Pendle 2025 Plan: V2 Upgrade, Multi-Chain Expansion and Perptual Futures Yield Products

Pendle has become a leading fixed income protocol in the DeFi space, allowing users to trade future yields and lock in predictable on-chain returns. In 2024, Pendle has driven the development of major narratives such as LST, re-staking, and yield-bearing stablecoins, becoming the preferred launch platform for asset issuers.

In 2025, Pendle plans to expand beyond the EVM ecosystem and develop into a comprehensive fixed-income layer for DeFi, targeting new markets, products, and user groups, covering both the native cryptocurrency market and institutional capital markets.

The yield derivatives market in the DeFi world can be likened to the interest rate derivatives market in traditional finance, which has a scale of over $500 trillion. Even a very small share of that market represents billions of dollars in opportunity.

Most DeFi platforms only offer floating yields, exposing users to market volatility, but Pendle introduces fixed-rate products through a transparent and composable system. This innovation reshapes the $120 billion DeFi market landscape, making Pendle the dominant yield protocol. In 2024, Pendle's TVL grew more than 20 times, currently holding over half of the yield market's TVL, which is five times that of its second-largest competitor.

Pendle is not just a yield protocol; it has evolved into a core infrastructure of DeFi, driving liquidity growth for leading protocols.

Finding the Fit: From LST to Restaking

Pendle gained early market attention by addressing the volatility and unpredictability of yields in DeFi. Unlike Aave or Compound, Pendle allows users to lock in fixed returns by separating principal from yield.

With the rise of the liquid staking token (LST), Pendle's adoption has surged, helping users unlock the liquidity of their staked assets. In 2024, Pendle successfully captured the re-staking narrative - its eETH liquidity pool became the largest pool on the platform just days after its launch.

Pendle now plays a key role in the entire on-chain yield ecosystem. Whether providing hedging tools for volatile funding rates or serving as a liquidity engine for yield-bearing assets, Pendle has unique advantages in growth areas such as liquidity re-staked tokens (LRT), real-world assets (RWA), and on-chain money markets.

Pendle V2: Infrastructure Upgrade

Pendle V2 introduces standardized yield tokens (SY) to unify the packaging of yield-bearing assets. This replaces the fragmented, customized integration solutions of V1 and enables the seamless minting of "Principal Token" (PT) and "Yield Token" (YT).

Pendle V2's AMM is designed specifically for PT-YT trading, providing higher capital efficiency and a better pricing mechanism. V2 introduces dynamic parameters ( such as rateScalar and rateAnchor ), which can adjust liquidity over time, thereby narrowing spreads, optimizing yield discovery, and reducing slippage.

Pendle V2 has also upgraded its pricing infrastructure by integrating a native TWAP oracle into the AMM, replacing the V1 model that relied on external oracles. These on-chain data sources reduce manipulation risks and improve accuracy. Additionally, Pendle V2 has added order book functionality, providing an alternative price discovery mechanism when the AMM price range is exceeded.

For liquidity providers (LP), Pendle V2 offers a stronger protection mechanism. The fund pool is now composed of highly correlated assets, and the AMM design minimizes impermanent loss to the greatest extent, especially for LPs holding until expiration.

Breaking the EVM Boundaries: Expanding into Solana, Hyperliquid, and TON

The Pendle project’s expansion to Solana, Hyperliquid, and TON marks a key turning point in its 2025 roadmap. So far, Pendle has always been limited to the EVM ecosystem, but it still holds over 50% market share in the fixed income track.

However, the multi-chain trend of cryptocurrencies has emerged, and through the Citadel strategy, Pendle will break through the EVM island to reach new pools of capital and user groups.

Solana has become a major hub for DeFi and trading activities, with a historical peak of $14 billion in TVL in January, a strong retail base, and a rapidly growing LST market.

Hyperliquid relies on vertically integrated Perptual Futures infrastructure, while TON depends on the Telegram native user funnel. Both ecosystems are growing rapidly but lack mature revenue infrastructure. Pendle is expected to fill this gap.

If the deployment is successful, these measures will significantly expand the total addressable market for Pendle. Capturing fixed income capital flows on non-EVM chains could bring in hundreds of millions in incremental TVL. More importantly, this move will solidify Pendle's position not only as an Ethereum-native protocol but also as a key player in the DeFi fixed income infrastructure across major public chains.

Embrace Traditional Finance: Build a Compliant Revenue Access System

Another key initiative in Pendle's 2025 roadmap is the launch of a KYC-compliant version of Citadel designed specifically for institutional funds. This solution aims to connect on-chain yield opportunities with traditional regulated capital markets by providing structured and compliant crypto-native fixed income product access channels.

The plan will collaborate with certain protocols and be managed by licensed investment managers under an independent SPV structure. This setup eliminates key friction points such as custody, compliance, and on-chain execution, enabling institutional investors to participate in Pendle yield products through familiar legal frameworks.

The global fixed income market exceeds $100 trillion, and even if institutional funds allocate a very small proportion to on-chain investments, it could result in billions of dollars flowing in. According to the EY-Parthenon 2024 survey, 94% of institutional investors recognize the long-term value of digital assets, with more than half increasing their allocations.

A consulting firm predicts that the market size for tokenization could reach $2-4 trillion by the 2030s. Although Pendle is not a tokenization platform, it plays a key role in this ecosystem by providing pricing discovery, hedging, and secondary trading functions for tokenized yield products. Whether it is tokenized government bonds or interest-bearing stablecoins, Pendle can serve as the fixed income infrastructure layer for institutional-grade strategies.

Islamic Finance: A $4.5 Trillion New Opportunity

Pendle also plans to launch the Citadel solution compliant with Islamic law, serving the global Islamic finance market worth $4.5 trillion - this industry spans over 80 countries and has maintained an average annual compound growth rate of 10% over the past decade, particularly growing rapidly in Southeast Asia, the Middle East, and Africa.

Strict religious restrictions have long hindered Muslim investors from participating in DeFi, but Pendle's PT/YT structure can be flexibly designed to create yield products that comply with Islamic law, which may take the form similar to Islamic bonds ( Sukuk ).

If successfully implemented, this Citadel will not only expand Pendle's geographical coverage but also validate DeFi's ability to adapt to a diversified financial system - thus consolidating Pendle's position as the global fixed income infrastructure in the on-chain market.

Entering the Funding Rate Market

Boros, as one of the most important catalysts in the Pendle 2025 roadmap, aims to introduce fixed-rate trading into the Perptual Futures funding rate market. Although Pendle V2 has established its dominant position in the spot yield tokenization market, Boros plans to expand its business landscape to the largest and most volatile source of yield in the crypto space - the Perptual Futures funding rate.

The current perpetual futures market has over $150 billion in open contracts, with an average daily trading volume of $200 billion. This is a large-scale market, but it lacks sufficient hedging tools.

Boros plans to provide more stable returns for certain protocols by implementing a fixed funding rate - this is crucial for institutions managing large-scale strategies.

For Pendle, this layout contains immense value. Boros is not only expected to open up a new market worth billions of dollars but also achieves an upgrade in protocol positioning - transforming from a DeFi yield application to an on-chain interest trading platform, its functionality is comparable to that of certain large institutions' interest trading desks in traditional finance.

Boros has also strengthened Pendle's long-term competitive advantage. Unlike chasing market trends, Pendle is laying the groundwork for future revenue infrastructure: whether it's funding rate arbitrage or spot holding strategies, it provides practical tools for traders and asset management departments.

Given the current lack of scalable funding rate hedging solutions in both the DeFi and CeFi sectors, Pendle is expected to gain a significant first-mover advantage. If successfully implemented, Boros will significantly enhance Pendle's market share, attract new user groups, and solidify its core position as a DeFi fixed income infrastructure.

Core Team and Strategic Layout

Pendle Finance was founded by anonymous developers in mid-2020 and has received investment from several top institutions.

Financing milestones include:

• Private Placement Round ( April 2021: Raised 3.7 million USD
• IDO)2021 April (: Funded 11.83 million USD at a price of 0.797 USD/token
• A certain trading platform Launchpool)2023 year 7 month (: distributed 5.02 million PENDLE) accounting for 1.94% of the total supply (
• A certain institution strategically invests in ) in August 2023: accelerating ecological development and cross-chain expansion.
• The Arbitrum Foundation funded ( in October 2023: received $1.61 million for Arbitrum ecosystem development.
• A certain institution strategically invested )2023 November (: promoting long-term growth and institutional adoption

Ecological cooperation includes:

• Base: Deploy to the Base network, access native assets
• Anzen)sUSDz(: Launch of RWA stablecoin sUSDz
• Certain protocol ) USDe/s USDe (: Integrate high APY stablecoin
• Ether.fi)eBTC(: Launching the first BTC native yield pool
• Berachain)iBGT/iBERA(: As one of the first infrastructure to settle in.

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Token Economic Model

PENDLE tokens are the core of the Pendle ecosystem, serving both governance functions and protocol interaction permissions. By splitting yield-bearing assets into principal tokens and yield tokens, Pendle has created a new paradigm for yield management - and PENDLE is the key tool for participating in and shaping this ecosystem.

Key data ) as of March 31, 2025 (:

• Price: 2.57 USD
• Market Cap: $410.6 million
• Fully Diluted Valuation ) FDV (: $725.2 million
• Circulation: 161.31 million pieces ) account for 57.3% of the total supply (
• Max Supply: 281