Pendle 2025 Plan: V2 Upgrade, Multi-Chain Expansion, Perptual Futures Yield Products

Pendle has become a dominant fixed income protocol in the DeFi space, allowing users to trade future yields and lock in predictable on-chain returns.

In 2024, Pendle promoted the development of key narratives such as LST( liquidity staking tokens ), re-staking, and yield-bearing stablecoins, and it itself became the preferred launch platform for asset issuers.

In 2025, Pendle will expand beyond the EVM ecosystem, evolving into a comprehensive fixed income layer for DeFi, targeting new markets, products, and user groups, covering both native cryptocurrency markets and institutional capital markets.

The yield derivatives market in the DeFi world can be likened to one of the largest segments in the traditional financial world - interest rate derivatives. This is a market of over 500 trillion dollars, and even a tiny fraction of this market represents billions of dollars in opportunities.

Most DeFi platforms only offer floating yields, which inevitably exposes users to market fluctuations. However, Pendle has introduced fixed-rate products through a transparent and composable system.

This innovation has reshaped the $120 billion DeFi market landscape, making Pendle the dominant yield protocol. In 2024, Pendle's TVL grew more than 20 times, currently accounting for over half of the yield market, which is five times that of its second-largest competitor.

Pendle is not just a yield protocol; it has evolved into a core infrastructure of DeFi, driving liquidity growth for those leading protocols.

Finding the Fit: From LST to Restaking

Pendle gained early market attention by addressing a core issue in DeFi - the volatility and unpredictability of yields. Unlike some other platforms, Pendle allows users to lock in fixed returns by separating the principal from the yield.

With the rise of liquidity-staked token (LST), Pendle's adoption rate has surged to help users unlock the liquidity of staked assets. In 2024, Pendle successfully captured the narrative of re-staking (Restaking) - its eETH funding pool became the largest pool on the platform just days after its launch.

Pendle now plays a key role in the entire on-chain yield ecosystem. Whether providing hedging tools for volatile funding rates or serving as a liquidity engine for yield-bearing assets, Pendle has unique advantages in growth areas such as liquidity re-staking tokens (LRT), real-world assets (RWA), and on-chain money markets.

Pendle V2: Infrastructure Upgrade

Pendle V2 introduces standardized yield tokens (SY) to unify the wrapping of yield-bearing assets. This replaces the fragmented, customized integration solutions of V1, achieving seamless minting of "principal tokens" (PT) and "yield tokens" (YT).

The AMM of Pendle V2 is specifically designed for PT-YT trading, providing higher capital efficiency and a better pricing mechanism. V1 uses a generic AMM model, while V2 introduces dynamic parameters like rateScalar and rateAnchor, which can adjust liquidity over time, thus narrowing spreads, optimizing yield discovery, and reducing slippage.

Pendle V2 has also upgraded its pricing infrastructure, integrating a native TWAP oracle into the AMM, replacing the V1 model that relied on external oracles. These on-chain data sources reduce manipulation risks and improve accuracy. Additionally, Pendle V2 has added an order book function, providing an alternative price discovery mechanism when the AMM price range is exceeded.

For liquidity providers (LP), Pendle V2 offers a stronger protection mechanism. The liquidity pools are now composed of highly correlated assets, and the AMM design minimizes impermanent loss to the greatest extent, especially for LPs holding until expiration - in V1, due to the mechanism not being sufficiently specialized, the yield outcomes for LPs were harder to predict.

Breaking the EVM Boundaries: Entering Solana, Hyperliquid, and TON

The Pendle project’s expansion towards Solana, Hyperliquid, and TON marks a critical turning point in its 2025 roadmap. So far, Pendle has been limited to the EVM ecosystem - even so, Pendle occupies over 50% of the market share in the fixed income sector.

However, the multi-chain trend of cryptocurrencies has emerged, and through the Citadel strategy, Pendle will break through the EVM island to reach new pools of funds and user groups.

Solana has become a major hub for DeFi and trading activities - January's TVL set a historical peak of $14 billion, with a strong retail base and a rapidly growing LST market.

Hyperliquid relies on vertically integrated Perptual Futures infrastructure, while TON depends on Telegram's native user funnel. Both ecosystems are growing rapidly, but both lack mature revenue infrastructure. Pendle is expected to fill this gap.

If successfully deployed, these measures will significantly expand Pendle's total addressable market. Capturing fixed income capital flows on non-EVM chains could bring in hundreds of millions in incremental TVL. More importantly, this move will solidify Pendle's position not only as an Ethereum-native protocol but also as a key DeFi fixed income infrastructure across major public chains.

Embracing Traditional Finance: Building a Compliant Revenue Access System

Another key initiative in Pendle's 2025 roadmap is the launch of a KYC-compliant version of Citadel designed specifically for institutional funds. This solution aims to connect on-chain yield opportunities with traditional regulated capital markets by providing a structured, compliant access channel to crypto-native fixed-income products.

The plan will collaborate with several protocols, managed by licensed investment managers within an independent SPV structure. This setup eliminates key friction points such as custody, compliance, and on-chain execution, allowing institutional investors to participate in Pendle yield products through familiar legal frameworks.

The global fixed income market size exceeds 100 trillion USD, and even if institutional funds allocate only a tiny proportion to on-chain, it could bring in billions of dollars in capital inflows. According to the EY-Parthenon 2024 survey, 94% of institutional investors recognize the long-term value of digital assets, and over half are increasing their allocation.

McKinsey predicts that the tokenization market size could reach $2-4 trillion in the 2030s. Although Pendle is not a tokenization platform, it plays a key role in this ecosystem by providing pricing discovery, hedging, and secondary trading functions for tokenized yield products. Whether it's tokenized government bonds or yield-bearing stablecoins, Pendle can serve as the fixed income infrastructure layer for institutional-grade strategies.

Islamic Finance: A New Opportunity Worth $4.5 Trillion

Pendle also plans to launch the Citadel program in compliance with Islamic law, serving the global Islamic finance market with a scale of $4.5 trillion - this industry covers over 80 countries and has maintained a 10% annual compound growth rate over the past decade, particularly developing rapidly in Southeast Asia, the Middle East, and Africa.

Strict religious restrictions have long hindered Muslim investors from participating in DeFi, but Pendle's PT/YT framework can be flexibly designed to create yield products compliant with Islamic law, which may resemble Islamic bonds (Sukuk).

If successfully implemented, this Citadel will not only expand Pendle's geographical coverage but will also validate the capability of DeFi to adapt to a diverse financial system - thereby consolidating Pendle's positioning as a global fixed income infrastructure on the chain.

Entering the Funding Rate Market

Boros, as one of the most important catalysts in the Pendle 2025 roadmap, aims to introduce fixed-rate trading into the Perptual Futures funding rate market. Although Pendle V2 has established its dominance in the spot yield tokenization market, Boros plans to expand its business landscape to the largest and most volatile source of yield in the crypto space - the Perptual Futures funding rate.

The current perpetual futures market has over 150 billion USD in open contracts, with an average daily trading volume of 200 billion USD. This is a large-scale market but severely lacks hedging tools.

Boros plans to provide more stable returns for some protocols by implementing a fixed funding rate - this is crucial for institutions managing large-scale strategies.

For Pendle, this layout contains immense value. Boros is not only expected to unlock a new market worth billions of dollars but also realizes an upgrade in the protocol's positioning - transforming from a DeFi yield application to an on-chain interest trading platform, its functionality is now comparable to the interest trading desks of traditional finance, such as CME or certain large banks.

Boros has also strengthened Pendle's long-term competitive advantage. Unlike chasing market trends, Pendle is laying the groundwork for future yield infrastructure: whether it's funding rate arbitrage or spot holding strategies, it provides practical tools for traders and asset management departments.

Given the current lack of scalable funding rate hedging solutions in both the DeFi and CeFi sectors, Pendle is expected to gain a significant first-mover advantage. If successfully implemented, Boros will significantly enhance Pendle's market share, attract new user groups, and consolidate its core position as a fixed income infrastructure in DeFi.

Core Team and Strategic Layout

Pendle Finance was founded in mid-2020 by anonymous developers TN, GT, YK, and Vu, and has received investments from several top-tier institutions.

Financing Milestone:

• Private Placement Round ( April 2021: Raised $3.7 million, with participation from several well-known institutional investors.
• IDO)2021 April (: raised $11.83 million at a price of $0.797 per token;
• A certain trading platform Launchpool)2023 July (: Distributing 5.02 million PENDLE), which accounts for 1.94% of the total supply(;
• A certain institution strategically invested in ) in August 2023: Accelerating ecological development and cross-chain expansion. The amount is undisclosed.
• The Arbitrum Foundation funded ( in October 2023: received $1.61 million for the Arbitrum ecosystem development;
• A certain institution strategically invested ) in November 2023: promoting long-term growth and institutional adoption with an undisclosed amount (.

The ecological cooperation matrix is as follows:

• Base: Deploy to the Base network, access native assets, and expand fixed income infrastructure;
• Anzen)sUSDz(: Launch of RWA stablecoin sUSDz, enabling fixed-income trading linked to real-world returns.
• Ethena)USDe/sUSDe(: Integrate high APY stable coins, access crypto native yields, and enhance DeFi synergy;
• Ether.fi)eBTC(: Launched the first native BTC yield pool, breaking through the boundaries of ETH assets;
• Berachain)iBGT/iBERA(: As one of the first infrastructures to settle in, a fixed income framework is constructed through native LST.

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