Pendle co-founder TN and growth lead Dan reviewed the protocol’s first-half 2026 progress in a recent community meeting and outlined plans for the second half of the year. According to ChainCatcher, the team said Pendle’s focus in the first half centered on fixed-income infrastructure, while Pendle V2 strengthened its position as an on-chain fixed-income protocol and Boros made early progress in the on-chain interest rate derivatives market.
Pendle V2 averaged about $1.3 billion in daily TVL in the first half of the year, with 9 of its 11 major markets now using real-world assets as collateral. The protocol also launched on Monad and became one of the network’s top five protocols by TVL in less than a month, with about $150 million locked. Pendle said it completed the migration from vePENDLE to sPENDLE, with about 36% of PENDLE staked and 93% of stakers not yet unstaking. The protocol also used revenue to buy back about 2 million PENDLE and cut weekly liquidity incentives from about 90,000 tokens to 21,000 tokens.
Pendle also introduced an in-app one-click Loop function to simplify leveraged yield strategies. Boros, the other core product, has processed more than $14 billion in cumulative trading volume since launch and has grown its user base by 50% from the start of the year. The product added four-leg arbitrage strategies, negotiated block trading, and funding rate dashboards.
Looking ahead to the second half of 2026, Pendle plans to build curation infrastructure that will allow external teams to create PT/YT markets and to support PT assets as collateral in lending protocols. It also plans to launch Pendle-branded yield vaults with partners including Morpho. In its institutional business, the team said it is working with multiple New York-based RWA issuers to bring tokenized ETFs and single-bond yield products on-chain. Boros will focus on cross-exchange funding rate arbitrage, while also adding point-to-point negotiated markets, funding rate visualization tools, and one-click strategy products for retail users.
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