# Pendle

> Liberating Yield

Pendle tokenizes future yield from yield-bearing assets into tradable principal and yield tokens, enabling users to lock fixed yields or speculate on yield rates.

Pendle operates a yield tokenization protocol splitting yield-bearing assets into Principal Tokens representing principal value and Yield Tokens representing future yield claims with fixed expiry dates. The protocol implements a specialized automated market maker designed for time-decaying assets, enabling users to trade yield separately from underlying capital across multiple blockchain networks including Ethereum, Arbitrum, Base, Optimism, and Avalanche.

- Type: Project
- Sector: Finance
- Status: Active
- Founded: 2021-03-01
- Profile: https://thegrid.id/profiles/pendle

## Products

- [Pendle V2](https://thegrid.id/profiles/pendle): Pendle V2 operates a specialized automated market maker for yield tokenization, splitting yield-bearing assets into Principal Tokens and Yield Tokens through a standardized yield wrapper system. The protocol implements time-aware pricing curves adapted from Notional Finance's AMM model, concentrating liquidity around expected yield ranges while accounting for natural PT price appreciation as tokens approach maturity to minimize impermanent loss for liquidity providers. (Derivatives , Live, Main Product)
- [Pendle Boros](https://thegrid.id/profiles/pendle): Pendle Boros operates a perpetual interest rate swaps platform enabling users to trade funding rate exposure through Yield Units without direct underlying asset price exposure. The system implements order book mechanics with margin trading capabilities for BTC and ETH perpetual markets, allowing traders to hedge funding rate volatility or speculate on rate fluctuations independently from spot price movements. (Derivatives , Live)

## Assets

- [Pendle (PENDLE)](https://thegrid.id/profiles/pendle): PENDLE is the governance and utility token of Pendle, a protocol that tokenizes future yield from yield-bearing assets. It is used to vote on protocol decisions, allocate liquidity incentives, and earn swap fees. Holders lock their tokens to receive vePENDLE, a vote-escrowed mechanism that grants long-term stakers significantly more voting power and boosted liquidity mining rewards to incentivize long-term decision making. (Governance)

## Links

- [Main](https://www.pendle.finance)
- [Documentation](https://docs.pendle.finance)
- [Media Kit/branding](https://www.pendle.finance/brand-guide)
- [Whitepaper](https://github.com/pendle-finance/pendle-v2-resources/tree/main/whitepapers)
- [Terms of Service](https://docs.pendle.finance/pendle-v2/TermsOfUse)
- [Privacy policy](https://docs.pendle.finance/pendle-v2/PrivacyPolicy)
- [Twitter / X](https://x.com/pendle_fi)
- [Telegram](https://t.me/pendlefinance)
- [Discord](https://discord.gg/pendle)
- [GitHub](https://github.com/pendle-finance)
- [Medium](https://medium.com/pendle)

## Legal

This data is provided under two licensing models.

Model 1 - open data. The open data core is licensed under the Open Database License (ODbL) — a copyleft/share-alike license allowing free use, modification, and sharing for any purpose. Attribution is required: include "Powered by The Grid" linking to https://thegrid.id wherever the data is used. Derivative databases must be shared under ODbL terms. Trademarks, logos, and brand names (marked "Special TPIP") are not covered by the ODbL. For ML/AI use: training datasets that substantially extract ODbL data are Derivative Databases and must be shared under ODbL if publicly used; models must be attributed in documentation.

Model 2 - commercial licenses. The Grid Data Service (TGDS) is also available as a commercial license. See [Web Services Terms](https://about.thegrid.id/legal/web-services-terms) for commercial use that is not covered by the open data service.

The following applies to both licensing models.
- All data is provided AS IS with no guarantees of accuracy.
- The Grid does not provide investment, legal, or tax advice, and
- a project's presence in The Grid's data does not imply endorsement.


- [Data Licensing & Disclaimers](https://about.thegrid.id/legal/data-licensing-and-disclaimers): Licensing models and disclaimers
- [Open Data (ODbL)](https://about.thegrid.id/legal/open-data): Open Database License terms and scope for The Grid's open data service.
- [Attribution Guidelines](https://about.thegrid.id/legal/open-data-attribution-guidelines): How to attribute The Grid's data when using the open data service.
- [Web Services Terms](https://about.thegrid.id/legal/web-services-terms): commercial Terms for using data services.
- [All Legal Documents](https://about.thegrid.id/legal): Full index of terms, policies, and disclosures

## Optional

- [TGS Field Descriptions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-field-descriptions.md): Schema field definitions for The Grid's data model
- [TGS JSON Structure](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-json-structure.md): Data model structure and relationships
- [Product Type Definitions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-definitions.md): Definitions for each product type
- [Product Type Classification](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-classification.md): Guide for classifying products into types
- [Grid MCP Guide](https://github.com/The-Grid-Data/workspace-public/blob/main/grid-search/skills/grid-query/references/grid-mcp-guide.md): How to query The Grid programmatically via MCP