[PRESS RELEASE – Singapore, Singapore, January 20th, 2026]

Pendle, the largest crypto yield trading platform, has introduced a major upgrade to its native token, now named sPENDLE. This enhancement aims to unlock greater liquidity, diversify revenue channels, and reinforce Pendle’s foothold in the on-chain yield and rates market. The upgrade is supported by recent performance metrics from Pendle and Boros, reflecting the platform’s long-term aspirations within decentralized finance (DeFi).

Record 2025 Performance and Protocol Dominance
In 2025, Pendle achieved significant milestones across key network and financial metrics, demonstrating robust usage and sustained market position in yield trading:

• Average Total Value Locked (TVL): ~$5.7B up 76% YoY, peaking at ~$13.4B. This showcases strong liquidity in yield markets, placing Pendle among major DeFi protocols like Uniswap, Aave, and Hyperliquid.
• Total fees generated: ~$44.6M up by 134% YoY, with holders’ earnings reaching ~$34.9M.
• Monthly trading volume: ~$54B (90-day trailing average), with frequent daily nine-figure volumes, highlighting Pendle’s fixed yield demand.

The data places Pendle as a key destination for trading tokenized yields and funding rates, with realized fees and liquidity depth surpassing many comparable platforms in fixed income.

Pendle’s New Token Enhancements
The upgraded Pendle token brings a comprehensive solution focused on fair distribution and simplicity across its ecosystem:

• Revenue from the protocol will be allocated for PENDLE token buybacks, distributed to active sPENDLE holders.
• Enhanced liquidity model introduces sPENDLE with a 14-day withdrawal period (or instant redemption for a 5% fee).
• sPENDLE serves as a composable, fungible token that can be integrated into any dApp, removing the trade-off between participation and liquidity.
• The former manual voting system will transition to an algorithmic emission model, aiming to reduce PENDLE emissions by 20-30% while improving allocation efficiency.
• vePENDLE locks will pause on January 29th. Existing vePENDLE holders will receive a significant multiplier for their virtual sPENDLE balance based on remaining lock duration (up to 4x). Rewards will be distributed according to this virtual balance, providing heightened rewards for PENDLE holders during this transition.

“This upgrade is a structural improvement as we scale both Pendle and Boros,” stated TN Lee, Co-Founder and CEO of Pendle. “Our goal has always been to bring the efficiency and scale of traditional fixed income markets into DeFi. With this upgrade, Pendle becomes a more robust, sustainable, and institution-ready yield infrastructure.”
“Bu yükseltme, Pendle ve Boros’u ölçeklendirdikçe yapısal bir iyileşme.” TN Lee, Pendle’in Kurucu Ortağı ve CEO’su.

Boros: New Frontier in Onchain Rates Trading
Another driving factor for Pendle’s upgraded token structure is Boros, an innovative onchain platform that tokenizes perpetual funding rates, turning an untradable yield stream into a tradable asset. Boros metrics reveal swift organic adoption and substantial growth potential:

• Key Metrics: Just four months post-launch, Boros attained ~$6.9B in open interest, ending 2025 with ~$91M and $6.8M in deposits.
• Boros has produced ~$301K in fees, operating in an emerging market establishing early product-market compatibility for rate derivatives on-chain.
• Perpetual markets with ~$63B in open interest signal significant growth potential, with Boros aiming for a 10x increase in OI share and corresponding ~15% incremental protocol fee growth.
• Boros has also introduced NVDAUSDC-Hyperliquid, allowing speculation and trading of the funding rate on the HIP-3 NVIDIA perpetual market, paving the way for more exotic asset listings, including equity perps like S&P500, NASDAQ, AMZN, TSLA, and others.

By tapping into one of the largest untapped yield sources in DeFi—funding rates exposure—Boros further solidifies Pendle’s growth trajectory, helping diversify revenue beyond TVL and traditional yield fees.

Strategic Vision: From DeFi Yield to Global Fixed Income Infrastructure
Pendle’s token enhancement is designed to bolster the protocol’s infrastructure, scaling the yield layer of decentralized finance (DeFi) in relation to both centralized and traditional markets. Fixed income represents one of the largest sectors in global finance, and Pendle has created an array of tools—from principal and yield tokens to funding rate derivatives—aiming to enhance accessibility in this domain. The protocol continuously expands its integrations, including leverage strategies, AI applications, collateralized PT usage, and cross-chain liquidity solutions.

About Pendle
Pendle is the leading crypto yield trading platform, facilitating the tokenization and trading of yield-bearing assets, thus unlocking advanced yield strategies for both retail and institutional participants while redefining the future of onchain fixed income.