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Pendle Overview
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About Pendle
Pendle is primarily used for yield management and yield trading. The protocol’s main use cases include:
Yield Tokenisation: Pendle allows users to convert yield-bearing assets (e.g., stETH) into two separate components: Principal Tokens (PT), which represent the principal amount, and Yield Tokens (YT), which represent the future yield. This tokenisation enables users to either lock in fixed yields or speculate on yield fluctuations.
Trading on Pendle AMM: Users can trade PTs and YTs independently on Pendle’s AMM. By trading PTs, users can lock in future yield or buy yield at a discount. YT holders can speculate on increasing yield by purchasing YTs during low market conditions and selling them at a higher value.
Advanced Yield Strategies: Users can engage in various strategies, such as fixed yield (earning a predetermined yield on assets), leveraged yield (increasing exposure to yield changes), or hedging against yield volatility. Pendle also supports liquidity provision in its AMM, where users earn rewards from trading fees, vePENDLE incentives, and rewards from yield-bearing assets like stETH.
vePENDLE Governance and Incentives: Holders of vePENDLE (vote-escrowed PENDLE) can lock their PENDLE tokens to participate in governance and boost their liquidity rewards by up to 250%. Additionally, vePENDLE holders control the flow of rewards to liquidity pools by voting, and they earn a share of the fees generated by the protocol.
Yield Tokenisation and Trading: Pendle tokenises yield-bearing assets and separates them into principal and yield components, enabling advanced trading strategies.
vePENDLE Governance: Vote-escrowed PENDLE tokens provide governance rights and enhanced rewards for liquidity providers, incentivising long-term participation.
Cross-Chain Compatibility: Pendle operates across Ethereum and layer-2 networks like Arbitrum, ensuring flexibility for users and efficient liquidity distribution.
Fixed and Variable Yield Strategies: Users can implement strategies based on market conditions, such as fixed yield or speculative yield trading.
Pendle Markets
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Learn About Pendle
Lombard Airdrop Strategy Actually Rewards Long-Term Stakers
Lombard (BARD) trades around $0.226, down 86.7% from its $1.70 all-time high, but the protocol's airdrop did something most points campaigns fail at: it screened for patient holders. Season 1 and Season 2 together distributed 30 million BARD on March 18, using duration multipliers that paid long-term LBTC stakers up to 2x the points of quick-flip farmers, with a cooldown penalty that reset any multiplier on withdrawal. The result was a softer distribution-day dip (19.4%, from $1.70 to $1.32) than the capitulation dumps that hit Blast in 2024, when its TVL fell more than 50%. The catch sits in the emission schedule: only 322.5 million BARD circulates against a 1 billion max supply, with investor and team allocations (45% of supply) moving to full linear unlock in September 2026, releasing an estimated $90 million per year against a $72.9 million market cap. Lombard's TVL stands near $1.059 billion with 60% of the Bitcoin liquid staking market, but the token faces dilution into 2027.
Katerina KulikovskaMay 23, 2026Humanity's Airdrop Math Doesn't Add Up Like You Think
Humanity Protocol (H) is a Layer 2 blockchain on Polygon CDK that uses palm-scan biometrics combined with zero-knowledge proofs to establish unique human identity on-chain through its Proof-of-Humanity consensus mechanism, founded by Terence Kwok in collaboration with Human Institute, Animoca Brands, and Polygon Labs. H trades around $0.24 with a market capitalization in the $441 million to $664 million range and a maximum supply of 10 billion tokens, of which 2.73 billion are currently unlocked. The H token fairdrop opened claims in late April 2026, with approximately 80% of registered users finding themselves filtered out by Sybil-resistance criteria after founder Terence Kwok disclosed that up to 88% of registered Human IDs may have been bots. Stakers who participated in the 90-day program earned a 25% bonus and access to future governance rights.
Mia HallandMay 17, 2026Pendle Built A Yield Curve The Market Hasn't Priced
Pendle (PENDLE) is a permissionless yield trading protocol that tokenizes future yield streams from assets like stETH and sUSDe, splitting yield-bearing tokens into Principal Tokens (PT) and Yield Tokens (YT) tradable on a custom AMM. PENDLE trades at $1.53 with a $259M market cap, sitting 79.6% below its $7.50 ATH. TVL has compressed from a September 2025 peak of $13.1B to $1.499B, with Ethena yield-bearing stablecoins driving most of the rotation. Annualized fees stand at $9.42M against a 27x price-to-fees multiple. The January 2026 sPENDLE upgrade replaced vePENDLE locks with 14-day liquid staking and routes up to 80% of revenue to PENDLE buybacks. Pendle is a launch partner on Ethena and Securitize's Converge institutional chain and is integrated into the March 2026 mEVUSD product targeting EU institutions at 7-12% APY. The thesis: Pendle built fixed income onchain. Whether the token captures that value depends on DeFi producing enough sustained yield to keep the curve trading.
Crypto News NavigatorMay 3, 2026Often Discussed Alongside Pendle
Tokens that appear with Pendle in our academy articles.
Pendle Market Data
The live Pendle price today is $1.43 USD with a 24-hour trading volume of $1,513,793.56 USD. We update our PENDLE to USD price in real-time. Pendle is up 1.19% in the last 24 hours.
The current market cap is $238,644,003.56 USD, ranking #126 by market capitalization. The circulating supply is 170,996,832 PENDLE.