Pendle V2 — Yield Trading Platform
Pendle V2 is the leading spot yield trading platform, enabling users to earn fixed yield or speculate on yield from most popular DeFi protocols. Deployed across 12 blockchain networks including Ethereum, Arbitrum, BNB Chain, Base, Mantle, Optimism, Sonic, HyperEVM, Berachain, Monad, Katana, and Ink.
How Pendle Works
Pendle wraps yield-bearing tokens (stETH, sUSDe, aUSDC, ezETH, and others) into Standardized Yield tokens (SY), then splits them into two components:
- Principal Tokens (PT) — Redeemable 1:1 for the accounting asset at maturity. Purchased at a discount; the discount represents a fixed yield locked in at purchase. Functions like a zero-coupon bond.
- Yield Tokens (YT) — Receives all streaming yield and rewards (including points and airdrops) from the underlying asset until expiry. Provides amplified yield exposure. Value decays toward zero at maturity.
Key Features
- Yield Markets — Browse active yield markets across all supported chains
- Liquidity Pools — Provide liquidity to earn PT yield, SY yield, swap fees, and PENDLE incentives
- sPENDLE Staking — Stake PENDLE 1:1 and earn 80% of protocol fees via PENDLE buybacks
- Education — Learn about yield trading strategies, PT fixed yield, YT speculation, and LP strategies
- Cross-chain PT — Bridge Principal Tokens across chains for collateral or redemption
Frequently Asked Questions
What is Pendle Finance?
Pendle Finance is a permissionless, decentralized yield-trading protocol that enables users to tokenize and trade the future yield of yield-bearing assets. By separating yield from principal, Pendle brings over $400 trillion of traditional finance interest-rate derivative strategies into accessible, permissionless DeFi markets.
What is a Principal Token (PT)?
A Principal Token represents the principal component of a yield-bearing asset, functioning like a zero-coupon bond. PT is purchased at a discount and redeems 1:1 for the accounting asset at maturity. The discount represents the fixed yield locked in at purchase.
What is a Yield Token (YT)?
A Yield Token represents the yield-generating portion of a yield-bearing asset. Holders receive all streaming yield and rewards until expiry. YTs trade at a fraction of the underlying price, providing amplified exposure to yield movements.
What is sPENDLE?
sPENDLE is Pendle's liquid staking and governance token. Stake PENDLE at a 1:1 ratio to receive sPENDLE. Active sPENDLE holders earn 80% of protocol fees, distributed as PENDLE buybacks every two weeks.
Which blockchains does Pendle support?
Pendle V2 is deployed on 12 networks: Ethereum, Arbitrum, BNB Chain, Mantle, Optimism, Base, Sonic, HyperEVM, Berachain, Monad, Katana, and Ink. Cross-chain PT bridging extends reach to additional chains like Avalanche and Unichain.
Resources
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