About Pendle
Pendle: trading future yield as a separate asset
Principal and yield are split
Pendle tokenizes yield-bearing positions into Principal Tokens and Yield Tokens, allowing users to trade future yield separately from the underlying principal. That maturity-based design is the core concept behind the protocol.
Markets expire
Pendle positions are organized around maturities, so implied yield, time to expiry and the behavior of the underlying yield source matter. This is structurally different from a perpetual derivatives venue.
PENDLE and protocol activity
PENDLE is tied to governance and incentive design around Pendle markets. Track total value, trading in yield markets, vePENDLE voting, emissions and the quality of integrated yield sources.
Research note: Confirm material protocol, governance and supply changes with current primary documentation.