by PendleSG
Create liquid markets for all yields and funding rates globally.
Live across Ethereum, Arbitrum, Optimism; expanding to Solana.
Updated Aug 2025Checked 11 Oct0 updates this week
Deposit stETH/aUSDC; receive PT (principal) and YT (yield).
PT and YT trade independently, enabling yield-curve arbitrage.
YUs represent locked-in funding rates without perpetual positions.
| Spec | Pendle V2 & Boros |
|---|---|
| Average TVL 2025 | $5.8BR (reported) |
| Peak TVL 2025 | $13.4BR (reported) |
| Annualized revenue 2025 | $40MR (reported) |
| Fixed yield settled 2025 | $58BR (reported) |
R reported by the company
Pendle
Yield trading, fixed income, DeFi, Boros funding rates
Leading on-chain fixed-income protocol decomposing yield-bearing tokens into principal and yield for separate trading. Boros (2025) tokenizes perpetual funding rates.
