PENDLE Pendle Rank #129 $1.82 ▼ 0.33%

Pendle is a decentralized finance protocol built on Ethereum and deployed across multiple blockchain networks, including Arbitrum, Optimism, Base, BNB Chain, Berachain, Sonic, and HyperEVM, where the PENDLE token functions as the native governance and utility asset. The protocol focuses on yield tokenization, a category of DeFi that allows users to separate yield-bearing assets into two components: the principal token (PT) representing the underlying asset, and the yield token (YT) representing the future yield generated by that asset. This separation enables trading, hedging, and speculation on yield independently of the principal. At the core of Pendle is a custom automated market maker designed to handle assets with time decay, accommodating the unique characteristics of yield-bearing instruments. PENDLE holders can participate in protocol governance, often through voting escrow mechanisms, and may receive a share of protocol revenue. By supporting liquid staking tokens, restaking positions, and other yield-generating assets, Pendle serves as a marketplace for fixed yield and derivatives-style exposure to interest-bearing instruments.