Pendle is a permissionless yield-trading protocol that splits yield-bearing assets into Principal Tokens (PT, fixed yield) and Yield Tokens (YT, variable yield exposure) tradeable on a specialized AMM.
1 stETH
Yield Bearing Asset
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DeFi yield is volatile and unpredictable, making it impossible for users to lock in fixed rates or efficiently hedge yield exposure. Capital is inefficiently deployed in variable-rate positions with no ability to speculate on yield movements.
Pendle tokenizes future yield by splitting yield-bearing assets into PT (fixed return at maturity) and YT (variable yield claim). A specialized time-decay AMM enables trading of both components, creating a fixed-income layer for DeFi.
First-mover and dominant market leader in yield tokenization with a bespoke time-decay AMM, 234+ active pools, 11-chain deployment, and the only protocol with meaningful TVL in this category. Expanding into Boros (interest rate swaps) extends the yield primitive to funding rates.
Pendle Finance is a Yield protocol operating on Ethereum, Arbitrum, BSC, Base, Optimism, Sonic, Mantle, Berachain, Avalanche, Hyperliquid. Pendle is a permissionless yield-trading protocol that splits yield-bearing assets into Principal Tokens (PT, fixed yield) and Yield Tokens (YT, variable yield exposure) tradeable on a specialized AMM.
Pendle tokenizes future yield by splitting yield-bearing assets into PT (fixed return at maturity) and YT (variable yield claim). A specialized time-decay AMM enables trading of both components, creating a fixed-income layer for DeFi.
DeFi Sentinel rates Pendle Finance AAA with a safety score of 94/100, indicating highest safety tier. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Pendle Finance has 5 audits on record. DeFi Sentinel's analysis flagged 1 medium, 2 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk and Governance & Centralization. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
Pendle Finance has a DeFi Sentinel safety score of 94/100 (rating AAA), last updated April 28, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Pendle Finance is deployed on Ethereum, Arbitrum, BSC, Base, Optimism, Sonic, Mantle, Berachain, Avalanche, Hyperliquid.
Yes. Pendle Finance has 5 audit reports on record from firms including Dedaub, Ackee Blockchain, ChainSecurity. Audit reports and dates are linked under the Resources tab on this page.
