Bubble
Pendle PENDLE
Pendle (PENDLE) was trading at $1.78, ranked #131 by market cap at $306.77M, with 24h volume of $56.28M.
Data snapshot: 2026-09-02 12:15 UTC.
Pendle splits a yield-bearing token into two separate tradable pieces: the principal and the future yield it will produce. That lets one person lock in a fixed rate today by selling their future yield, while another buys that yield as a leveraged bet on rates staying high — bringing an interest-rate market that exists in traditional finance onto the chain. Pendle splits a yield-bearing asset into two tradable parts: the principal, redeemable at maturity, and the yield stream, which expires. That makes it possible to sell future yield for cash now, or to buy yield exposure without the principal — mechanics that fixed-income markets have had for decades and crypto did not. The design became widely used during periods when points and restaking rewards created large speculative demand for yield exposure. On this map PENDLE's activity is closely tied to how much yield-bearing collateral exists across DeFi.
What does Pendle actually split?
A yield-bearing token into a principal token, redeemable for the underlying at maturity, and a yield token representing the income stream until then.
Why would someone buy the yield token?
To take leveraged exposure to a yield rate without buying the principal. It expires worthless at maturity, so it is a bet on yield being higher than the price implies.
Why would someone sell yield?
To lock in a fixed return now rather than accept a variable rate, which is the same motivation as selling a floating-rate stream in traditional markets.
What drives Pendle's usage?
The amount of yield-bearing collateral in DeFi. Its activity rose sharply during periods of heavy restaking and points-driven yield.
Market cap decides how big a bubble is drawn, so rank is what places PENDLE on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #76 | JUST (JST) | $872.57M |
| #120 | Falcon Finance (FF) | $338.86M |
| #131 | Pendle (PENDLE) | $306.77M |
| #153 | Maple Finance (SYRUP) | $237.80M |
| #167 | Convex Finance (CVX) | $216.12M |