Catenaa, Monday, January 26, 2026-Pendle announced an upgrade to its native token, introducing sPENDLE, as the crypto yield trading platform continues scaling and diversifying revenue streams.
The new token aims to improve liquidity, simplify participation, and support composable integration with decentralized applications. sPENDLE offers a 14-day withdrawal period or instant redemption with a 5% fee and replaces the previous manual voting system with an algorithmic emission model targeting a 20-30% reduction in token emissions.
Existing vePENDLE holders will receive multipliers to their virtual sPENDLE balances during the transition.
Pendle reported strong performance in 2025, with average Total Value Locked at approximately $5.7 billion, a 76% increase from the prior year, and total fees accrued of $44.6 million, up 134% year-over-year.
Monthly notional trading volume averaged $54 billion over the trailing 90 days, reflecting high demand for tokenized yield and fixed-rate trading.
The upgrade is supported by Boros, a platform that tokenizes perpetual funding rates, converting untradable yield streams into tradable instruments.
Within four months of launch, Boros recorded $6.9 billion in open interest and $6.8 million in deposits, highlighting early adoption and growth potential in onchain rates trading.
Exotic equity derivatives, including NVIDIA, S&P 500, and NASDAQ perpetual contracts, have been added to expand offerings.
Pendle aims to bridge DeFi yield strategies with traditional fixed income markets, offering tools for principal and yield tokens, funding rate derivatives, leveraged strategies, AI integrations, and cross-chain liquidity.
The platform continues to target both retail and institutional participation, emphasizing scalability and sustainable infrastructure.
Pendle is the world’s largest crypto yield trading platform enabling the tokenization and trading of yield-bearing assets.
