Pendle (PENDLE)

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Historical price evolution of Pendle

Daily historical data. Updated automatically.

Pendle emerged during the DeFi summer of 2020, when TN Lee (ex-KyberSwap), Vu Nguyen and two anonymous collaborators identified as GT and YK conceived the project under the initial name of Benchmark. The objective was to enable fixing the yields that were then reaching between 10,000% and 20,000% APY in emerging DeFi protocols.

The protocol's development followed a structured roadmap that began on 20th March 2021 with the testnet launch. Subsequently, on 28th April 2021, the PENDLE token liquidity bootstrapping event was conducted on Ethereum, followed by the definitive launch on Ethereum mainnet on 16th June 2021. In November 2021, the protocol expanded its operations to Avalanche C-Chain.

During the crypto winter of 2022, PENDLE experienced a sharp correction and reached its historical low of $0.0351 in November, following the Terra-LUNA collapse. However, on 29th November 2022, an important technical milestone occurred with the launch of Pendle V2, which introduced PT (principal) and YT (yield) tokens alongside a redesigned AMM.

The year 2023 marked a turning point for PENDLE, which recorded a rise of 2,526% and closed at $1.19. This bullish trend culminated in April 2024, when the token reached its all-time high of $7.52, whilst the protocol's TVL exceeded $13,500 million.

In 2025, significant developments occurred, beginning in August with the launch of Boros, an on-chain perpetual futures funding rates trading platform, coinciding with a record TVL of $8,300 million. Boros demonstrated its traction by recording $2,900 million in monthly volume in January 2026. On 28th October 2025, 21Shares launched an ETP on PENDLE on the Swiss SIX Swiss Exchange, representing the first institutional validation of the token.

The protocol implemented important structural changes on 20th January 2026, replacing the vePENDLE model (which required locking for up to 2 years) with sPENDLE, a liquid staking token with a 14-day withdrawal period. Simultaneously, up to 80% of protocol revenue was allocated to PENDLE buybacks and emissions were reduced by 30%. In March 2026, Pendle was integrated as collateral in Aave V4 and included on Grayscale's watchlist for Q2 2026, at which point the protocol's annualised revenue reached $34 million.

Pendle operates as a DeFi protocol that allows the separation of any yield-generating asset into two distinct components: the principal token (PT) and the yield token (YT). The PT represents the underlying asset that can be recovered at maturity, whilst the YT captures all yields that are generated until that expiry date. This separation allows users who acquire PT at a discount to obtain a guaranteed fixed yield without liquidation risk, whilst those who purchase YT speculate that future yields will exceed the price they paid for the token.

The exchange between these PT and YT tokens is carried out through an Automated Market Maker (AMM) specifically designed for assets that experience time decay, incorporating concentrated liquidity and a dual fee structure. Holders of the native PENDLE token can lock it to obtain sPENDLE from January 2026, which grants them rights to up to 80% of the protocol's revenue through buybacks and governance participation. With the launch of Boros in 2025, the protocol extended its model to include off-chain yields such as perpetual futures funding rates, currently operating on more than 10 blockchains including Ethereum, Arbitrum, BNB Chain, Base and Solana through Chainlink CCIP.

Data verified against external sources. Some values may have changed since the last update.