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PENDLE — Pendle
Makes it possible to separate future interest from the investment and trade it on its own — you sell the next few months’ interest today.
What it is for
- Set out to
- Splitting interest-bearing tokens into a principal part and a yield part, plus a trading venue for them.
- Today in addition
- Boros for trading funding rates.
- Notable
- A market on which future income is traded separately from the principal.
- Strength
- A clearly delimited, recurring function.
- Weakness
- Demand depends on the level of yields in the DeFi market.
Contract address
Chain: Ethereum
0x808507121B80c02388fAd14726482e061B8da827
Unabridged and deliberately not linked: a blockchain explorer that we have not checked would be a statement we cannot support.
Score
52of 93
Market capitalization
$294Mas stored
against Bitcoin, 90 days
+7.0%‡not against the dollar
CoinMarketCap
#9481numeric identifier
Where the price stands today between its two endpoints — logarithmic, because orders of magnitude lie in between.
The four cycles
Measured on daily closing prices, never on daily highs or lows. The cycle boundaries are Bitcoin’s own highest and lowest daily closes: January 14, 2015, December 16, 2017, December 15, 2018, November 8, 2021, November 21, 2022, October 6, 2025 and the current low on June 30, 2026. A day counts only if at least ten thousand dollars were traded on it. The price against Bitcoin is given in satoshi — one satoshi is one hundred-millionth of a bitcoin.
| Cycle | Lowest daily close | Highest daily close | Rise low → high | Fall high → low |
|---|
| 2015 to 2017January 14, 2015 to December 16, 2017 | did not yet exist |
| 2018 to 2021December 15, 2018 to November 8, 2021 | existed, but not measurable — reliable exchange days only from September 28, 2024 |
| 2022 to 2025November 21, 2022 to October 6, 2025 | $1.93†2,455 satMarch 10, 2025 | $6.86†6,865 satDecember 6, 2024 | in dollars +$4.17 (+216.1%)against Bitcoin +115.2%from $1.93 on March 10, 2025 to $6.09 on August 23, 2025 | in dollars -$4.93 (-71.9%)against Bitcoin -64.2%from $6.86 on December 6, 2024 to $1.93 on March 10, 2025 |
Only partly measured: reliable trading only from September 28, 2024. What lay before that in the window is not recorded; the figures above are the endpoints of the measured part, not those of the whole cycle. |
| Year by year |
| 2024: in dollars +8.3% (from $4.48 to $4.85) · against Bitcoin -23.6% |
| 2025: in dollars -1.4% (from $5.07 to $5.00) · against Bitcoin -25.4% |
| since 2026, ongoingJune 30, 2026 to September 17, 2026 | $1.262,004 satAugust 16, 2026 | $2.373,029 satSeptember 14, 2026 | in dollars +$1.11 (+88.1%)against Bitcoin +51.2%from $1.26 on August 16, 2026 to $2.37 on September 14, 2026 | in dollars -$0.1050 (-4.4%)against Bitcoin -1.2%from $2.37 on September 14, 2026 to $2.26 on September 15, 2026 |
| Year by year |
| 2026: in dollars +80.0% (from $1.31 to $2.35) · against Bitcoin +38.0% |
If the high of a window comes before the low, the rise is calculated from the low to the next interim high within the same window.
† For twelve assets the highest and the lowest closing price come from a window of 720 days, because the source does not reach further back. This window moves with the retrieval date. Both closes reported can therefore change without the market having moved.
The four questions that are always answered
Net supply and issuance pressure2 of 20
Starting valuation and size leverage10 of 14
Survivability8 of 12
Relative strength against Bitcoin4 of 6
the score is calculated from all twelve criteria. What the twelve questions measure and what has been corrected about the measurement is on the method page.
The remaining criteria are not recorded individually for this asset; the total comes from the assessment of August 28, 2026.
The figures in detail
Price, as stored$1.71
against Bitcoin, 7 days+7.6%‡
against Bitcoin, 30 days-8.0%‡
listed on CoinMarketCap sinceApril 2021
Age since listing5.3 years
Fees relative to valuation2.8%
Supply still locked38.8%
hard supply capno
Carried by Nexocarried
Trading venues of 15 checkednot collected
‡ The percentages come from a snapshot of August 28, 2026 and are not calculated from daily closing prices. Whether and when they will be recalculated together is decided by the model revision on December 8, 2026.
Finding
Buyback $10.2 million a year, but TVL minus 88%
Investors and partners: $17.1 million. Binance Labs, The Spartan Group, Mechanism Capital, HashKey, Crypto.com — awards no points, because projects with large backers did not perform better.
Nexo: Carried by Nexo — purchase page documented on September 1, 2026.
No investment advice, no price forecast, no buy or sell recommendation. A high score does not mean “will rise”. It means the asset scores better on these questions than the others.