Pendle Announces Token Upgrade as Its DeFi Yield Platform Scales

Singapore, Singapore, January twentieth, 2026, Chainwire

Pendle, The world’s largest crypto yield buying and selling platform, has introduced an improve to its native token, introducing sPENDLE. The replace is meant to unlock deeper liquidity, diversify income streams, and strengthen Pendle’s place throughout the onchain yield and charges phase. Supported by current efficiency metrics from Pendle and Boros, the improve underscores the platform’s long run objectives in decentralized finance (DeFi) and broadens associated markets.

Record 2025 Performance and Protocol Dominance

In 2025, Pendle achieved major milestones throughout key community and monetary metrics, illustrating each strong utilization and sustained market seize in yield buying and selling:

Average Total Value Locked (TVL): ~$5.7B up 76% YoY, with a peak TVL of ~$13.4B. This displays robust liquidity engagement throughout yield markets, inserting Pendle instantly throughout the likes of different main DeFi protocols such as Uniswap, Aave and Hyperliquid.
Total charges accrued: ~$44.6M up +134% YoY, with holders’ income reaching ~$34.9M.
Monthly notional buying and selling quantity: ~$54B (90-day trailing common) with frequent each day nine-figure quantity, a testomony to Pendle’s fastened yield demand.

The knowledge displays Pendle’s place as a notable venue for tokenized yield and funding charges buying and selling, with reported realized charges and liquidity depth exceeding these of a number of comparable platforms throughout the fastened earnings area.

Pendle’s New Token Enhancements

The upgraded Pendle token introduces a complete resolution to for simplicity and honest distribution throughout its ecosystem:

Protocol income can be used for PENDLE token buybacks, and distributed to energetic sPENDLE holders
Improved liquidity mannequin by enabling sPENDLE a easy 14-day withdrawal interval (or immediate redemption for a 5% payment).
sPENDLE additionally transforms as composable, and fungible token that may be built-in with any dApp, eliminating the trade-off between participation and liquidity no matter time horizon
The earlier handbook voting system can be upgraded to an algorithmic emission mannequin, focusing on to reduce PENDLE emissions by 20-30% whereas delivering considerably higher allocation effectivity
vePENDLE locks can be paused on January twenty ninth, and any current vePENDLE holders by then will obtain a particular multiplier to their digital sPENDLE stability based mostly on their remaining lock period (as much as 4x). Rewards can be distributed based mostly on this digital sPENDLE stability, permitting PENDLE holders to achieve outsized rewards throughout this transition interval with vePENDLE

“This improve is a structural enchancment as we scale each Pendle and Boros” stated TN Lee, Co-Founder and CEO of Pendle. “Our purpose has all the time been to carry the effectivity and scale of conventional fastened earnings markets into DeFi. With this improve, Pendle turns into a extra strong, sustainable, and establishment prepared yield infrastructure.”

Boros: New Frontier in Onchain Rates Trading

Additional catalyst for Pendle’s upgraded token structure is Boros, a first-of-its-kind onchain venue that tokenizes perpetual funding charges, reworking an untradable yield stream right into a tradable instrument. Boros metrics spotlight speedy natural adoption and materials development potential:

Key Metrics: 4-months after its launch Boros achieved ~$6.9B in open curiosity ~$91M and $6.8M in deposits by year-end 2025.
Boros has generated ~$301K in charges whereas working in a nascent market establishing early product-market match for fee derivatives on-chain.
Perpetual markets with ~$63B in open curiosity symbolize a big development potential the place Boros at present holds early share, anticipating to unlock as much as 10x OI penetration with corresponding ~15% incremental protocol payment development.
Boros has additionally listed NVDAUSDC-Hyperliquid, permitting customers to invest and commerce the funding fee of HIP-3 NVIDIA perp market, heralding the itemizing of extra unique belongings as nicely as different fairness perps like S&P500, NASDAQ, AMZN, TSLA and extra.

By addressing one of many largest untapped yield sources in DeFi which is funding charges publicity, Boros additional strengthens Pendle’s development vector, serving to diversify income past TVL and conventional yield charges.

Strategic Vision: From DeFi Yield to Global Fixed Income Infrastructure

Pendle’s token improve is meant to help the protocol’s infrastructure for scaling the yield layer of decentralized finance (DeFi) in relation to each centralized and conventional monetary markets. Fixed earnings stays one of many largest segments in world finance, and Pendle has developed a variety of instruments—from principal and yield tokens to funding fee derivatives—aimed toward facilitating entry to this space. The protocol continues to broaden its integrations, together with leverage methods, AI functions, collateralized PT utilization, and cross-chain liquidity mechanisms.

About Pendle

Pendle is the world’s largest crypto yield buying and selling platform empowering the tokenization and buying and selling of yield-bearing belongings. Pendle unlocks subtle yield methods for retail and institutional contributors alike redefining the way forward for onchain fastened earnings.