EntitiesPendlePendle is a decentralized yield-trading protocol that lets users separate a yield-bearing asset from the yield it earns and trade the two parts. It describes itself as the world's largest crypto yield trading platform.
Pendle gives holders of yield-bearing tokens three choices: lock their yield in at a fixed rate, take a position on it rising, or earn fees by providing liquidity to the markets that trade it. Its core product, Pendle V2, offers spot yield trading with no lockups and no liquidation risk. Boros, a newer product, adds margin trading on yields, including off-chain rates.
Pendle wraps a yield-bearing asset and splits it into a principal token (PT) and a yield token (YT). The PT redeems for the underlying asset at a set maturity date, so buying it at a discount locks in a fixed yield. The YT collects the asset's yield until maturity, which makes it a leveraged position on that yield. Each market has its own maturity date, after which the split ends.
In October 2026 Pendle listed Coinbase Tokenized Stocks (/tags/coinbase) as yield markets on Base (/tags/base-blockchain), starting with GOOGLc and NVDAc. It then introduced PendleLoop, a product for looping yield or taking leveraged long and short positions, and opened a "Loop to Long" mode for Base tokenized stocks that borrows through Aave (/tags/aave) markets.
Pendle's own chain API lists deployments on Ethereum, Arbitrum, Base, BNB Chain, Optimism and several other networks. Its PT tokens are also accepted as collateral on some Aave markets.
Related coverage that mentions Pendle without being centered on it — filed under the associated entity it belongs to.
Centrifuge, not New York Life, is the source of the Avalanche claim on its $807 billion asset manager's fund — and Aave's deposit figure and Paxos's institution count trace the same single-source pattern. Only NYSE's evaluation was corroborated on the record by two named executives.
Aave V4 splits each network’s liquidity into one shared Hub and purpose-built Spokes — on Avalanche that’s a Main, AVAX Correlated, and Forex market live since July 15, 2026, plus a planned RWA collateral market for institutional borrowers.
