Pendle

Pendle is a decentralized finance (DeFi) platform focused on yield tokenization and yield trading. It enables users to tokenize future yield from various crypto assets and trade these yield tokens on its AMM-based marketplace. Pendle’s protocol separates the ownership of an asset from its yield, allowing users to buy, sell, or hedge yield exposure independently. This approach unlocks new financial primitives for yield trading, hedging, and leveraging in DeFi.

The platform includes Pendle V2, which offers an improved yield tokenization protocol and automated market maker (AMM) mechanics, and Boros, a margin trading platform for yield with order book mechanics and advanced settlement features. Boros allows leveraged trading of any yield, including off-chain rates, with capital efficiency and no liquidation risk. Pendle’s ecosystem also features the Pencosystem, a suite of integrations and tools that expand yield trading capabilities.

Pendle targets DeFi developers, financial institutions, and analytics teams looking to build or integrate yield trading and hedging solutions. Developers can integrate Pendle’s products via its open API and SDKs, with comprehensive documentation and educational resources available. The platform’s modular design and focus on capital efficiency differentiate it from other yield aggregators and trading platforms. Pendle’s products are live and actively maintained, with growing adoption in the DeFi space.

To get started, developers can explore Pendle’s V2 documentation and Boros developer guides, use the Pendle Academy for learning, and integrate via the Pendle V2 API. The platform’s open-source codebase and active community support facilitate rapid experimentation and deployment of yield trading strategies.