What is PT and YT in Pendle?

PT (Principal Token) entitles you to redeem the underlying asset at maturity — like a zero-coupon bond. YT (Yield Token) entitles you to all yield generated by the underlying until maturity.

Can I swap PENDLE without KYC?

Yes. SyntheticSwap supports PENDLE swaps with no registration or identity verification.

How do I get fixed yield on Pendle?

Buy PT tokens at a discount to their redemption value. At maturity, you redeem 1 PT for 1 underlying asset, locking in the yield difference as fixed profit.

vePENDLE is obtained by locking PENDLE for up to 2 years. It gives boosted LP rewards, 80% of swap fees from Pendle pools, and governance voting rights.

What assets can I trade yield on with Pendle?

Pendle supports yield trading for stETH, rETH, eETH (Ether.fi), ezETH (Renzo), sUSDE (Ethena), USDC.e (Aave), and many other yield-bearing DeFi assets.

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Pendle Finance

Yield Trading Protocol for Fixed and Variable DeFi Yields

Launch Year

2021

Consensus

Proof of Stake

Max Supply

281,527,448 PENDLE

Block Time

~12 seconds

PENDLE

Pendle Finance

Price—

24h Change—

Market Cap—

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Swap PENDLE Now

No KYC or registration
Non-custodial — your keys, your crypto
1000+ supported exchange pairs
Best available exchange rate

Pendle Finance Price Chart

PENDLE / USD

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About Pendle Finance

Pendle Finance (PENDLE) is a DeFi yield trading protocol that allows users to tokenize and trade future yield. Pendle splits yield-bearing tokens (like stETH, aUSDC, or rETH) into two components: PT (Principal Token, redeemable for the underlying at maturity) and YT (Yield Token, which collects yield until maturity). This enables three strategies: locking in fixed yield by buying PT at a discount, speculating on yield going higher by buying YT, or providing liquidity to earn trading fees and PENDLE rewards. Pendle became a standout protocol in the 2023-2024 LRT (Liquid Restaking Token) narrative, as users traded point-bearing tokens before TGE events.

History

2021

Pendle launches on Ethereum as a yield derivative protocol for tokenized future yields.

2022

Pendle V2 launches with improved AMM and pool designs for yield trading.

2023

Pendle expands to Arbitrum and BNB Chain; TVL grows rapidly with stETH and LSD yield markets.

2024

Pendle becomes the leading yield trading platform; Liquid Restaking Token (LRT) markets drive billions in TVL.

2024

PENDLE price surges 50x from 2023 lows; Pendle establishes itself as core DeFi infrastructure.

How to Swap PENDLE

Swapping Pendle Finance (PENDLE) on SyntheticSwap requires no registration or KYC. PENDLE operates across multiple chains including Ethereum, making it compatible with MetaMask, Trust Wallet, Ledger, and most major Web3 wallets. Open SyntheticSwap, select PENDLE as your source or destination asset, enter your receiving wallet address, and confirm the floating rate. After sending PENDLE to the provided deposit address, the destination asset is delivered directly to your wallet. No personal information is ever collected — fully non-custodial.

How to Store PENDLE

PENDLE (ERC-20) is stored in MetaMask, Ledger, Trust Wallet, or any Ethereum/Arbitrum wallet. For trading yields and locking vePENDLE for fee sharing and governance, visit app.pendle.finance.