Pendle
2023
November 15: First GM pool by GMX introduced
- GM: ARB/USDC
- Allows users to speculate on GM $ARB incentives by trading YT-GM-ARB-USDC, which will grant long yield exposure to only $ARB rewards distributed by GMX to this pool, and not any of the fees.
November 9: $ARB incentives introduced via Arbitrum Season
November 2: $ePENDLE pool announced
- $ePENDLE is a token by Equilibria Finance.
October 25: $sFRAX pool announced
- $sFRAX is a stablecoin vault that provides yield that softly tracks the interest on reserve balances (IORB), commonly treated as the risk free rate of US Dollar.
October 12: $crvUSD pool announced
- The $crvUSD pool for Silo Finance’s CRV Market is now live on Pendle – with liquidity fully seeded by the Silo team.
October 10: Pendle Academy introduced
- Introducing Pendle Academy, a full-fledged Pendle University that covers all you need to master the art of yield trading.
October 4: Kyber $axl.wstETH-wstETH pools announced
- KyberSwap’s $wstETH-axl.wstETH pool is designed to facilitate the $ETH <> wstETH bridging demand of Axelar/Squid.
September 22: New and revamped dashboard beta released
- The dashboard is designed to help Pendle users manage all of their positions. It offers a comprehensive view of the portfolio, allowing users to easily track all of their historical and current performance on Pendle itself.
September 20: $mPENDLE and $ETHx pools announced
- $mPENDLE is by Penpie, SubDAO of Magpie.
- $ETHX is by Stader Protocol.
September 13: $HLP and $eUSD pools announced
- $HLP is by HMX, a perp exchange on Arbitrum.
- $eUSD is by Lybra Finance, an interest-bearing stablecoin protocol.
September 6: $OETH and $sDAI pools announced
- $sDAI pool maturity dated March 2024.
- $OETH is by Origin Protocol, a protocol making NFTs & DeFi accessible to everyone.
- The OETH vault accepts ETH, stETH, rETH, and frxETH as collateral, which are then optimized and split between validator rewards and LPs on leading AMMs like Curve Finance.
September 1: New campaign begins
- The event lasts till September 15.
- Users can earn a limited edition Peepo and other rewards.
August 31: Pendle releases a study on their LP’s minimal IL
- Providing liquidity on Pendle pools outperforms holding the underlying asset (e.g. $ETH) in all cases studied here, even when excluding PENDLE incentive.
- No IL was observed in all cases studied here.
- The longer one LPs on Pendle, the greater the outperformance.
August 23: Binance Lab Funds investment announced.
- Binance Lab Funds is an incubation program for DeFi protocols.
August 23: Pendle integrates its first Real World Assets (RWA).
- Supporting fUSDC and sDAI marries the two institutional darlings in Fixed Yield and RWA.
August 23: 3 Pendle pools are impacted by Balancer’s emergency measures.
- The pools are
- ETHx-bbaWETH
- swETH-bbaWETH
- swETH-bbaWETH [Old]
- All other pools are unaffected.
- Funds in the impacted pools are safe but swaps in the underlying Balancer pools have been disabled -> no further swaps or yield will accrue.
August 18: Pendle Earn integrated on OKX Wallet.
- OKX is an innovative cryptocurrency exchange with advanced financial services.
August 14: $PENDLE/wstETH pool live on Velodrome.
- Velodrome is the central trading and liquidity marketplace on the Optimism network.
- This is Pendle’s first interaction on Optimism.
August 11: Timeswap Labs integrates $PT-GLP.
- Timeswap is an oracleless lending/borrowing protocol.
August 8: Vendor Finance integrates $PT-wstETH.
- Vendor is a permission-less, non-liquidatable, fixed-rate, and fixed-terms loan pool customized by lenders.
August 1: Season 1 of Pendle Campaign launches.
- Season 1 will consist of 3 campaigns.
- Conquering these challenges will be the key to unlocking the ultimate reward – a rare Peepo Skin on the Pendle App UI.
July 26: ETHx by Stader Labs joins Pendle.
- New Aura ETHx/bb-a-WETH pool, the second externally deployed pool to date.
July 25: Pendle is a recipient of the Mantle Ecosystem grant.
- Mantle Network is a technology stack for scaling Ethereum.
July 19: 2 new pools are live.
- stETH 2023 maturity (Short-term stETH pool)
- swETH – First externally deployed pool by Swell Network.
July 18: Pendle Earn introduced.
- A streamlined experience that helps you earn and grow the Pendle way, without getting lost in mumbo-jumbo technicalities.
July 13: 2 new pools are live.
- Aura $ankrETH-$wstETH on Ethereum.
- $ankrBNB on BNB Chain.
July 5: Pendle goes live on BNB Chain and Thena.
July 3: $PENDLE is listed on Binance, Bybit, BTSE, Huobi, Bitpand, and KuCoin.
- Listing on Binance included the option to farm $PENDLE by $BND and $TUSD in the launch pool.
April 27: vePENDLE receives a major upgrade.
- Gas for voting and claiming rewards will soon be lower than ever (~70% cheaper)
- Pendle Real Yield will also now be in ETH instead of USDC.
April 22: Pendle docs are updated.
April 6: sfrxETH added.
April 5: PENDLE incentives to Aura pools removed due to concerns.
- Due to the Sentiment attack utilizing Balancer pools.
- No profitable attack vectors identified as yet.
March 30: 3 new pools introduced.
March 30: 1-click liquidity migration feature introduced.
- Transfer your liquidity between pools seamlessly, and effortlessly.
March 28: PENDLE is listed in Poloniex.
March 10: The first iteration of the analytics board is released.
March 3: Pendle introduces cross-chain veTokenomics in partnership with LayerZero.
- With LZ, Pendle users will be able to sync their vePENDLE balance from Ethereum across all the supported chains.
- This way, they’ll be able to boost their rewards on any Pendle pools easily no matter the chain.
March 2: Pendle integrates GMX’s GLP into its pools.
February 14: Pendle expands to Arbitrum, L2 chain, partnering with CamelotDEX.
- To drive more growth, value, and deeper liquidity to the ecosystem.
January 19: Users can now buy discounted assets with FIAT using Coinbase Pay.
January 18: vePENDLE holders can claim their rewards in USDC.
2022
December 19: Pendle integrates ChainLink Automation on mainnet.
- Leveraging Chainlink Automation to help trigger the finalization of votes for a voting epoch on vePENDLE.
- As a result, users can be assured that the voted pools in every epoch are finalized and that incentives are distributed on time.
December 13: Pendle releases Apecoin compounder.
- Apecoin is an ERC-20 governance and utility token used to empower a decentralized community building at the forefront of web3 (branded by BAYC).
- Auto-compounds Apecoin staking.
November 29: Pendle V2 details released.
- The 3rd key component of Pendle V2, a brand-new AMM.
- Updated Tokenomics.
- vePENDLE:
- vePENDLE grants lockers familiar benefits of Reward Boosting and Incentive Channelling, while Swap Fees will only be received from pools they voted for.
- The lock duration ranges from 1 week to 2 years, which gives the locker flexibility on what to optimize for.
- As the protocol matures, the alignment of emissions and incentives will result in self-optimization by participants.
- Token locking and pools go live.
- V1 pools will continue functioning as normal, while rewards will be sunset and directed to V2 pools.
- Single-sided staking will continue for another 2 months as the vePENDLE system is rolled out.
November 26: Pendle V2 details released.
- The 2nd key component of Pendle V2, a brand-new AMM.
- Open Access
- Decentralized markets:
- EIP5115: Standardized Yield (SY).
- Building on top of the ethos that inspired ERC-4626, SY is a new interface standard designed by Pendle, to wrap all ybTokens (yield-bearing tokens) into a single standardized yield interface.
- Scaling:
- As a protocol grows, it must also be capable of serving beyond ETH as the base chain and have integrated both LayerZero and Kyber Network.
November 24: Pendle V2 details released along with its whitepaper.
- The 1st key component of Pendle V2, a brand-new AMM.
- The V2 AMM introduces multiple features focusing on friendly liquidity provision, capital efficiency, and flexibility.
- Minimal impermanent loss (IL) for LPs.
- Up to 200x improvement on capital efficiency from V1.
- Low-slippage trades.
- LPs earn fees from the trading of 2 assets while only providing liquidity for 1.
- AMM can be optimized for any specific yield range to optimize liquidity.
March 1: Article on Project Permissionless (PP) released.
- In aggregate, this means that anyone can create a new pool with any asset and provide liquidity without the worry of IL.
- Potential of PP
- Superfluid liquidity, unlocking trapped and stagnant liquidity. This is in line and building on Fei Rari’s 4626 ethos.
- Developers can leverage our framework to create or build on top of yield tokens, freely creating a greater ecosystem.
- Ability to scale is passed to the community. Pendle becomes the Uniswap of Yield and the Pendle team is not the limiter on growth.
February 23: Pendle partners with [Redacted] Cartel.
- Pendle will be supporting wxBTRFLY, which is wrapped xBTRFLY.
- Pendle enables users to split their yield-bearing wxBTRFLY tokens into separate yield and ownership components, known as YT (yield token) and OT (ownership token).
February 22: Seasonal update on emissions published.
- Emissions have been decreasing every week in accordance with the tokenomics schedule. At the current stage, there are ~20% less PENDLE being released weekly compared to the end of October when the reductions began.
- ETH/USDC, Aave, and Compound pools incentives to be shifted to other assets to be better utilized.
- Considering adding a traditional Pool 2 (Pendle/ETH) to help enhance the Pe, P effect.
February 4: Pendle partners with BenQI for treasury management.
- The BENQI team allocated $250,000 worth of USDC and AVAX from their treasury into Pendle’s qiUSDC and qiAVAX pools, obtaining fixed rates of 18% and 25% respectively.
2021
December 14: Pendle partners with Wonderland.
- Mint YT (Yield Token) and OT (Ownership Token) with wMEMO.
August 18: Article on (Pe, P) introduced.
- First offering for long-term Pendle holders to contribute to the protocol and be rewarded for it.
- (Pe, P) achieves 3 things:
- Continually incentivizes deeper $PENDLE liquidity.
- Provides useful liquidity to the Pendle protocol.
- Rewards those with the most skin in the game.
June 14 Mainnet announcement.
- Mainnet will go live on 17th of June, 01:00 UTC.
- Single-Sided Staking goes live
- 30,000 PENDLE distributed each week, auto-compounded.
- Rewards start at 14:00 UTC on June 14.
- Dual Rewards
- Dual Incentives [PENDLE + SUSHI] on the Onsen Program will go live a week after the post.
- 90,000 PENDLE will be available for PENDLE/ETH LPs each week on top of Sushi rewards.
April 20: Liquidity bootstrapping event.
- On 28 April 2021 for 6 hours, from 12:00 UTC to 18:00 UTC.
- Uses an approach called Liquidity Drop Bootstrapping (LDB).
- A 50:50 balancer pool will be launched, seeded with a combined $1,800,000 ETH and PENDLE.
- Only the Pendle team will be whitelisted to add liquidity to the pool.
- PENDLE liquidity will be continually added during the first 10 minutes of the event to allow everyone a decent opportunity to swap.
- The total PENDLE liquidity added over the first 10 minutes will equate to 1.5x the private round price if no swaps are made.
- Random single-sided PENDLE liquidity drops will be added to the pool over the course of the next 6 hours.
- Price discovery will be left to the market, with the liquidity drops acting as discount opportunities throughout the course of the bootstrapping event.
April 20: Article on tokenomics released.
- PENDLE will be a pure utility token at launch, with governance functions to come after the protocol has matured sufficiently.
- Taking reference from Synthetix, Pendle will adopt a hybrid inflation model.
- Begin with stable incentives of 1.2M PENDLE per week for the first 26 weeks, following which, liquidity incentives will decay by 1% a week until week 260. At this point, there will be a terminal inflation rate of 2% per annum based on the circulating token supply.
- The maximum number of tokens in circulation by the end of year 2 is 251,061,124. Any subsequent increments will come from liquidity incentives.
April 16: $3.7m raise in a private round led by Mechanism Capital announced.
- Participants include:
- Crypto.com Capital, Hashkey Capital, Spartan Group, CMS, imToken, DeFi Alliance, Lemniscap, LedgerPrime, Parataxis Capital, Strategic Round Capital, Signum Capital, Harvest Finance, Youbi Capital, Sora Ventures, D1 Ventures, Fisher8, Origin Capital, BitLink, Bitscale Capital, Hongbo (co-founder & CEO of DeBank), and Taiyang Zhang (co-founder & CEO of Ren Protocol).
- Advisors include:
March 20: Pendle Testnet launched.
- Deployed on Kovan Testnet (Ethereum network testnet).
- Participants can try out functions with Kovan ETH and USDC.
March 16: First medium article to introduce Pendle published.
