Singapore, Singapore, January 20, 2026, Chainwire
Pendle, the world’s largest crypto yield trading platform, has announced an upgrade to its native token, introducing sPENDLE. The update aims to unlock greater liquidity, diversify revenue streams, and strengthen Pendle’s position in the on-chain yields and rates segment. Supported by recent performance metrics from Pendle and Boros, the upgrade highlights the platform’s long-term goals in decentralized finance (DeFi) and expands associated markets.
Record performance in 2025 and protocol dominance
In 2025, Pendle achieved major milestones in key network and financial metrics, illustrating both robust usage and sustained market capture in yield trading:
- Average total value locked (TVL): ~$5.7 billion, up 76% year-over-year, with peak TVL of ~$13.4 billion. This reflects a strong commitment to liquidity in yield markets, immediately placing Pendle within other major DeFi protocols such as Uniswap, Aave and Hyperliquid.
- Total accrued fees: ~$44.6M, up +134% year-on-yearwith holder revenue reaching ~$34.9 million.
- Monthly notional trading volume: ~$54 billion (90-day moving average) with frequent nine-figure daily volume, a testament to Pendle’s demand for fixed yield.
The data reflects Pendle’s position as a standout venue for token yield and funding rate trading, with reported realized fees and liquidity depth exceeding those of several comparable platforms in the fixed income space.
New Pendle Token Improvements
The upgraded Pendle token introduces a complete solution for simplicity and fair distribution in its ecosystem:
- Protocol revenues will be used to PENDLE token redemptionsand distributed to active SPENDLE holders
- Improved liquidity model by enabling SPENDLE a simple withdrawal period of 14 days (or instant redemption for a 5% fee).
- sPENDLE also transforms into a composable and fungible token that can be integrated into any dApp, eliminating the trade-off between stake and liquidity, regardless of time horizon.
- The old manual voting system will be upgraded to an algorithmic issuance model, aiming to reduce PENDLE emissions by 20 to 30% while providing significantly better allocation efficiency
- vePENDLE locks will be suspended on January 29 and all existing vePENDLE holders will receive a special multiplier on their virtual sPENDLE balance until then based on the remaining lock duration (up to 4x). Rewards will be distributed based on this virtual SPENDLE balance, allowing PENDLE holders to earn outsized rewards during this transition period with vePENDLE.
“This upgrade represents a structural improvement as we scale both Pendle and Boros,” said TN Lee, co-founder and CEO of Pendle. “Our goal has always been to bring the efficiency and scale of traditional bond markets into DeFi. With this upgrade, Pendle becomes a more robust, sustainable, and institution-ready yield infrastructure.”
Boros: new frontier in on-chain rate trading
An additional catalyst for Pendle’s enhanced token architecture is Boros, a first-of-its-kind on-chain site that tokenizes perpetual funding rates, transforming a non-tradable yield stream into a tradable instrument. Boros’ metrics highlight rapid organic adoption and material growth potential:
- Key indicators: 4 months after its launch, Boros has reached ~$6.9 billion in open interest ~$91M and $6.8M in deposits by the end of 2025.
- Boros generated approximately $301,000 in fees while operating in a nascent market, establishing early product-market fit for on-chain rates derivatives.
- Perpetual markets with approximately $63 billion in open interest represent significant growth potential in which Boros currently holds early share, hoping to unlock up to 10x OI penetration with corresponding incremental growth of approximately 15% in protocol fees.
- Boros also listed NVDAUSDC-Hyperliquidallowing users to speculate and trade the NVIDIA HIP-3 Investor Market funding rate, announcing the listing of more exotic assets as well as other stock investors like the S&P500, NASDAQ, AMZN, TSLA and more.
By tackling one of DeFi’s largest untapped sources of yield, funding rate exposure, Boros further strengthens Pendle’s growth vector, helping to diversify revenue beyond traditional TVL and yield fees.
Strategic Vision: From DeFi Yield to Global Fixed Income Infrastructure
The Pendle token upgrade is intended to support the protocol infrastructure to expand the yield layer of decentralized finance (DeFi) compared to centralized and traditional financial markets. Fixed income remains one of the most important segments of global finance, and Pendle has developed a range of tools – from equity and yield tokens to funding rate derivatives – aimed at facilitating access to this area. The protocol continues to expand its integrations, including leverage strategies, AI applications, use of collateralized PT, and cross-chain liquidity mechanisms.
About Pendle
Pendle is the world’s largest crypto yield trading platform, enabling tokenization and trading of yield-generating assets. Pendle unlocks sophisticated yield strategies for retail and institutional participants, redefining the future of on-chain fixed income.
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