Pendle Finance
Credit · Fixed Income · PENDLE
Pendle tokenizes yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT), creating an on-chain market for fixed-rate yield and yield speculation/hedging. Pendle V2's specialized AMM and vote-escrowed vePENDLE coordinate liquidity across dozens of maturity-dated yield markets, and Boros extends the model to funding-rate trading.
Tokenized yield — split principal and yield (PT/YT).
Protocol TVL
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-1.1% 24h
Latest data · 15 min delay
Partnerships
Active partnerships
Ethena
2024
USDe and sUSDe fixed-yield markets became Pendle's largest, with Ethena collateral growing to roughly 70% of Pendle TVL — making stablecoin yield Pendle's flagship category.
Ether.fi
2024
weETH liquid-restaking markets on Pendle let users fix or leverage restaking yield and points during the restaking wave.
Aave
2025
Integration with the Aave ecosystem extended Pendle PT tokens into lending as collateral, broadening fixed-yield PT utility.