Swap PENDLE at the Best Rate

What is PENDLE?

PENDLE is the ERC-20 token of Pendle, a yield-trading protocol live on Ethereum since 2021. Pendle wraps a yield-bearing asset into a standardized form, then splits it into a principal token, redeemable one for one at maturity, and a yield token that collects everything the asset earns until then. A purpose-built AMM prices both sides, which is how fixed rates and leveraged yield positions get built on-chain.

The token funds and steers that machine: it is emitted to liquidity providers as incentives, and staked PENDLE decides where those incentives flow while collecting a share of protocol fees.

How PENDLE works

The standardization layer, SY, follows the EIP-5115 standard the team authored, so lending receipts, staked assets and other yield sources all present one interface. Each market has a maturity date; principal tokens converge to face value at maturity, and yield tokens decay to zero as the remaining income runs out. Pendle charges a 5% fee on yield-token yield plus swap fees on trades.

Since January 2026, collected fees flow through a fixed split: 80% funds PENDLE buybacks distributed to active stakers every two weeks, the rest funds the treasury and operations, and a portion of swap fees is paid to liquidity providers.

PENDLE supply and tokenomics

Per the project's documentation, weekly incentive emissions stood at 216,076 PENDLE in September 2024, decreasing 1.1% each week until April 2026, after which the schedule switches to terminal inflation of 2% per year for incentives. Team and investor tokens finished vesting in September 2024, so new supply since then has come from emissions rather than unlocks.

Who builds PENDLE

Pendle was co-founded by TN Lee and Vu Nguyen and built by a team based in Singapore. It launched its token in April 2021 and its first mainnet version that June, rebuilt the AMM and tokenomics as V2 in November 2022, and has shipped the protocol across many networks beyond Ethereum. The team also runs Boros, a venue for trading perpetual funding rates launched in August 2025.

How PENDLE is governed

From November 2022 to January 2026 governance ran on vePENDLE, a vote-escrow model with locks of up to two years that directed emissions through weekly gauge votes and shared fees with lockers. In January 2026 the protocol replaced it with sPENDLE, a liquid staking token: stake PENDLE one for one, unstake with a 14-day wait or instantly for a 5% fee, and vote on Pendle Protocol Proposals. Gauge weights moved to an algorithmic emission model, and existing vePENDLE positions wind down as their locks expire.

What people use PENDLE for

For a holder the token's roles are concrete, and all of them route through the staking contract rather than the bare token.

• Stake PENDLE for sPENDLE and receive biweekly buyback distributions.
• Vote on open Pendle Protocol Proposals to stay reward-active.
• Provide PENDLE liquidity on the networks the protocol supports.

PENDLE risks and considerations

PENDLE is inflationary by design: the terminal 2% yearly issuance never ends, and the buyback program that offsets it is a protocol parameter rather than a contract constant. The governance model is young; sPENDLE replaced four years of vote-escrow mechanics in January 2026, partly because voting power and fee capture had concentrated in a sophisticated minority.

The product carries sharp edges of its own: yield tokens expire worthless once their income stream ends, mature principal tokens left unredeemed stop earning for their holders, and the contracts, audited by several firms, remain complex financial machinery where a bug would be expensive.