Pendle Announces sPENDLE Token Upgrade with Major 2025 Performance Milestones

Source: Coindoo Original Title: Pendle Announces Token Upgrade as Its DeFi Yield Platform Scales Original Link:

Record 2025 Performance and Protocol Dominance

Pendle, the world’s largest crypto yield trading platform, has announced an upgrade to its native token, introducing sPENDLE. The update is intended to unlock deeper liquidity, diversify revenue streams, and strengthen Pendle’s position within the onchain yield and rates segment.

In 2025, Pendle achieved major milestones across key network and financial metrics:

• Average Total Value Locked (TVL): ~$5.7B (up 76% YoY), with a peak TVL of ~$13.4B. This reflects strong liquidity engagement across yield markets, placing Pendle among major DeFi protocols such as Uniswap and Aave.
• Total fees accrued: ~$44.6M (up 134% YoY), with holders’ revenue reaching ~$34.9M.
• Monthly notional trading volume: ~$54B (90-day trailing average) with frequent daily nine-figure volume, demonstrating strong demand for fixed yield trading.

Pendle’s New Token Enhancements

The upgraded Pendle token introduces comprehensive improvements:

• Protocol revenue will be used for PENDLE token buybacks, distributed to active sPENDLE holders
• Improved liquidity model with a simple 14-day withdrawal period (or instant redemption for a 5% fee)
• sPENDLE becomes a composable and fungible token that can be integrated with any dApp, eliminating the trade-off between participation and liquidity
• The manual voting system will be upgraded to an algorithmic emission model, targeting to cut PENDLE emissions by 20-30% while delivering better allocation efficiency
• vePENDLE locks will be paused on January 29th. Existing vePENDLE holders will receive a special multiplier to their virtual sPENDLE balance based on their remaining lock duration (up to 4x)

“This upgrade is a structural improvement as we scale both Pendle and Boros,” said TN Lee, Co-Founder and CEO of Pendle. “Our goal has always been to bring the efficiency and scale of traditional fixed income markets into DeFi. With this upgrade, Pendle becomes a more robust, sustainable, and institution-ready yield infrastructure.”

Boros: New Frontier in Onchain Rates Trading

Boros is a first-of-its-kind onchain venue that tokenizes perpetual funding rates, transforming an untradable yield stream into a tradable instrument. Key metrics highlight rapid organic adoption:

• Open Interest: ~$6.9B achieved 4 months after launch, with ~$91M in deposits and $6.8M in deposits by year-end 2025
• Fees Generated: ~$301K while operating in a nascent market, establishing early product-market fit for rate derivatives on-chain
• Growth Potential: Perpetual markets with ~$63B in open interest represent significant growth potential, with Boros expecting to unlock up to 10x OI penetration and ~15% incremental protocol fee growth
• Asset Listings: Boros has listed funding rate derivatives for various assets, allowing users to trade funding rates across multiple markets

Strategic Vision: From DeFi Yield to Global Fixed Income Infrastructure

Pendle’s token upgrade supports the protocol’s infrastructure for scaling the yield layer of decentralized finance. Fixed income remains one of the largest segments in global finance. Pendle has developed tools—from principal and yield tokens to funding rate derivatives—aimed at facilitating access to this area. The protocol continues to broaden its integrations, including leverage strategies, AI applications, collateralized PT usage, and cross-chain liquidity mechanisms.

Pendle is the world’s largest crypto yield trading platform empowering the tokenization and trading of yield-bearing assets, unlocking sophisticated yield strategies for retail and institutional participants alike.