Experienced a 47% weekly volume increase while TVL declined 10%, indicating capital rotation patterns.

Generated $11.68 million in net profit during 2025.

Generated $1.22 million in net profit in Q1 2026.

Reached close to $100M in trading volume for tokenized STRC products on Ethereum.

Reached $15.5B in all-time asset deposits on Aave as PT collateral.

Allocates up to 80% of revenue into buybacks, with the assertion that if buybacks sustainably outpace emissions, the token will function more like a cash-flow-linked instrument.

Reached $1 million in crosschain principal tokens (PTs) traded in one-click.

Integrated with Ember Protocol, listing 3 new yield vaults (eACRED, eEARN, eTHIRD) for RWA private credit and delta-neutral stablecoin strategies, with expiry on 2026-07-02.

Plasma USDe/sUSDe PT tokens with June 2026 maturity were added to Aave.

Pendle sUSDai June 2026 maturity pool shows 7.4% implied APY as of April 11, 2026.

Pendle sUSDai October 2026 maturity pool shows 8.2% implied APY as of April 11, 2026.

Integrated with Strategy (STRC) to enable PT yield products through DeFi protocols including Apyx and Saturn. Launched Saturn Credit USDat and sUSDat stablecoin yield markets on Ethereum with August 27, 2026 maturity, offering fixed 13-14% APR PT-sUSDat and floating YT-sUSDat.

Orderbook depth reached $50 million for PT-USDG trading pairs.

Allocates 831 PENDLE per week as incentives for the PT-USDG orderbook.

Integrated with Infinit Labs for a leverage looping strategy using PT-apyUSD via Morpho.

Offers 6% yield on MHYPERBTC through its platform.

Launched new markets for tranched mHYPER products srmHYPER and jrmHYPER with MidasRWA and Strata Markets, maturing July 2, 2026.

Holds 60.6% of apxUSD supply from Apyx Finance.

Holds 37.5% of thBILL supply from Theo Network.

Holds 23.3% of USDG supply from Global Dollar.

Holds 87.9% of reUSDe supply.

Holds 37.5% of Sierra token supply.

Holds 30.5% of OpenEden token supply.

Predicted to continue iterating and finding new product-market fit in future cycles.

Integrated three new PTs (sUSDe 18 JUN 2026, USDe 18 JUN 2026, srUSDe 25 JUN 2026) with DeFi Saver for one-transaction leverage and unwinding operations with no fees; also develops a one-click leverage tool.

Partnered with OpenEden Labs, supporting PT trading for cUSDO at 6% APR.

Supports PT trading for USDG by Paxos, offering 5.1% APR.

Used as a yield trading platform for tokenized real-world assets (RWAs) within the DeFi composability layer.

Reached nearly 70M TVL on APYX markets, representing over 100% increase from the previous month.

apxUSD and apyUSD Principal Tokens went live as collateral on Morpho protocol.

Reached $87.8 billion in cumulative trading volume as of Q1 2026.

Holds 98.5% market share in yield tokenization as of Q1 2026.

Launched fixed yield PT crosschain functionality to Solana.

Added PT-msY market by Main Street Finance, offering 11.16% APY with maturity up to 117 days.

PT market on Arbitrum for sUSDai is priced at $0.9598 as of April 3, 2026, representing a 4.02% implied yield to maturity.

PT market on Ethereum for reUSDe is priced at $0.9670 as of April 3, 2026, representing a 3.41% implied yield to maturity.

PT market on Ethereum for apyUSD is priced at $0.9709 as of April 3, 2026, representing a 3.00% implied yield to maturity.

PT market on Ethereum for apxUSD is priced at $0.9712 as of April 3, 2026, representing a 2.97% implied yield to maturity.

Integrated with BungeeExchange for cross-chain PT access via one deep Ethereum pool, and with LI.FI Earn vault aggregation platform across 60+ chains alongside 20+ other yield protocols.

Launched Pendle VIP Board in Q1 2026.

ArcX is preparing to launch a new product built around a Pendle-like mechanism for perp DEXs on Starknet, with an open waitlist.

Extended limit order incentives for Neutrl until market maturity.

TVL is distributed with 69.1% in Ethena and Strata assets, 8% in USDai, and 5% in re.

Published the first quarterly Priority Report, a briefing exclusively for clients with over $1M deployed on Pendle.

Reached $67.5M in USDG LP TVL and $35.3M in USDG PT TVL as of early April 2026, reflecting a shift from LP to PT participation over a 2-week period.

Holds $1.85B in stablecoin TVL across nearly 70 active pools; total TVL was $1.78B as of April 2024.

Processed $500M in trading volume over the past 30 days.

Boros achieved all-time high trading volume of $338.5 million.

Launched Boros OTC page feature and four new markets on Boros with 2026-05-14 maturity: CLUSDT on Binance, BZUSDT on Binance, WTIOIL on Hyperliquid, and BRENTOILUSDC on Hyperliquid.

Expanded PendleV2 Limit Order Incentives within AIM to all pools for long and short orders, offering up to 100% APR for in-range orders, targeting liquidity to $2.57B by March 29, 2026, with over 1,500 daily active orders. Introduced Sell YT orders with up to 100% APR, increased YT-USDG incentives from $30k/week to $40k/week starting April 16, 2026, and added $240k in incentives for USDG markets.

Integrated PT-USDG as collateral on Aave V4.

Met Vietnam's Deputy Prime Minister on March 22, 2026, in New York to discuss Vietnam's International Financial Center and asset tokenization. Remains on Grayscale's Q2 2026 consideration list under "Financials", trimmed from 36 to 30 assets.

Offers PT apyUSD 14.61% APR (64-day maturity) via Apyx, and 14.8-15.5% APY for apxUSD.

Provides effective fixed APY of 11.15% on PT-apyUSD for $4.5 million swaps after price impact and fees.

Provides effective fixed APY of 8.00% on PT-reUSD for $5 million swaps after price impact and fees.

Provides effective fixed APY of 7.72% on PT-sNUSD for $20 million swaps after price impact and fees.

Upgraded MCP (Model Context Protocol), enabling AI agents on Claude and ChatGPT for DeFi yield strategies and risk analysis. Integrates with Claude Code, Claude Desktop, VSCode, Codex, Gemini.

Integrated with OneKey App to provide direct access to DeFi fixed income tools.

Launched thBILL markets on Theo Network, supporting PT (Principal Token) trading. Features liquidity optimization (LO) incentives with 100% APR and three-digit PT/YT yields, alongside 7.1% APR for limit order incentives.

Partners with Chaos Labs to use their AI-powered oracles, analytics, and vault strategies, which are trained on over $5 trillion in proprietary market data and provide real-time risk modeling.

thUSD is scheduled to launch on Pendle with yield generated from gold futures instead of T-bills.

Launched multiple new trading pairs on Boros across Binance, Hyperliquid, OKX, and Bybit, all with maturity date of 2026-04-26, including ETHUSDT/ETHUSDC, BTCUSDT/BTCUSDC, XAUUSDT, GOLDUSDC, XAGUSDT, SILVERUSDC, HYPERUSDC, and SP500USDC.

Whale address 0x04d8 withdrew 1.49M PENDLE tokens worth $1.81M from Binance on 2026-03-23.

Paused Lista DAO lending operations following Resolv exploit and wstUSR depeg. Has exposure to USR stablecoin PT positions, where an attacker minted 50M USR with 100K USDC and drains liquidity. New collateralizing and borrowing disabled in USDR/wstUSR/PT-USR markets; suppliers can withdraw and borrowers repay.

Recorded $15 million in 24-hour volume on Strata Ethena Limit Order Incentives pools.

Sunsets April Strata pools at maturity, launching new srUSDe and jrUSDe liquidity pools with June 25, 2026 maturity on Strata Ethena, offering 100% APR via Limit Order incentive program for PT/YT orders, $280M liquidity, and 4.1% implied yield.

Processed $58 billion V2 volume across the Pendle suite over a one-year period.

Has over $4 million in TVL farming through PT cUSD looping strategy on Infinit Labs.

Provides 45,000 IN token incentives for farmers using PT cUSD looping strategy in the current epoch.

Powers OCRRate's yield curve, a standardized onchain benchmark for stablecoin yields, by providing fixed-rate markets and data for DeFi yield curve analysis.

Used as collateral backing for Tangent's $USG CDP stablecoin alongside Curve yield assets.

Integrates with Twyne, supporting up to 24x leverage on PTs and boosting combined APY with Aave from 28.8% to 54.2%.

Launched one-click PT looping feature for Strata Markets' PT-srUSDe (25 Jun 2026) on Aave, offering 4.72% fixed APY with USDe borrowing at 2.35% for a maximum 32% APY. Schedules PT-Strata listing on AaveV4.

Has annualized revenue of $34 million.

Has a market cap to TVL ratio of 0.09.

Offers 99.5% APY on reUSD through its LO (liquidity optimization) mechanism, compared to the base 6.26% APY for holding reUSD.

Launched omnichain PT swaps, enabling single-transaction swaps, integrating skate_chain, covering USDai_Official and re vaults in Q1 2026.

Features yield markets for Paxos USDG, with up to 8.9% via USDG LP, 5.29% fixed APY via PT-USDG, and 5.00% fixed APY for $10M swaps after price impact and fees.

Replaced vePENDLE with sPENDLE, implemented LO incentives in Q1 2026 reducing PENDLE emissions and increasing liquidity 5x, and routes 80% of revenue to buybacks.

Integrated Alturax LP yield product (AVLT) offering 31% APY from RWA yield, with Alturax co-incentivizing LP positions with $27,000 in USDT and PENDLE rewards starting 2026-03-19.

Aave raised PT-srUSDe collateral caps to $200 million, showing $136 million utilization, $70 million in orderbook liquidity, and $100 million single-swap liquidity with an effective fixed APY of 3.51% on PT-sUSDe.

Became largest holder of USDG as of 2026-03-20, with $35.6M deposited, representing 8.9% of the $400M total USDG supply.

Directed 491 users to become USDG holders, representing 16% of USDG's total 3,088 holder base.

Launched yoUSD and yoETH markets for yield trading, maturing 2026-09-23, offering 6.5% native APY. yoUSD also offers 12% YO token reward yield; positions require rollover by 2026-03-25.

Integrated reUSD and reUSDe from Re for lending, borrowing, and yield betting; PT-reUSDe yields 13.84% APY.

Integrated with Apyx and Morpho for digital credit yield strategies on Base with Chainlink support, doubling apxUSD pool multipliers for YT rewards (16x to 32x) and LP rewards (12x to 24x) in Season 1 Pips, and supporting a 75% looping strategy on PT-apyUSD with 14.78% APY and 5% USDC borrowing.

Integrated with GAIB's rewards campaign for YT or LP positions for AID or sAID, paying 500%+ APY as of March 18, 2026. Campaign runs March 1st-July 31st, 2026, with a minimum $2,500 equivalent requirement.

PT apyUSD pool reached $43M TVL.

Listed PT-USDG/USDC yield pool on Morpho with 12.39% APY, maturing 2026-05-28, and $10M borrowing liquidity; enabled PT-USDG as collateral. PTs collateralize Convergence's CDP stablecoin $USG.

Listed on Renegade (a fully onchain dark pool on Arbitrum) for trading with complete privacy alongside wBTC, wETH, and other assets.

Integrated YieldNest's ynRWAx token, adding a liquidity pool with 36% LP APY for mortgage-backed private credit assets.

Provides token incentives for liquidity providers on Boros Fi's fixed rate return platform.

Integrated Paxos USDG RWA stablecoin as collateral backing via PTs, offering 14 May 2026 maturity at 47% APR, an LP pool with 16.57% APR, and $150,000 Paxos incentives over 5 weeks for YT-USDG. Updated UI displays bonus rewards for YT holders, showing YT-USDG earns 7.2% APY including bonus rewards, priced at 5.3% implied yield.

1.49M PENDLE tokens valued at $1.88M were moved to new wallets by wallets linked to Jez San on 2026-03-03.

Reached a peak TVL of $13.4 billion.

LP-cUSD pools on Pendle are yielding 1.34% APY as of March 2026.

LP-stcUSD pools on Pendle are yielding 4.6% APY as of March 2026.

Reached $376.5M in Real World Assets (RWA) TVL, including $56.5M deployed as collateral on Morpho, representing approximately 17% of all RWA collateral on Morpho.

Deployed $56.5M as RWA-backed collateral on Morpho, representing approximately 17% of all RWA collateral on that protocol.

Integrated with OpenEden Labs to bring cUSDO (Treasury-backed yield token) onto Pendle's market.