{"updatedAt":"2026-04-04T02:31:55.836Z","live":false,"chain":"Arbitrum","protocol":{"id":"pendle","name":"Pendle","slug":"pendle","engine":"funding","hybridEngines":[],"defillamaSlug":"pendle","defillamaProject":["pendle"],"reframe":"Yield and principal are split into tradable claims; returns depend on the side of the rate bet.","mechanism":"Pendle tokenizes fixed-vs-floating exposure through PT and YT markets and prices forward yield expectations.","thrives":"Persistent yield sources and high uncertainty in forward rates.","breaks":"Underlying yield collapse and maturity-side mispositioning.","risks":["Yield collapse","Maturity timing","Complexity misread"],"arbitrumNative":false,"contractAddresses":{},"snapshot":{"protocolId":"pendle","apy":15.3,"tvlUsd":122000000,"symbol":"PT"}}}