Users deposit yield-bearing tokens into Pendle Markets. The yield-bearing token is wrapped and split up into its principal and yield-bearing components, which allows users to execute yield-trading strategies (i.e. earn fixed yield, long yield). Traders pay a swap fee whenever yield-bearing tokens are swapped with its wrapped, principal, or yield-bearing component tokens.

Pendle is a permissionless yield-trading protocol built on Ethereum, HyperEVM, Arbitrum, BNB Chain, Optimism, Base, Berachain, Sonic, Plasma, Monad, X Layer, and Robinhood Chain. Pendle was founded by TN Lee and was launched in 2021.

PENDLE tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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