Pendle Finance ve své roadmapě pro druhou polovinu roku 2026 sází hlavně na RWA a institucionální DeFi. TVL v roce 2025 vzrostl z 6,9 miliardy USD na 13,4 miliardy USD.
Pendle Finance unveiled its second-half 2026 roadmap on July 23, and the message is clear: real-world assets are the main course, not a side dish. The protocol is doubling down on RWA infrastructure, expanding listings, and actively courting issuers to grow its on-chain yield product suite.
Pendle’s numbers suggest it has already built the plumbing to make this work, with total value locked nearly doubling from $6.9 billion to $13.4 billion and $45 billion in settled value for Principal Token holders during 2025.
Boros hits $200M in open interest as Pendle expands beyond crypto-native yields The most concrete proof point in Pendle’s expansion story is Boros, its rates trading platform. As of July 22, Boros reported $200 million in open interest. Boros has also been branching into commodities and equities, extending Pendle’s rate speculation concept across asset classes.
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Pendle lets you split yield-bearing assets into their principal and yield components, then trade them separately. Boros extends that concept to rate speculation across asset classes.
Institutional doors are opening, literally Pendle’s institutional play got a concrete boost on July 16, when Galaxy Curator launched on Fireblocks. That integration gives institutional players access to yield vaults supporting Principal Tokens through Fireblocks’ custody infrastructure.
Pendle’s Citadels initiative, first announced in January 2025, targets KYC-compliant institutional frameworks and has pursued Shariah-compliant yield offerings. Citadels also has a cross-chain dimension, targeting non-EVM chains to broaden Pendle’s reach beyond the Ethereum ecosystem.
The RWA thesis and why tokenized Treasuries are just the beginning Pendle’s Principal Tokens function like zero-coupon bonds, letting holders lock in a fixed yield. Yield Tokens let speculators take leveraged bets on variable yields. The protocol’s H2 roadmap includes continued stablecoin-related pool listings planned through late 2026, alongside incentive programs designed to bootstrap liquidity in new markets.
The TVL growth from $6.9 billion to $13.4 billion during 2025, roughly a 94% increase, reflects capital allocator interest in Pendle’s yield tokenization model. Settling $45 billion in value for PT holders in the same period shows real economic activity flowing through its contracts.
What this means for investors The Fireblocks integration and Citadels initiative lower the barriers for institutional participation. Pendle’s success depends heavily on continued growth in the tokenized RWA market, which itself relies on regulatory clarity that remains uneven across jurisdictions.
For traders watching Boros specifically, $200 million in open interest is a solid foundation, but the platform’s expansion into commodities and equities means it’s competing in much larger, more established markets. The next few quarters will reveal whether Pendle can attract enough volume in these new verticals to justify the infrastructure investment, or whether crypto-native rate trading remains its core revenue driver.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle, the yield tokenization protocol that lets traders split and trade future yield, has crossed $111M in total value locked on the Monad blockchain. That makes it the fifth-largest protocol on the chain, less than a month after launching there on June 19.
The growth engine behind the numbers is AUSD, the Agora Dollar stablecoin backed 1:1 by cash, US Treasury bills, and repos. AUSD supply on Monad has ballooned to roughly $115M, making it the second-largest stablecoin on the chain behind USDC.
From zero to $111M in under a month Pendle hit approximately $51M in TVL within its first 10 days on Monad, then more than doubled. Pendle currently runs at least three active markets on Monad, all built around AUSD and its yield-bearing cousin, earnAUSD. The maturities on these markets cluster around October 8, 2026, giving traders a defined window to speculate on or lock in yields.
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Pendle’s Monad deployment has processed over $52M in trading volume over the past 30 days.
Pendle works by taking yield-bearing assets and splitting them into two tokens. One represents the principal, the other represents the future yield. Traders can sell their future interest payments to someone else today, or buy someone else’s future yield at a discount.
The incentive machine behind the growth Pendle’s Monad expansion has been turbocharged by weekly liquidity incentives of up to $75,000 for AUSD liquidity on the platform, roughly $300K per month in direct subsidies flowing to liquidity providers.
Pendle’s recent integration with Aave v3 pulled in more than $75M in deposits within the first 24 hours.
Across all chains, Pendle’s ecosystem now holds more than $1.14B in total value locked. The Monad deployment, at $111M, represents roughly 10% of that total.
The PENDLE token itself trades around $1.64, giving it a market cap of approximately $281.55M.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle oznámil upgrade Bungee Exchange V3, který přináší rychlejší routing, nižší poplatky a cross-chain swapy jedním kliknutím bez nutnosti držet nativní gas tokeny na cílovém řetězci.
Pendle just made cross-chain DeFi a whole lot less painful. The yield-trading protocol announced a full upgrade to BungeeExchange V3, bringing faster routing, lower fees, and a feature that sounds almost too convenient: single-click cross-chain token swaps that don’t require users to hold native gas tokens on the destination chain.
In English: you can now swap any token on any chain directly into Pendle’s principal tokens (PT) or yield tokens (YT) without first scrambling to acquire ETH, MATIC, or whatever gas currency the receiving network demands. The protocol picks up that tab automatically.
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What the upgrade actually changes Bungee, powered by SOCKET infrastructure, functions as a bridge aggregator, scanning multiple bridges and DEX routes to find the cheapest and fastest path for a swap. Pendle describes it as “the most powerful bridge aggregator,” and the numbers offer some backing for that claim: Bungee has facilitated over $25 billion in cumulative transaction volume across its lifetime.
The V3 upgrade specifically improves three areas. Routing speed has been enhanced, meaning the protocol can find optimal swap paths more quickly. Transaction fees have been reduced, though Pendle hasn’t disclosed specific percentage improvements. And the gasless execution feature eliminates what has long been one of the most annoying onboarding hurdles in multi-chain DeFi.
Why Pendle is betting big on cross-chain Pendle’s core product lets users split yield-bearing assets into two components: principal tokens (PT) and yield tokens (YT). PT represents the underlying asset’s value at maturity, while YT captures the yield generated over a given period.
By embedding a bridge aggregator directly into the swap flow, Pendle removes the multi-step process that previously required users to leave the platform, bridge manually, and return. The entire journey from holding Token A on Chain X to holding PT or YT on Chain Y now happens in one click.
Prior to this upgrade, community-built tools had already started enabling PT token trading through Bungee’s SOCKET infrastructure. The V3 release formalizes and expands that functionality.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle překročil hranici 100 milionů stakovaných PENDLE, což je asi 36 % nabídky, a emise snížil o 71 %. Protokol už také provedl buybacky v objemu přes 1,96 milionu PENDLE.
Pendle Finance just crossed a milestone that most DeFi protocols only daydream about. More than 100 million PENDLE tokens are now staked, representing roughly 36% of the project’s total supply, and emissions have been cut by 71%.
From vePENDLE to sPENDLE: a strategic overhaul Back in January 2026, Pendle scrapped its vePENDLE system, the vote-escrowed lockup model that had become standard fare across DeFi. The problem was simple. Only about 20% of the token supply was actively locked under vePENDLE, which meant the model wasn’t doing its job of aligning long-term incentives.
The replacement, sPENDLE, introduced liquid staking with a 14-day withdrawal period. The 36% staking rate against total supply proves the thesis: give users flexibility, and they’ll still commit capital voluntarily.
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The protocol also deployed an Algorithmic Incentive Module, or AIM, to dynamically manage token emissions. The original target was a 30% reduction in emissions. AIM overshot that goal by a wide margin, delivering a 71% cut instead.
Buybacks and airdrops sweeten the deal Since sPENDLE launched, Pendle has executed over 1.96 million PENDLE in open-market buybacks. Every single one of those tokens was distributed directly to stakers. On top of that, approximately $1.5 million in airdrops has been allocated to incentivize participation.
PENDLE’s circulating supply sits around 171 million tokens out of a total supply of approximately 278 million. With 100 million now staked, that leaves a meaningfully smaller float for trading.
Why the old model failed and the new one works The vePENDLE model suffered from a problem common across DeFi governance tokens. Long lockup periods discourage all but the most committed participants. When only 20% of supply is locked, the governance power concentrates in fewer hands, and the vast majority of holders sit on unlocked tokens with no particular reason not to sell.
sPENDLE’s 14-day withdrawal period threads the needle. It’s long enough to prevent purely speculative hot money from gaming staking rewards. It’s short enough that users don’t feel they’re making a years-long commitment in a market where conditions change weekly. The result is a staking rate that jumped from roughly 20% to 36% of total supply.
What this means for investors Investors should watch two things closely going forward. First, whether staking participation continues climbing or plateaus around current levels. Second, the sustainability of buybacks matters. Buybacks funded by genuine protocol revenue are bullish. Buybacks funded by treasury drawdowns are a different story entirely, and the distinction is worth monitoring.
One risk that often gets overlooked in staking-heavy models: a 14-day withdrawal period provides some buffer, but during a genuine market crash, that buffer can feel like an eternity. If a significant portion of stakers rush for the exit simultaneously, the withdrawal queue and subsequent sell pressure could create a cascading effect. It’s the tradeoff for all that locked-up liquidity, and it’s one that hasn’t been stress-tested in truly adverse conditions yet.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle se během necelých dvou týdnů dostal na 5. místo mezi protokoly na Monad s TVL kolem 51,25 milionu USD. Za stejnou dobu zaznamenal také objem obchodů ve výši 22 milionů USD.
Pendle needed less than two weeks to muscle its way into Monad’s top five protocols. The yield-trading platform launched on the chain around June 19 and has already accumulated roughly $51.25 million in total value locked, placing it fifth among all protocols on the network.
That’s not a slow drip of capital, either. Pendle also generated $22 million in trading volume during the same stretch, suggesting traders aren’t just parking assets. They’re actively using the platform.
Where Pendle fits in Monad’s growing DeFi landscape Monad’s total DeFi TVL sits near $366 million. Euler V2 leads the pack with approximately $110 million, followed closely by K3 Capital at around $108 million. Pendle, at fifth, is roughly half the size of those leaders but growing at a pace that makes the gap feel temporary.
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Monad only activated its mainnet in late 2025, which means the entire ecosystem is still young. The protocol sweetened the deal with weekly incentives of up to $100,000 for participants in its AUSD and earnAUSD yield pools.
What Pendle actually does, and why it matters Pendle is a yield tokenization protocol. It lets users split yield-bearing assets into two separate tokens, one representing the principal and one representing the future yield. Want a fixed yield on your deposit? You can lock it in. Want to speculate that yields will go higher? You can buy just the yield token with leverage.
The platform describes itself as the largest yield-trading platform globally, with over 100 historical protocol deployments across multiple blockchains. Across all chains, Pendle’s total ecosystem TVL sits at approximately $933 million. The Monad deployment, at $51.25 million, represents about 5.5% of that total.
Sky Money’s fixed-yield products on Pendle provide a useful benchmark here. Those products alone amassed between $50 million and $51 million in TVL within two weeks of launch, essentially matching what Pendle achieved on Monad in the same timeframe.
What this means for investors The $100,000 weekly incentive budget is generous, but incentive-driven launches tend to follow a predictable arc: TVL spikes during the rewards period, then either stabilizes at a lower level or collapses entirely once the money faucet turns off.
For traders specifically, Pendle’s yield tokenization mechanics create trading opportunities that simply don’t exist on standard lending protocols. The ability to take directional positions on yields, rather than just passively earning them, adds a layer of sophistication to Monad’s DeFi toolkit. The $22 million in ten-day trading volume suggests early adopters already understand this.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
nOPAL je nyní na Pendle ETH mainnetu a nabízí 120denní trh s přibližně 11% pevným APY pro kupce PT. Jde o tokenizovaný vault BlackOpal Finance krytý brazilskými pohledávkami z kreditních karet.
RWA is Pendle's dominant Q2 2026 narrative, and today, one of the most structurally distinct entrants joins the market. nOPAL is now live on Pendle ETH mainnet, offering a 120-day market with a ~11% current fixed APY for PT buyers.
LP nOPAL current 77.47% APY
This is real credit, settled by Visa and Mastercard, brought on-chain.
Explore the nOPAL LP Market HERE
What Is nOPAL?nOPAL is a tokenized vault issued by BlackOpal Finance, backed by Brazilian credit card receivables. BlackOpal purchases future receivables from merchants at a discount, a true sale registered in Brazil's Central Bank C3 Registry, and collections flow automatically through Visa / Mastercard settlement rails. No merchant repayment risk.
The vault delivers:
~11.5% current base yield (USD-denominated, FX-hedged)has a 0% default rate since inceptionis audited by 0xMacro and Spearbit. BlackOpal brings 25+ years of credit market experience and $200M+ in institutional backing to the structure.
New to nOPAL? Here's how to get started:
Mint nOPAL on Nest → https://www.nest.credit/vaults/nest-opal-vault Deposit pUSD or USDC to mint nOPAL directly on Plume. No KYC required, no redemption fees.Bridge nOPAL to Ethereum We've built a LayerZero bridge directly into the Nest UI, no third-party bridge needed. Once you've minted nOPAL, go to your portfolio, click Bridge, and send your nOPAL to Ethereum mainnet in one click.Deposit into the Pendle market Head to the Pendle market link above, connect your Ethereum wallet, and deposit nOPAL to access PT or LP positions.The Pendle MarketPendle splits nOPAL into two tokens:
PT (Principal Token) locks in a fixed yield and redeems at face value at maturity. PT buyers are currently targeting ~11% implied fixed APY over 120 days, roughly 2.5–3x what T-bill-backed stables and USDG alternatives currently yield on Pendle.
YT (Yield Token) captures the floating yield generated by nOPAL and is levered to yield movements. YT is capital-efficient: a small amount of capital controls exposure to the full underlying yield stream. If realized yield exceeds the implied yield at the time of purchase, YT holders profit, and vice versa. YT is suited for users with a directional view on credit yields or those looking for leveraged RWA exposure without holding the underlying asset directly.
Important for YT buyers: At launch, pool depth is being seeded and liquidity will be thinner in the early days. We recommend using limit orders rather than market orders to avoid slippage when buying or selling YT. As LP depth builds over the first few weeks, execution will tighten.
Incentives & How to ParticipateTo buy PT (lock in fixed yield):
Go to app.pendle.finance.nOPAL Select PT-nOPAL on ETH mainnetBuy PT to lock in your fixed APY through the 120-day maturityHold to maturity and redeem at face value, or sell PT on the secondary market anytimeTo buy YT (go long on floating yield):
Select YT-nOPAL at the same link aboveYT is capital-efficient and levered to yield, use limit orders at launch to avoid slippage while the pool is being seededTo LP (earn incentives + fees):
Provide nOPAL liquidity into the Pendle poolEarn swap fees from PT/YT trading activity, LP incentives in PLUME, and PENDLE emissions from Pendle's AIM programWhy nOPALThe 120-day tenor, zero default history, and card-network settlement infrastructure make nOPAL one of the most compelling fixed-rate RWA positions available on-chain right now. For DeFi users who've been waiting for high-yield, short-duration credit that doesn't just repackage Treasury exposure, this is it.
Sky spustil Fixed Yield na Pendle v2, který držitelům sUSDS nabízí zafixovaný výnos do splatnosti. Produkt míří na pool sUSDS o kapitalizaci 6,16 miliardy USD.
Sky (formerly MakerDAO) launched Fixed Yield on Wednesday — a term-based alternative to the variable Sky Savings Rate built on Pendle Protocol v2, giving sUSDS depositors a locked rate to a named maturity date.
Sky (formerly MakerDAO), the protocol behind the $11 billion USDS stablecoin, launched a fixed-yield product Wednesday that lets depositors lock in a set return to a named maturity date using Pendle's yield-tokenization infrastructure. The product, called Fixed Yield, is now live at sky.money/fixed-yield, Sky said on X.
The launch targets users of sUSDS, Sky's savings-rate token, which holds $6.16 billion in market capitalization, by offering a term-based alternative to the variable Sky Savings Rate (SSR). At the time of writing, th fixed-yield market shows a 5.38% APY with a Nov. 26 maturity date, per the sky.money product page. The SSR's own variable rate sits at 3.60% APY for the same sUSDS pool on DefiLlama.
The product is built on Pendle Protocol v2, which splits yield-bearing tokens into Principal Tokens and Yield Tokens. When a user supplies USDS, USDC, or sUSDS into a Fixed Yield market, the protocol issues PT-sUSDS — a Pendle principal token that matures on a date chosen by Sky. Holding to maturity locks the entry rate. Exiting early means selling the PT position at prevailing market prices, which may be above or below the entry price.
Sky's Role and Pendle's InfrastructureSky sets the maturity dates when it opens each market. The rate itself is market-driven, set by trading activity in the Pendle pool rather than by Sky's governance. Sky makes clear on its product page that it does not set, control, or guarantee the rate.
Sky (sky-lending) holds $5.91 billion in total value locked, per DefiLlama, making it one of DeFi's largest CDP protocols. Pendle, the fixed-yield infrastructure layer, holds $1.23 billion in TVL across Ethereum, Arbitrum and Plasma.
The launch follows Wednesday's Pendle listing on Revolut, the European fintech with roughly 20 million crypto users, which expanded token distribution but not Pendle's actual fixed-yield product access. This integration goes the other direction: it brings Pendle's PT mechanics onto Sky's own product surface, inside the protocol rather than on a trading app.
The SSR has drifted lower over recent months. A fixed product offering a premium above spot gives rate-sensitive depositors a reason to commit capital to a term rather than stay floating.
