### What is Pendle (PENDLE)?

Pendle is the native token of Pendle Finance — a DeFi protocol focused on unlocking the future value of yield. It lets users split their yield-bearing assets into two parts: one for the principal and one for the yield. This creates a new way to trade, hedge, or lock in yield, kind of like how traditional finance has interest-rate products, but on-chain. It runs on Ethereum and other EVM-compatible chains and introduces tools to turn yield into something tradable, flexible, and even leveraged. PENDLE tokens can also be locked as vePENDLE to boost rewards and vote on protocol decisions.

### How does Pendle (PENDLE) work?

Pendle runs on Ethereum and other EVM chains like Arbitrum and BNB Chain. It works by taking yield-bearing assets (like staked ETH or lending positions), wrapping them, and splitting them into two tradable tokens: a Principal Token (PT) and a Yield Token (YT). These tokens are then traded in Pendle’s own automated market maker (AMM), which is specially designed for handling yield-based instruments. The system lets users lock in fixed yields, speculate on future yields, or fine-tune their exposure to interest rate movements — all through smart contracts. PENDLE itself is used for governance and protocol rewards.

### What are the potential use cases for Pendle (PENDLE)?

Pendle opens up a range of DeFi strategies for users who want more control over their yield. You can buy principal tokens to lock in fixed returns, or grab yield tokens if you think yields will rise — essentially betting on interest rates in crypto. It’s especially useful for DeFi users involved in lending, staking, or liquidity provision, who want to manage their yield risk or optimise returns. Pendle is integrated with protocols like Aave and Compound and supports liquid staking tokens, making it a powerful tool for traders and yield farmers. On the backend, vePENDLE holders can direct incentives and earn a share of protocol fees.

### What is the history of Pendle (PENDLE)?

Pendle launched around 2021, co-founded by TN Lee — a DeFi veteran who also helped build Kyber Network. Since launch, Pendle has evolved from a niche yield-splitting tool into a full-blown yield derivatives platform. Key milestones include integrations with Aave and Compound, multi-chain expansion, and major upgrades to the AMM (often referred to as Pendle V2). These updates have improved capital efficiency and user experience. The project has also gained backing from big names like Binance Labs and received ecosystem grants, such as from Arbitrum. As it stands, Pendle has carved out a strong position in DeFi as the go-to protocol for trading future yield.

Pendle (AVAX)

Deposits and withdrawals are not currently available for this coin.

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