Pendle is a DeFi yield tokenization protocol that allows users to separate yield-bearing assets into two components: Principal Tokens (PT, representing the underlying asset) and Yield Tokens (YT, representing the future yield). This enables fixed-yield strategies, yield speculation, and yield hedging on any yield-bearing asset (stETH, Aave deposits, RWAs, etc.). PENDLE is the governance and incentive token, with vote-escrowed vePENDLE directing protocol incentives.
Pendle wraps yield-bearing tokens (e.g., stETH, aUSDC) into Standardized Yield (SY) tokens, then splits them into Principal Tokens (PT) and Yield Tokens (YT). PT holders receive the underlying principal at maturity; YT holders receive all yield generated until maturity. Pendle's AMM is specifically designed for these time-decaying assets. Users can buy PT at a discount to lock in fixed yield, sell YT to receive upfront yield, or provide liquidity to earn PENDLE rewards. vePENDLE holders vote on which pools receive PENDLE incentives, similar to Curve's veCRV model. Pendle settled $69.8B in yield in 2025, becoming the 13th largest DeFi protocol by TVL.
Test RSI-based strategies on Pendle with real historical data.
DeFi yield is variable and uncertain — users either accept variable yield rates or give up returns entirely. Pendle solves this by creating a market for yield, enabling DeFi users to convert variable yield into fixed rates (like bonds), speculate on future yield rates, or hedge yield exposure. This brings traditional fixed-income financial instruments to DeFi.
The only DeFi protocol that separates yield from principal into tradeable tokens, enabling fixed-rate strategies and yield speculation that mirror traditional fixed-income markets — settling nearly $70B in yield in 2025.
Use multiple indicators together to build complex entry conditions for PENDLE.
Don’t guess — test your PENDLE strategy against years of minute-level data.
Build and test trading strategies using Pendle's minute-level data from 2023-07-31 to present.
Supply figures and project details are approximate and may not reflect the latest changes. Always verify from official sources before making decisions. This information is for educational purposes only — not financial advice.