Pendle

Pendle is a DeFi protocol that splits yield-bearing assets into principal and yield tokens that can be traded; PENDLE is its staking and governance token.

Pendle lets people trade future yield. It takes a yield-bearing asset, such as staked ether or a yield-bearing stablecoin, and splits it into two tokens. The principal token (PT) can be redeemed for the underlying asset at a set date, so buying it at a discount locks in a fixed return. The yield token (YT) collects all the yield until that date and is then worth nothing.

PT and YT trade on Pendle's own automated market maker across Ethereum and several other chains. Pendle also runs Boros, a separate venue for margined trading of perpetual-futures funding rates.

PENDLE is the protocol token. Since 20 January 2026 holders can stake it as sPENDLE, with a 14-day unstaking period. Pendle takes 5% of the yield earned by YTs and a swap fee on PT trades; 80% of the fees it keeps fund PENDLE repurchases, which are paid out to active sPENDLE holders. New PENDLE is emitted as liquidity incentives, moving to 2% a year inflation from April 2026.

Pendle launched in 2021. Its total value locked was about $1.27 billion in early October 2026, down from a 2025 peak of about $13.4 billion.