Pendle

Pendle is a decentralized finance protocol that lets users separate the future yield generated by yield-bearing assets from the underlying principal, then trade each component independently. The problem it addresses is that holders of yield-bearing tokens — such as staked or lent assets — are locked into whatever yield rate prevails, with no way to lock in a fixed rate or express a view on how yields will move. Pendle is designed for DeFi participants who want more precise control over how they manage and deploy the yield their assets generate.

When a yield-bearing asset is deposited into Pendle, the protocol splits it into two tokens: one representing the principal and one representing the right to the yield over a defined period. These components are then tradeable on Pendle's own automated market maker, which is purpose-built to handle the time-decay characteristic that yield tokens naturally exhibit as they approach expiration. The PENDLE token is used for governance and, through staking, entitles holders to a share of protocol revenue, as reflected in the holders' revenue figure in the data.

Pendle collects fees from trading activity on its AMM and from the yield flows passing through the protocol. Over the trailing 30 days the protocol generated 1,075,154 USD in total fees and 1,057,697 USD in protocol revenue, with fees growing 59.41 percent and revenue growing 57.05 percent over that same 30-day window. Of the trailing 30-day revenue, 821,149 USD was distributed to token holders and 17,457 USD went to liquidity providers on the supply side, indicating the protocol retains the large majority of fees rather than passing them to liquidity suppliers. The take rate — the share of fees the protocol keeps — stood at 98.38 percent over the trailing 30 days.