APEN

A new financial primitive powering explosive growth

Pendle’s breakthrough is its ability to split yield-bearing assets into principal and yield components, which are then tradable separately. This transforms yield from a passive byproduct into an active market, enabling fixed-income strategies, yield speculation, and onchain risk management. Pendle is a pioneering protocol in onchain yield derivatives, aiming to build infrastructure analogous to traditional fixed income and interest-rate markets worth hundreds of trillions of dollars¹.

The central hub for yield

Pendle is not just a standalone product but has become a "market of markets" for yield. It serves as the essential venue for pricing, trading, and managing the future yield of the entire DeFi ecosystem. This creates powerful network effects: as more high-quality assets like stETH and sUSDe are integrated, Pendle attracts deeper liquidity and more users. 

Expanding the yield universe with Boros (Pendle V3)

Pendle has expanded its total addressable market with the launch of its V3 upgrade, Boros². This evolution moves Pendle beyond its established focus on spot yields and into the largest source of yield in all of crypto: perpetual futures funding rates. The perpetual market exceeds $150 billion in open interest and $200 billion in daily volume³, underscoring the vast opportunity ahead. While Pendle processed nearly $200 million at its peak in September, this represents only the beginning of its expansion into one of the largest liquid sectors in DeFi. 

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Footnotes:

¹ Securities Industry and Financial Markets Association. Capital Markets Fact Book. July 28, 2025. Accessed at: https://www.sifma.org/resources/research/statistics/fact-book/  

² Boros by Pendle Finance. “Trade Any Yield, Any Rate.” Pendle Finance – Boros, https://www.pendle.finance/boros. Accessed 21 Oct. 2025.  

³ CoinGlass. “Cryptocurrency Futures Volume and Open Interest Chart.” CoinGlass, https://www.coinglass.com/pro/futures/FuturesVolume. Accessed 21 Oct. 2025.