Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.05% | 0.94% | 6.20% | 30.71% | 73.64% | 64.27% |
Revenue & Burn
Protocol income
$502.86KBuyback funds
$416.21KBurn funds
--Buyback ratio
82.8%Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Sep 2026 | $502.86K | $416.21K | -- | 82.8% |
| Aug 2026 | $630.29K | $520.08K | -- | 82.5% |
| Jul 2026 | $560.49K | $463.64K | -- | 82.7% |
| Jun 2026 | $958.53K | $828K | -- | 86.4% |
| May 2026 | $947.68K | $868.25K | -- | 91.6% |
| Apr 2026 | $1.55M | $1.34M | -- | 86.3% |
Comparison
Sub Organizations
Tokenomics
Unlock Progress
Unlock Event
| Date | Unlocked Token Amount | Unlocked M.Cap | M.Cap (%) | Allocation |
|---|---|---|---|---|
| Oct 4, 2026 | 16.48K PENDLE | $39.02K | 0.01% | 1 Allocation |
| Oct 5, 2026 | 16.48K PENDLE | $39.02K | 0.01% | 1 Allocation |
| Oct 6, 2026 | 16.48K PENDLE | $39.02K | 0.01% | 1 Allocation |
On-chain Holding
| Holding Token | Price | Amount | Total Value |
|---|---|---|---|
| No Data | |||
Top Holders
| Address | Token | Quantity | 7d | Percentage | Value |
|---|---|---|---|---|---|
| Pendle: vePendle (0210) |   PENDLE | 63,546,620.14 | -32,664.2-0.06% | 22.57% | $150.45M |
| 0x9999...4144 | PENDLE | 35,371,305.37 | -175,939.72-0.5% | 12.56% | $83.74M |
| Pendle Finance: Governance Multisig (6ee1) | PENDLE | 19,751,622.06 | -- | 7.02% | $46.76M |
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|---|---|---|---|---|---|---|
| 1 | BBitDeltaDEX | PENDLE/USDT | $2.36 | $9,608 | $7,290 | $27,386,565 | 67.87% |
| 2 | BBinanceCEX | PENDLE/USDT | $2.37 | $355,966 | $296,985 | $5,096,297 | 12.63% |
| 3 | BBlockFinDEX | PENDLE/USDT | $2.37 | $427,912 | $509,302 | $4,113,754 | 10.19% |
| 4 | HHotcoinDEX | PENDLE/USDT | $2.37 | $917,149 | $1,062,101 | $3,957,984 | 9.81% |
| 5 | BBTCCDEX | PENDLE/USDT | $2.36 | $2,213,091 | $2,892,376 | $2,547,485 | 6.31% |
| 6 | 44E GlobalDEX | PENDLE/USDT | $2.37 | $345,278 | $292,921 | $2,523,572 | 6.25% |
| 7 | BBlofinDEX | PENDLE/USDT | $2.37 | $410,549 | $508,173 | $2,449,998 | 6.07% |
| 8 | TToobitDEX | PENDLE/USDT | $2.36 | $490,590 | $441,328 | $1,714,736 | 4.25% |
| 9 | WWhiteBITDEX | PENDLE/USDT | $2.36 | $143,636 | $153,534 | $1,352,097 | 3.35% |
| 10 | UUZX.COMDEX | PENDLE/USDT | $2.36 | $707,825 | $824,220 | $1,347,443 | 3.34% |
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People
About Pendle
Pendle is a decentralized yield trading protocol that tokenizes yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT), allowing users to trade future yield separately from the underlying asset. Its core business revolves around splitting yield from principal, enabling users to either lock in fixed returns by holding PT or speculate on yield fluctuations by holding YT.
The protocol's competitive advantage lies in its purpose-built AMM, which concentrates liquidity within a pre-configured implied APY range rather than a price range. This design minimizes impermanent loss, with IL trending toward zero at maturity, and dynamically tightens the curve as PT approaches expiry. Fees are calculated based on the yield being traded, making them time-dependent and more capital-efficient for liquidity providers.
Pendle addresses the market pain point of unpredictable and volatile yields in DeFi. Without such a protocol, users cannot hedge against yield drops or efficiently lock in fixed income from volatile assets like stETH or sUSDe. By separating yield from principal, Pendle creates a derivatives market for yield itself, solving the problem of yield uncertainty.
In the past six months (March to September 2026), Pendle has expanded significantly beyond crypto-native yield. Apollo Global Management's $840 billion credit fund was tokenized and integrated via Ember Protocol and Securitize, while Paxos's treasury-backed stablecoin USDG launched on Pendle, surpassing $120 million in pool size within the first month. The protocol also launched an arbitrage tool with CrossEx for one-click funding rate arbitrage, and listed PT-AUSD on Aave with 2% APY loop incentives. New pools for sUSDD and STRCx were scheduled for November 2026. Cumulative settled volume reached $69.8 billion, up 161% year-over-year.
However, notable negative events occurred within the last two years. In late 2024, Pendle suffered a hot wallet attack resulting in approximately $1.7 million in losses. Additionally, the protocol's TVL remains heavily concentrated in Ethena's USDe, which accounted for around 70% of total TVL, creating concentration risk. The PENDLE token also traded about 80% below its all-time high despite operational growth, reflecting market skepticism about its valuation.
Pendle, a leading yield trading protocol, has evolved through several pivotal milestones. Launched in 2021 by TN Lee (ex-Kyber Network) and Vu Nguyen, the protocol initially struggled to find product-market fit. The turning point came in 2023 with Pendle V2, introducing the SY/PT/YT tokenization model that separates principal from yield, enabling fixed-income and leveraged yield trading. This redesign, coupled with the vePENDLE vote-escrow mechanism, propelled Pendle to dominate the restaking (LRT) narrative in 2024, with TVL peaking at $13.4B. In 2025, Pendle launched Boros, a funding rate trading platform, expanding beyond yield tokens into perpetual swap funding rates, capturing a new asset class. The most recent structural upgrade replaced vePENDLE with sPENDLE, a liquid staking token, eliminating multi-year lockups and introducing protocol fee buybacks—a shift toward sustainable, institutional-grade infrastructure. Notably, Pendle co-founders also engaged with Vietnam's Deputy Prime Minister alongside Morgan Stanley and BlackRock on asset tokenization, signaling its bridge to traditional finance. These milestones—V2's product pivot, Boros' market expansion, and sPENDLE's economic redesign—mark Pendle's journey from a niche protocol to a core pillar of on-chain fixed income.
Positive: Buybacks exceeded 2.8M PENDLE (~$4M); ~80% of protocol revenue distributed to sPENDLE stakers; weekly emissions cut 71%, staked tokens surpassed 100M, circulating supply hit record low; launched on Robinhood Chain, added NVDA/PFE tokenized dividend yield markets; PT-USDG listed as Aave V3 collateral, Morpho vaults and USDD/sUSDD integrations expanded use cases.
Negative: In August, leveraged PT-reUSD positions triggered ~$36M in liquidations, raising concerns, but was later digested; token unlocks: 91.8% of supply already unlocked, no major remaining unlock pressure.
Pendle's co-founders and core executives include:
TN Lee (Co-founder & Director): Entered crypto around 2017, previously led business and community development for Kyber Network's founding team until late 2018. Co-founded Pendle in 2020.
Vu Nguyen (Co-founder & CTO): Former CTO at Digix DAO (RWA tokenization project), 3-time Math Olympiad gold medalist. Co-founded Pendle with TN Lee.
Anton Buenavista (Head of Ecosystem): Previously Senior Software Engineer at Kyber Network, now leads ecosystem growth at Pendle.
Ken Chia (Head of Institutional Business): Former Head of Abra Asia Pacific, manages institutional partnerships at Pendle.