Key Information on Pendle, the Latest LSDfI Project Launched by Binance

On July 3rd, Binance announced that its Innovation Zone would launch Pendle at 18:00, making it the 35th project on Binance Launchpool, with mining starting at 8:00 on July 4th.

Here are some key details about Pendle:

Pendle is a permissionless yield trading protocol where users can execute various yield management strategies.

Earning assets are divided into principal tokens (PT) and yield tokens (YT), allowing users to choose between earning fixed or flexible yields on the Pendle v2 AMM.

Native Utility Token PENDLE Use Cases

  • Liquidity Bootstrapping: PENDLE rewards are used as incentives to bootstrap protocol liquidity.

  • Incentive Channels: Locking PENDLE as vePENDLE for up to 2 years to vote on emission direction of different pools.

  • Fee Accrual: VePENDLE holders can earn fees from two sources:

    • All swap fees generated on the Pendle AMM.

    • YT fees. Pendle charges a 3% fee on all yield generated through YT, 100% of which is redistributed to vePENDLE holders.

The Pendle Protocol is Composed of the Following Collaborative Major Components

Yield Tokenization: Base Yield Tokens are wrapped into SY (Standardized Yield Tokens) and then split into Principal Tokens (PT) and Yield Components (YT).

Pendle v2 AMM: A capital-efficient design model that allows for PT and YT swaps using a single liquidity pool (via flash swaps).

Fundraising and Token Situation

PENDLE raised $3.7 million in seed funding in April 2021, accounting for 14.9% of total supply and with an FDV of $35 million.

As of June 30, 2023, the total supply of PENDLE is 251 million PENDLE, with a circulating supply of approximately 140 million (approximately 56% of the total token supply) after listing.

As of June 2022, the weekly emission rate was 455,000 tokens, decreasing by 1.1% per week until April 2026. At this point, the current token economics allow for a 2% final inflation rate per year as an incentive measure.

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