Pendle

PENDLE Rank #125

$2.41▲ 2.30%24h

Low $2.33High $2.40

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Market cap$417.66MRank #125

Fully diluted value$677.47M

Volume (24h)$43.52MVol / Mcap 10.42%

Circulating supply173.63MPENDLE

Total supply281.53M

Max supply∞no hard cap

All-time high$7.50Apr 11, 2024

All-time low$0.0338Nov 14, 2022

What is Pendle?

Yield markets

Pendle wraps supported yield-bearing assets in its Standardized Yield interface. The wrapped position can be divided into a Principal Token, or PT, and a Yield Token, or YT. PT represents the principal entitlement at maturity. YT receives the position's yield until that expiry. Traders can therefore buy future yield or hold a principal claim with a known redemption date. Pendle's automated market maker trades PT against the standardized underlying position.

Participation

PENDLE can be staked one-to-one for sPENDLE. The current staking system grants voting power and rewards to eligible active participants. Standard withdrawal takes 14 days, with immediate withdrawal available for a 5% fee. Participation rules can require voting when a protocol proposal is open. Eighty percent of specified V2 yield and swap fees funds PENDLE buybacks. Repurchased tokens can then be distributed to active sPENDLE holders.

Issuance and transition

PENDLE emissions are designed to reach a terminal annual inflation rate of 2% from April 2026. This makes the token inflationary rather than permanently capped at its initial supply. Pendle began replacing vePENDLE with sPENDLE in January 2026. Existing locks retain temporary virtual staking balances under the migration rules. Pool incentives now use an algorithmic allocation module rather than the former vePENDLE gauge-voting system.