder

Key Metrics

  • TVL: $4B+ (2025-01)

  • Cumulative Volume: $50B+ (2025-01)

  • Chains Deployed: 5+ (2025-01)

  • Markets Active: 100+ (2025-01)

Recent Developments

  • 2024-12: Boros margin trading platform launch

  • 2024-09: Record TVL driven by points/airdrop meta

  • 2024-06: Expansion to Arbitrum, Mantle, and other chains

  • 2024-03: vePENDLE voting for pool incentives

  • 2023-12: Pendle V2 launched with improved AMM