Pendle protocol
Overview
Pendle is a decentralized finance protocol that tokenizes and trades future yield. It splits yield-bearing assets into principal and yield tokens, enabling users to sell or leverage their yield exposure. The protocol operates on multiple blockchains including Ethereum.
Within the DeFi Intel graph, Pendle connects to 63 tracked entities, most strongly to Ethereum, Arbitrum, Base.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 9 of 62 total).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Ethereum | 95% |
deployed_on | Arbitrum | 95% |
deployed_on | Base | 95% |
deployed_on | Optimism | 95% |
deployed_on | BNB Chain | 95% |
deployed_on | Avalanche | 95% |
deployed_on | Mantle | 95% |
lists_market_for | Ethena USDe | 95% |
partnered_with | Ethena | 95% |
More on Pendle
- Pendle Review 2026 — Yield Trading, PT/YT, and Multi-Chain Yield Splitting
- Is Pendle Safe in 2026? Audits, Hacks, Risk Score
- Pendle Alternatives: 8 Protocols Compared
In-depth guides on Pendle
- Pendle LP Strategy: PT/YT Rebalancing for Max Yield — DeFi Intel
- Pendle PT/YT Advanced Strategies for Fixed Yield — DeFi Intel
- Pendle Yield Tokenization Explained: PT, YT, EigenLayer Era, LRT Markets, and the RWA Pivot (2026) — DeFi Intel
- Pendle Finance Explained: PT, YT, Yield Tokenization, and PENDLE Token (2026) — DeFi Intel
Frequently asked questions
What does Pendle let users do?
Pendle lets users trade crypto yields: hedging yield exposure, locking in a fixed yield, or taking leveraged long positions on yield.
What is Boros?
Boros is Pendle's margin product for trading any yield, including off-chain rates, with leverage and higher capital efficiency.
What is Pendle V2?
V2 is Pendle's spot yield trading product, which allows fixed-yield and leveraged long-yield positions without lockups or liquidation risk.
Related reading
- Pendle vs Convex Finance (2026): Full Comparison
- Pendle vs Yearn Finance: Yield Trading or Aggregation?
Sources
Facts on this page were verified against the following sources.