Pendle
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Pendle in numbers
Pendle ranks #107 by market capitalization, at $366.96M. It belongs to the DeFi sector (Decentralized Yield Services). It has traded since Apr 28, 2021, across 94 markets on 46 exchanges, with $54.89M of volume in the last 24 hours. Its all-time high of $7.42 was reached on Apr 11, 2024; the current price is 78.0% below that peak. Its cycle low of $0.97579 came on Apr 5, 2026.
173.93M PENDLE are in circulation. 94.1% of the token allocation has been unlocked. 27 investors are recorded as backers, including YZi Labs (formerly Binance Labs), Hashkey Capital, Spartan Group. Development data lists 8 core developers and 8,630 code commits. On Ethereum, 74,608 addresses hold PENDLE. It is available on 9 networks.
About Pendle
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.
Background
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 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.