What is Pendle Finance?

Pendle Finance is a permissionless DeFi protocol that lets users trade, hedge, and speculate on yield. Its two main products are Pendle V2 — a yield tokenization and trading protocol for DeFi assets — and Boros, a funding rate trading product for perpetuals markets. PENDLE is the protocol's native token, stakeable as sPENDLE to earn protocol revenue.

What is yield tokenization?

Yield tokenization is the process of separating yield from an underlying asset and making it independently tradeable. Pendle wraps yield-bearing assets (like stETH or sUSDe) and splits them into a Principal Token (PT), which matures to face value, and a Yield Token (YT), which captures all yield until maturity. This lets users lock in fixed returns or speculate on variable yield without selling the underlying asset.

Boros is Pendle's product for trading perpetuals funding rates. Traders can take fixed or floating positions on funding rates from major perpetual futures markets, enabling them to hedge funding rate risk or earn a predictable fixed return. It extends Pendle's yield-trading model from DeFi lending into on-chain derivatives markets.

How are Pendle V2 and Boros related?

Both products are built by Pendle Finance and share the same core idea: making yield tradeable. Pendle V2 targets yield from DeFi assets like liquid staking tokens and lending protocols. Boros targets funding rates from perpetuals markets. Together they cover the two largest sources of on-chain yield.

sPENDLE is Pendle's liquid staking token. Users stake PENDLE 1:1 to receive sPENDLE, which earns a share of protocol revenue from both Pendle V2 and Boros. sPENDLE replaced the legacy vePENDLE model in early 2026. Stakers can withdraw with a 14-day unbonding period or instantly for a 5% redemption fee.

What blockchains does Pendle support?

Pendle V2 is deployed on Ethereum, Arbitrum, BNB Chain, Base, Optimism, Mantle, Sonic, Berachain, Hyperliquid EVM, and Plasma, with PT bridging support to additional chains. Boros is available at boros.pendle.finance. New chains are added regularly.