📢 Update on V2 Incentive Structure As we prepare for @boros_fi as an addition to the Pendle suite, we will be implementing changes to improve the $PENDLE incentive structure for V2 and introduce minor adjustments to protocol fees. 2025 thus far has been a year of deep building - creating a new protocol from scratch, shipping tons of features for V2 and taking the time to dig into how the dynamics within the Pendle Protocol have evolved. Pendle pools have reached a point where deep liquidity and strong volumes can be sustained with minimal incentives, a clear sign of natural market demand. While some bootstrapping is still needed early on, many pools become self-sustaining once momentum builds. However, as emissions taper, we must ensure that incentives remain effective — an area of our active research alongside ongoing fee optimizations. Once initial testing is completed over the next few weeks, we will be implementing a dynamic incentive cap based on a pool’s swap fee contribution. Pools deployed on Pendle will begin with a high incentive cap to allow room for TVL bootstrapping and will gradually adjust weekly to match its fee contribution to the protocol. The imposed caps are asymmetrical by design: they rise quickly with strong performance but decline more gradually. For pools with fluctuating swap fees, this means caps will typically reflect the higher end of its recent activity, providing stability and encouraging growth without penalizing short-term dips. This cap mechanism prevents pools that are consistent laggards from taking excess amounts of incentives, only being eligible for additional incentives as they gain traction. Currently, the bottom 5% of swap-fee and TVL contributors consume over ~50% of PENDLE emissions — an imbalance we intend to resolve. We expect that these improvements will make the system significantly more efficient and reduce the amount of incentives utilized by the Pendle protocol. Once live, the detailed mechanics on the incentive caps will be available in the docs and the team will continue monitoring the overall protocol performance. In addition, we have seen positive impact with our last adjustment on fees and will adjust the following: 1️⃣Reduction in swap fees from 2% to ~1.3% 2️⃣Increase in YT yield fees from 5 to 7% On net we expect an increase in trading volumes, while the fee on yield remains well below the industry standards of 10-50% set by protocols such as Yearn, Lido, Rocket and Balancer. We expect these settings to remain for the medium term, barring unforeseen circumstances.

Pendle is now live on HyperEVM With this launch, we're bringing Pendle's fixed yield infrastructure to life for HyperEVM users. Joining forces with our new friends: @0xHyperBeat @kinetiq_xyz

The Pendthena saga continues! This time, the story begins with a new ally: @strata_money pUSDe (16 Oct 2025) Unlock triple rewards in just one move: 60x Strata Points + 50x Ethena Sats + 1x Ethereal Point

ATH for @pendle_fi. Higher.

This is even more true today than before. Ethena PTs are now up to 10%-15% Fixed APY, even better than what the ultra junk CCC-rated bonds are offering at ~12%. If you can stomach junk-rated cruise lines still floating on pre-pandemic hopium, or ghetto REITs with tenants like zombie startups and ghost kitchens, then surely Ethena PTs (over $6B redeemed without hiccups) are worth your freaking attention. There's estimated to be $200-$300 Billion of money sitting in CCC-rated or lower bonds. $200-$300 Billion of money that could be enjoying a much better risk-adjusted return if they would just turn their sights to @pendle_fi. In a perfectly rational world, Pendle should be sitting on at least $100B TVL now. Wake up your idea, idiots.

Higher. Pendle.

Hyperliquid on Pendle? You got it. Introducing @Hyperwavefi hwHLP (25 Sep 2025) on Ethereum

woah another cool ethena converge ecosystem protocol if only we could pendle this i mean look at all the points 30x strata 30x ethena and ethereal? imagine if we had some pendle exclusive mults on top too with so many points man this really has the potential to be one of the highest fixed yields for stablecoins cool cool cool cool cool if only.... 😩

Pendle dominates 85% of Converge's TVL in DeFi @convergeonchain has $824M in TVL, with $724M used in DeFi and 98% of that is going through @pendle_fi ➢ $712M from eUSDe, tUSDe, tETH and tBTC is already being moved into Pendle to boost yields and farming points for upcoming @etherealdex and @Terminal_fi Airdrop ➢ tUSDe and eUSDe are offering some of the juiciest yields in Pendle with 14.8% and 12.4% fixed APY With @strata_money opening pre-deposits today, Pendle is expected to see even more inflows from Converge’s native protocols Pendle becomes the core amplifier layer of Converge → bridging Defi with Tradfi capital at scale And Pendle isn’t building alone. It’s backed by top-tier partners like: @Binance, @Bybit_Official, @Arbitrum, @Aave, @MorphoLabs and @maplefinance → Positioning it as a gateway for institutional capital into the on-chain economy.

How to position yourself for the upcoming DeFi summer 2.0? We are excited to share our latest report, “Pendle: House of All Yields,” exploring what makes @pendle_fi special in the crowded crypto landscape, its growth potential, and our projections for its native token, $PENDLE. This paper is inspired by and based on research outlines and documents from the Pendle team, with additional research by SKYGG to provide the Korean community with a more detailed understanding of how Pendle is strategically positioned at the intersection of various emerging crypto narratives. Special thanks to @tn_pendle and @Dill_Farmer for the feedback and support in publishing this paper. Read the full research paper here: KR: EN: