The Ultimate Due Diligence Report on PENDLE (PENDLE TOKEN)

The Ultimate Due Diligence Report on PENDLE (PENDLE TOKEN)

1. Executive Summary

Overview of the PENDLE TOKEN and its unique value proposition.

Pendle Token is a permissionless yield-trading protocol that allows users to execute various yield-management strategies through its three main components:  Yield Tokenization, the Pendle AMM (Automated Market Maker), and vePENDLE. Yield Tokenization involves wrapping yield-bearing tokens into Standardized Yield Tokens (SY), which are then split into Principal Tokens (PT) and Yield Tokens (YT), enabling separate trading and management of yield and principal. The Pendle AMM serves as the trading engine for PT and YT, facilitating seamless trading based on supply and demand

PENDLE is a governance token that enables users to participate in the decision-making process of the Pendle protocol.

Pendle offers unique features and benefits, including fixed yield strategies, long yield strategies, risk management and diversification tools, and community governance.

Fixed yield strategies allow users to earn fixed yields on their assets, providing stability and predictability, while long yield strategies enable users to bet on the future yield of an asset, potentially earning higher yields if their prediction is correct.  Pendle's risk management and diversification tools help users manage and mitigate risks associated with yield, promoting responsible investing and diversification across different assets and pools.

Community governance ensures a decentralized and transparent decision-making process, empowering users to shape the future development and direction of the protocol. Pendle's use cases include yield farming, risk hedging, and yield trading, providing users with opportunities to earn additional rewards, hedge against potential losses, and trade tokenized yields with ease. Pendle's innovative time-decaying AMM model optimizes returns and provides unmatched flexibility, making it a game-changer in the DeFi space.

Brief summary of PENDLE TOKEN Investment opportunity.

PENDLE TOKEN offers a unique investment opportunity in the yield market, aiming to unlock its full potential. By signing up, users can receive a 20 USDT coupon and additional bonuses. This DeFi token presents a chance to engage in the yield market effectively, providing potential benefits for investors looking to explore this sector.

2. PENDLE TOKEN Overview

Mission and Vision: PENDLE TOKEN long-term objectives.

Problem Statement:

PENDLE TOKEN's mission and vision revolve around long-term objectives in the crypto landscape. The token aims to navigate the complexities of crypto policy, drawing lessons from historical events like the Crypto Wars of the 90s. PENDLE TOKEN also seeks to address complacency and the impact of woke shibboleths on crypto adoption, emphasizing the need for a broader focus beyond direct customers or clients. In terms of performance measurement, PENDLE TOKEN advocates for a public value scorecard, which stresses measures related to financial performance, customer satisfaction, internal business processes, and learning & growth.

This approach aligns with the token's commitment to non-financial social terms as the end goal, rather than merely focusing on financial performance.

Furthermore, PENDLE TOKEN acknowledges the challenges posed by globally diverse vocal traditions and the potential for colonial objectification.

By incorporating post-structuralist theory, postcolonial studies, and new musicology, the token aims to identify and critique power imbalances, ensuring transparency and respect for diverse traditions.

In summary, PENDLE TOKEN's mission and vision involve navigating crypto policy, promoting a public value scorecard, and respecting globally diverse vocal traditions while maintaining a commitment to non-financial social terms as the end goal.

Challenges or gaps PENDLE TOKEN aims to address.

Pendle Token aims to address challenges in the DeFi sector by tackling issues such as the lack of liquidity for future yield streams, capital inefficiency, and limited flexibility in managing yield-bearing assets.  By introducing yield tokenization and trading mechanisms, Pendle enhances accessibility and utility of yield-generating assets, contributing to the growth and maturity of decentralized finance. Additionally, Pendle's dual-token system offers flexibility and liquidity to DeFi yield farmers, enabling efficient trading of tokenized future yields while mitigating financial losses through time decay considerations in its automated market maker.

Solution: How the PENDLE proposes to solve these problems.

The PENDLE token tackles the difficulties faced by DeFi investors in obtaining discounted assets, stable yield, and long-term DeFi yield by permitting the permissionless tokenization and trading of yield, including Uniswap pools. By enabling the separation of yield-bearing assets into principal and yield components, Pendle's unique protocol empowers users to trade these components independently, thereby unlocking sophisticated yield strategies such as purchasing assets at a discount, securing fixed yield for steady growth, and acquiring long exposure to future yield. This innovative approach transforms DeFi yield markets, providing users with a more efficient method to manage and trade future yield.

3. Technology and Product

Technical Architecture: PENDLE TOKEN Overview of the blockchain and other technologies used.

Pendle is a tokenized yield protocol operating on the Ethereum blockchain, offering investors access to future asset returns. It introduces unique features like an Automated Market Maker (AMM) and decaying yield components, setting it apart from other protocols. The protocol's native token, PENDLE, is an ERC-20 utility token with a 2% perpetual inflation rate, used for governance and value accumulation within the platform. Pendle enables the tokenization of yield-bearing assets into Principal Tokens (PTs) and Yield Tokens (YTs), fostering fixed-income generation and capital efficiency.  Additionally, Pendle's architecture includes mechanisms like PendleMarket for trading PTs and SY, and PendleRouter for aggregating various factions within the protocol.

Product Offering: PENDLE TOKEN Description of the product or service, including its development stage.

The PENDLE token is the native utility token of the Pendle ecosystem, used for governance, staking rewards, and liquidity provision within the platform.  It operates on an ERC-20 standard and has a circulating supply of around US$ 235.88 million with a market capitalization of US$ 305 million. Users can stake PENDLE to earn vePENDLE, enhancing governance power and rewards, with vePENDLE holders governing the platform and receiving a share of the protocol's revenue. The tokenomics include a maximum supply of 231,725,335 tokens, with a hybrid inflationary model and controlled weekly emissions until April 2026.

Innovation: How PENDLE TOKEN innovates or improves upon existing solutions.

In summary, PENDLE TOKEN innovates by decentralizing interest rate swaps, providing income type swapping, and implementing a veToken design for long-term commitment and alignment of interests. These features improve upon existing solutions by offering more flexibility, control, and incentives for users in the DeFi space.

Roadmap: PENDLE TOKEN Development milestones, past achievements, and future goals.

Pendle's development milestones include smart contract audits by Ackee, Dedaub, Dingbats, and top wardens from Code4rena, ensuring the security and reliability of its platform. The team has also prepared methods for collecting data and reporting them alongside data dashboards to substantiate metrics such as TVL, volume, transactions, and unique addresses.

In summary, Pendle's past achievements and future goals revolve around enabling permissionless tokenization and trading of yield, bringing TradFi interest derivative markets into DeFi, and ensuring the security and reliability of its platform through smart contract audits and data reporting.

4. Market Analysis of PENDLE TOKEN 

Target Market: Size, demographics, and behavior of the potential market.

PENDLE token is designed for users involved in crypto yield trading, providing governance and liquidity functions. The target market consists of individuals looking for yield trading opportunities, emphasizing yield tokenization and streamlined yield exposure management. The token's utility appeals to users interested in voting on proposals, maintaining liquidity, and earning rewards via staking. PENDLE's market includes those engaged in DeFi solutions, aiming to simplify yield trading and explore novel yield strategies. The token's value proposition lies in its governance capabilities, liquidity provision, and compatibility with the Ethereum blockchain, appealing to a wide range of users in the crypto yield trading sector.

Competitive Landscape: Analysis of competitors and PENDLE TOKEN position in the market.

In the DeFi sector, PENDLE token specializes in yield trading and management, facing competition from 442 companies, where it holds the 13th position, with 107 funded competitors and 7 exits. PENDLE distinguishes itself through features like yield tokenization and effective yield exposure management. The token's offerings include governance and liquidity services, attracting users keen on voting, liquidity maintenance, and staking rewards. Competitors like SENSE, IPOR Labs, and DELV also provide blockchain financial services, focusing on data mining, derivatives software, and fixed-rate yield markets, respectively, creating a dynamic competitive environment for PENDLE. PENDLE's market standing benefits from its $3.5M funding, strategic partnerships, and an innovative AMM system that facilitates the trading of future yield tokens.

Market Trends: Current and anticipated trends that could affect PENDLE TOKEN.

The current market trends impacting PENDLE TOKEN include a surge in institutional investment in the crypto market, potential interest rate cuts by the Federal Reserve, and the approval of Bitcoin spot ETFs.  Additionally, the weakening of the dollar's hegemony and the growth of blockchain infrastructure are driving new funds into the crypto asset market. These factors, along with the upcoming Bitcoin block reward halving, could positively influence PENDLE TOKEN's performance in the evolving crypto landscape.

5. Team and Advisors

Backgrounds: Experience and expertise of PENDLE TOKEN founding team and key members.

Pendle Finance was founded in 2021 by TN Lee and a group of pseudonymous developers, with a team based in Singapore and Vietnam. The team has approximately 20 members, with TN Lee having experience as a founding team member and business manager at Kyber Network, and then moving to RockMiner and Dana Labs. Co-founder Vu Nguyen was formerly the CTO of Digix DAO, specializing in RWA projects for tokenization of physical assets.  Pendle is a permissionless revenue trading protocol that enables users to execute various revenue management strategies, with its token mainly used for governance custody called Pendle. The project has shown remarkable expansion since its inception, with its TVL growing from $250 million to over $3 billion in a few months. Pendle aims to establish the liquidity foundation for liquid staking derivatives (LSD) in various ecosystems, allowing other LSD and LSDfi protocols to build on top.

PENDLE TOKEN Advisory Board: Influence and contribution of the advisors.

The PENDLE TOKEN Advisory Board plays a significant role in the governance and strategic direction of the organization. The board is composed of influential individuals from various backgrounds, including business, finance, and politics.  These advisors contribute their expertise, connections, and resources to support the growth and development of PENDLE TOKEN. Their influence is demonstrated through their involvement in key committees, such as the Finance Committee, which oversees internal financial governance, fundraising, and budgeting. The Compliance Committee, responsible for ensuring effective governance and compliance with the law, also includes advisors who bring their legal and regulatory expertise. The Senior Management Team, responsible for the executive management of the campaign, benefits from the advisors' external scrutiny and input, ensuring that the organization remains accountable and representative. The advisors' non-financial interests and affiliations, as disclosed in the Register of Lords' Interests, further highlight their diverse backgrounds and potential contributions to PENDLE TOKEN.

Team Structure: PENDLE TOKEN Effectiveness of the team's organization and communication.

PENDLE token team showcases a well-organized structure and effective communication, reflected in their innovative yield tokenization and transparent operational approach. The tokenomics of PENDLE strike a balance between sustainability and growth incentives, focusing on long-term protocol health and community involvement. The team's allocation vests until April 2023, ensuring team incentives align with the protocol's success, and weekly emission reductions manage inflation responsibly. The vePENDLE system incorporates governance participation, liquidity incentives, and revenue distribution, empowering users over investments and fostering sustainable growth. PENDLE's commitment to security and transparency is evident in substantial TVL, trading volume, and thorough audits by reputable firms. The team's dedication to safety and robust infrastructure across major blockchains further solidifies their market position.

6. PENDLE TOKEN Tokenomics and Financials

PENDLE TOKEN Utility: The purpose and use cases for PENDLE TOKEN.

PENDLE is a DeFi protocol operating on the Ethereum blockchain, functioning as a permissionless yield trading platform. It allows users to trade tokenized future yields by depositing assets into Pendle’s smart contracts, which are then tokenized into Principal Tokens (PT) and Yield Tokens (YT). PT tokens represent the principal amount of the deposited asset, while YT tokens represent the asset’s future yield over a defined period.

The Pendle token, PENDLE, is an ERC-20 utility token within the Pendle Finance ecosystem. PENDLE holders can vote on governance proposals, earn incentives for providing liquidity, stake tokens for rewards, and participate in various ecosystem activities.  PENDLE follows a hybrid inflationary model, with a perpetual inflation rate set at 2%. .Pendle’s AMM adjusts the prices of PT and YT tokens based on factors like time decay and market to ensure fair and accurate pricing for efficient trading.  Users have the flexibility to redeem their PT and YT tokens at any time, reclaiming their original assets and any accrued yields, enabling them to adapt to changing market conditions or investment strategies. In summary, PENDLE is a utility token used for governance and liquidity incentives within the Pendle Finance ecosystem, which allows users to tokenize and trade future yields of yield-bearing assets, offering fixed-income market strategies.

PENDLE TOKEN Distribution: Allocation of tokens (e.g., team, advisors, public sale).

The allocation of PENDLE tokens is distributed as follows:

Liquidity Incentives: 37%

Team: 22%

Private Round: 15%

Ecosystem Fund (Allocated): 9.00%

Ecosystem Fund (Unallocated): 9.00%

Liquidity Bootstrapping Pool: 7.00%

Advisors: 1.00%

Financial Model: PENDLE TOKEN Revenue streams, cost structure, and profitability projections.

PENDLE token's revenue model primarily generates income from 80% of swap fees, 3% of tokenized yield, and yields after maturity from YT/PT. The cost structure is not specified, but PENDLE's commitment to security and transparency is apparent through substantial TVL, trading volume, and thorough audits by reputable firms. Profitability projections are not provided, but the token's price surpassing its previous high suggests potential growth. The team and investors hold 17.7% and 12.1% of the token distribution, respectively, with liquidity incentives planned until the end of 2030. The vePENDLE system facilitates governance participation, liquidity incentives, and revenue distribution, empowering users over investments and fostering sustainable growth.

PENDLE TOKEN Funding History: Previous funding rounds, investors, and current valuation.

PENDLE token secured funding through a private round in 2021, raising 3.7 million USD and allocating 37 million PENDLE tokens to investors, gradually released over a year following the liquidity bootstrapping event. Notable investors in this round include Capital, Mechanism Capital, Hashkey Capital, Spartan Group, CMS Holding, LedgerPrime, Signum Capital, Bitscale Capital, and Tang Hongbo. The current valuation of PENDLE tokens stands at $0.71, with a maximum supply of 251 million tokens. Token distribution includes 37% for liquidity incentives, 22% for the team, 15% for the private round, 9% for the ecosystem fund (allocated and unallocated), 7% for the liquidity bootstrapping pool, and 1% for advisors. Team tokens have a 12-month vesting period with a cliff, releasing 25% quarterly. Investors have 100% of their tokens unlocked, while incentives release 50% at the token generation event and 50% annually.

7. PENDLE TOKEN Community and Ecosystem

Community Engagement: Size, growth, and engagement levels of the community.

Pendle Finance, a DeFi protocol on Ethereum, empowers users to tokenize and trade future yields of yield-bearing assets. By separating assets into Principal Tokens (PT) and Yield Tokens (YT), Pendle offers fixed-income market strategies, with its AMM algorithm accounting for time decay in asset valuation. The $PENDLE token drives governance and liquidity incentives, with a focus on expanding beyond Ethereum for scalability and cost reduction.

Pendle Finance boasts a robust community, featuring a substantial user base and incentives for long-term engagement. Token holders can stake their tokens for rewards, fostering enduring support for the Pendle ecosystem. The vePENDLE system enables users to govern, influence liquidity distribution, and receive a share of protocol revenues, including trading fees. This governance model empowers users of all levels to actively shape Pendle's future, nurturing a sense of ownership and community engagement.

Pendle Finance has marked notable achievements, such as a Total Value Locked (TVL) of over $1.3 billion and a trading volume surpassing $2.1 billion. Its compatibility across major blockchains, including Ethereum, Arbitrum, BNB Chain, and Optimism, underscores its robust infrastructure. Thorough audits by esteemed firms guarantee the protocol's safety and transparency.

In essence, Pendle Finance boasts a strong and engaged community, offering incentives for long-term engagement and governance participation. Its robust infrastructure, security measures, and cross-chain compatibility contribute to its success in the DeFi landscape.

PENDLE TOKEN Partnerships: Strategic alliances and partnerships.

Pendle Finance's Strategic Partnerships in DeFi Space

Pendle Finance has strategically aligned itself with key players in the DeFi sector, such as Binance Labs and Ankr, to revolutionize yield tokenization and enhance accessibility to decentralized finance.

Partnership with Binance Labs

The collaboration with Binance Labs signifies a shared vision and commitment to reshaping the DeFi landscape to be more user-friendly, transparent, and optimized for yield. This partnership highlights the potential of yield tokenization and its pivotal role in the future evolution of decentralized finance.

Partnership with Ankr

Moreover, the partnership with Ankr introduces innovative opportunities for users to earn higher yields through advanced liquidity pools and trading mechanisms. This collaboration enables users to engage in sophisticated yield strategies, further enhancing yield optimization capabilities within the DeFi ecosystem.

In conclusion, Pendle Finance's strategic alliances with Binance Labs and Ankr demonstrate its dedication to innovation, user empowerment, and the advancement of yield tokenization in DeFi. These partnerships aim to foster growth, accessibility, and transparency in decentralized finance, paving the way for a more robust and inclusive financial landscape globally.

Network Effects: PENDLE TOKEN The project's strategy for achieving and benefiting from network effects.

Pendle Finance's strategy to achieve network effects revolves around increasing transaction volume and Total Value Locked (TVL) within its protocol. The approach includes promoting PT trading, which is straightforward and easy to promote, thereby boosting the trading volume of PT and YT concurrently. Furthermore, Pendle Earn was introduced to replace the earlier discount asset narrative with APY, appealing to a broader audience and facilitating third-party integration across multiple channels. The project emphasizes user experience, loyalty, and robust community building, ensuring a balance between monetization opportunities for content creators and addressing onboarding challenges. Additionally, Pendle Finance's distinctive approach to yield tokenization, liquidity, and community governance strengthens its potential for network effects and long-term success.

8. PENDLE TOKEN Risks and Challenges

Market Risks: 

Exposure to market volatility and competitive threats.

The PENDLE token allows users to tokenize future yields and participate in DeFi through Pendle Finance. Risks include market volatility and competitive threats.  Users can mint YT and PT tokens, engage in liquidity provision, and unlock yields based on lock durations.  Pendle's innovative dual-token system enhances DeFi strategies, offering fixed and leveraged yield exposure. Despite opportunities, caution is advised due to smart contract vulnerabilities and market uncertainties in the DeFi landscape.

Technical Risks: PENDLE TOKEN Potential technical hurdles in development or deployment.

The potential technical hurdles in the development or deployment of PENDLE TOKEN could include centralization concerns due to reliance on third-party providers, which may contradict blockchain's decentralized nature. Additionally, dependence on LaaS providers for network access could lead to disruptions, and while cost-effective for small businesses, larger enterprises might face accumulating subscription fees. These challenges highlight the importance of carefully considering centralization risks, reliability, and long-term costs when integrating PENDLE TOKEN into the ecosystem.

Regulatory Risks: PENDLE TOKEN Legal challenges that could impact the project's viability.

Regulatory risks for the Pendle token primarily revolve around legal challenges and hurdles in the DeFi and Real-World Asset (RWA) sectors. These risks include regulatory uncertainty and compliance enforcement in the DeFi space, which could impact the project's viability. Additionally, smart contract vulnerabilities, market volatility, and liquidity issues pose significant challenges for users. Pendle Finance's unique approach to yield tokenization, liquidity, and community governance contributes to its potential for network effects and long-term success. However, investors and users should be aware of these risks and conduct thorough research before making any decisions. Pendle Finance's integration with BingX, a leading crypto exchange and liquidity provider, increases exposure and adoption, but regulatory clarity and compliance measures are essential for the long-term sustainability and adoption of DeFi platforms.

PENDLE TOKEN Other Risks: Any other potential risks not covered above.

Pendle token, a decentralized finance (DeFi) protocol, faces several risks, including regulatory and legal challenges, volatility and uncertainty of the crypto market, and smart contract and system vulnerabilities. The token's risk gauge score, based on Investors Observer analysis, currently translates to a moderate risk investment. The project interacts with third-party protocols and contracts, introducing inherent risks associated with smart contracts and systems deployed by these third parties. Pendle is not responsible for any funds lost due to exploits in third-party contracts. Despite these risks, Pendle offers a unique and valuable solution for yield management and optimization, with a strong team, supportive community, and solid roadmap, indicating a high level of commitment and confidence in the project. However, investors and users should be aware of the challenges and risks and conduct thorough research before making any decisions.


Pendle Token SWOT Analysis:


Unique Solution: Pendle offers a distinctive approach to yield management and optimization in DeFi.

Strong Team: Supported by a robust team, a loyal community, and a well-defined roadmap.

Integration with BingX: Partnered with BingX, a prominent crypto exchange and liquidity provider.

Real-World Asset (RWA) Product: Pioneering the first RWA-based product, expanding DeFi's market reach.


Third-Party Dependency: Reliance on third-party protocols and contracts introduces inherent risks.

Market Volatility: Vulnerable to the fluctuations and uncertainties of the crypto market.

Regulatory Hurdles: Facing challenges with regulations in the DeFi and RWA sectors.

Technical Issues: Potential technical and security concerns with smart contracts and AMMs.


DeFi Growth: Positioned to capitalize on the growth and innovation within the DeFi space.

Blockchain Expansion: Opportunity to expand to other blockchains like Polygon and Avalanche.

Diversification: Introducing more yield-generating assets such as NFTs and synthetic assets.

Product Development: Potential for advanced products like interest rate derivatives, swaps, and fixed income solutions.


Competition: Facing competition and collaboration with other DeFi protocols and platforms.

Market Risks: Vulnerable to market manipulation and exploits in third-party contracts.

Regulatory Challenges: Potential threats from regulatory and legal issues in DeFi and RWA sectors.

Security Concerns: Risks associated with smart contract vulnerabilities and system weaknesses.


10. How PENDLE TOKEN works with 

Possible collateral type: 

The Standard protocol allows users to leverage PENDLE TOKEN as collateral to secure loans in EUROs and, in the near future, USDs, without any interest charges. This non-custodial system ensures a secure and user-controlled experience.

11. PENDLE TOKEN Conclusion and viability score

Final assessment and Score:

Pendle token has a strong potential for growth and innovation in the DeFi space, with a unique approach to yield tokenization, liquidity, and community governance. However, it faces regulatory and legal challenges, as well as technical and security risks, which should be carefully considered by investors and users. Overall, Pendle token receives a moderate viability score, with a low-risk rating from Investors Observer analysis.


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