Pendle 2025 Roadmap: Upgrade Infrastructure, Expand Multichain Ecosystem, Develop Perptual Futures Yield Products

Pendle has become a leading fixed income protocol in the DeFi space, enabling users to trade future yields and obtain predictable on-chain returns. In 2024, Pendle drove the development of major narratives such as LST, re-staking, and yield-bearing stablecoins, becoming the preferred platform for asset issuers.

In 2025, Pendle plans to expand beyond the EVM ecosystem, evolving into a comprehensive fixed income infrastructure layer for DeFi, targeting new markets, products, and user groups, covering both the native cryptocurrency market and institutional capital markets.

The yield derivatives market in the DeFi world can be likened to one of the largest segments in traditional finance - interest rate derivatives. This is a market of over 5 trillion dollars, and even a tiny proportion represents billions of dollars in opportunities.

Most DeFi platforms only offer floating returns, exposing users to market volatility, while Pendle introduces fixed-rate products through a transparent and composable system. This innovation reshapes the $120 billion DeFi market landscape, making Pendle the dominant yield protocol. In 2024, Pendle's TVL grew over 20 times, currently accounting for more than half of the yield market, which is 5 times that of the second largest competitor.

Pendle is not only a yield protocol, but it has evolved into a core infrastructure of DeFi, driving liquidity growth for leading protocols.

From LST to Re-staking

Pendle gained early market attention by addressing the issues of yield volatility and unpredictability. With the rise of liquid staking tokens (LST), Pendle's adoption rate surged. In 2024, Pendle successfully captured the re-staking narrative, and its eETH liquidity pool became the largest pool on the platform just days after launch.

Today, Pendle plays a key role in the on-chain yield ecosystem. Whether it is providing hedging tools for volatile funding rates or serving as a liquidity engine for yield-bearing assets, Pendle has unique advantages in growth areas such as liquidity re-staking tokens (LRT), real-world assets (RWA), and on-chain money markets.

Pendle V2 Infrastructure Upgrade

Pendle V2 introduces standardized yield tokens (SY), unifying the wrapping method of interest-bearing assets. This replaces the fragmented and customized integration solutions of V1, achieving seamless minting of "principal tokens" (PT) and "yield tokens" (YT).

The AMM of V2 is designed specifically for PT-YT trading, offering higher capital efficiency and a better pricing mechanism. V2 introduces dynamic parameters that can adjust liquidity over time, thereby narrowing the spread, optimizing yield discovery, and reducing slippage.

V2 has also upgraded the pricing infrastructure, integrating a native TWAP oracle into the AMM, replacing the reliance on external oracles. These on-chain data sources reduce manipulation risk and improve accuracy. Additionally, V2 has added an order book feature that provides an alternative price discovery mechanism when prices exceed the AMM price range.

For liquidity providers (LP), V2 offers a stronger protection mechanism. The liquidity pool consists of highly correlated assets, and the AMM design minimizes impermanent loss to the greatest extent, especially for LPs holding until maturity.

Breaking EVM Boundaries: Entering Solana, Hyperliquid, and TON

Pendle plans to expand to Solana, Hyperliquid, and TON, marking a key turning point in its 2025 roadmap. By breaking through the EVM island with the Citadel strategy, Pendle will reach new pools of capital and user groups.

Solana has become a major hub for DeFi and trading activities, with a TVL of $14 billion in January marking a historic peak, supported by a strong retail base and a rapidly growing LST market.

Hyperliquid, with its vertically integrated Perptual Futures infrastructure, and TON, relying on Telegram's native user funnel, both ecosystems are growing rapidly but lack mature yield infrastructure. Pendle is expected to fill this gap.

If successfully deployed, these measures will significantly expand Pendle's total addressable market. Capturing fixed income capital flows on non-EVM chains could bring in hundreds of millions of dollars in incremental TVL. More importantly, this move will solidify Pendle's industry position as a DeFi fixed income infrastructure across major public chains.

Build a compliant revenue access system

Another key initiative in Pendle's 2025 roadmap is the launch of a KYC-compliant version of Citadel designed specifically for institutional funds. This solution aims to connect on-chain yield opportunities with traditional regulated capital markets by providing structured and compliant crypto-native fixed income product access channels.

The plan will collaborate with protocols such as Ethena and will be managed by licensed investment managers under an independent SPV structure. This setup eliminates key friction points such as custody, compliance, and on-chain execution, enabling institutional investors to participate in Pendle yield products through familiar legal frameworks.

The global fixed income market exceeds 100 trillion USD, and even if institutional funds allocate only a small proportion to on-chain assets, it could bring in billions of dollars in capital inflows. According to a 2024 survey by EY-Parthenon, 94% of institutional investors recognize the long-term value of digital assets, with more than half increasing their allocations.

McKinsey predicts that the tokenization market could reach a scale of $2-4 trillion by 2030. Although Pendle is not a tokenization platform, it plays a key role in this ecosystem by providing pricing discovery, hedging, and secondary trading functions for tokenized yield products. Whether it's tokenized government bonds or interest-bearing stablecoins, Pendle can serve as the fixed income infrastructure layer for institutional-level strategies.

Islamic Finance: $4.5 Trillion New Opportunities

Pendle is also planning to launch the Citadel solution in compliance with Islamic law, serving the global Islamic finance market valued at $45 trillion. This industry covers over 80 countries and has maintained a 10% annual compound growth rate over the past decade, particularly growing rapidly in Southeast Asia, the Middle East, and Africa.

Strict religious restrictions have long hindered Muslim investors' participation in DeFi, but Pendle's PT/YT structure can be flexibly designed to comply with Islamic law for yield products, which may take a form similar to Islamic bonds ( Sukuk ).

If successfully implemented, this Citadel will not only expand Pendle's geographic coverage but also validate the ability of DeFi to adapt to diverse financial systems - thereby consolidating Pendle's position as the global fixed income infrastructure on-chain.

Entering the Funding Rate Market

Boros, as one of the most important catalysts in the Pendle 2025 roadmap, aims to introduce fixed-rate trading into the Perptual Futures funding rate market. Although Pendle V2 has established its dominant position in the spot yield tokenization market, Boros plans to expand its business landscape to the largest and most volatile source of yield in the crypto space - the Perptual Futures funding rate.

The current perpetual futures market has an open interest exceeding 150 billion dollars, with a daily trading volume reaching 200 billion dollars. This is a large-scale market but severely lacking in hedging tools.

Boros plans to provide more stable returns for protocols like Ethena by implementing a fixed funding rate - this is crucial for institutions managing large-scale strategies.

For Pendle, this layout contains immense value. Boros is not only expected to open up a new market worth billions of dollars but also achieve an upgrade in protocol positioning - transforming from a DeFi yield application into an on-chain interest trading platform, whose functional positioning is comparable to that of CME or JPMorgan's interest trading desks in traditional finance.

Boros has also strengthened Pendle's long-term competitive advantages. Unlike chasing market trends, Pendle is laying the foundation for future revenue infrastructure: whether it's funding rate arbitrage or spot holding strategies, it provides practical tools for traders and fund management departments.

Given the current lack of scalable funding rate hedging solutions in both the DeFi and CeFi sectors, Pendle is expected to gain a significant first-mover advantage. If successfully implemented, Boros will significantly enhance Pendle's market share, attract new user groups, and solidify its core position as a fundamental infrastructure for DeFi fixed income.

Core Team and Strategic Layout

Pendle Finance was founded in mid-2020 by anonymous developers TN, GT, YK, and Vu, and has received investment from several top-tier institutions.

Financing Milestone:

• Private Placement Round ( April 2021: Fundraising of 3.7 million USD
• IDO)2021 April (: raised $11.83 million at a price of $0.797 per token
• Binance Launchpool ) July 2023 (: Distributed 5.02 million PENDLE
• Binance Labs strategic investment ) August 2023 (
• The Arbitrum Foundation funds ) in October 2023: received 1.61 million USD
• The Spartan Group strategic investment ( in November 2023 )

The ecological cooperation matrix includes Base, Anzen, Ethena, Ether.fi, and Berachain.

Token Economic Model

PENDLE tokens are the core of the Pendle ecosystem, featuring governance functions and protocol interaction permissions.

Key data ( as of March 31, 2025 ):

• Price: 2.57 USD
• Market Cap: 410.6 million USD
• Fully Diluted Valuation ( FDV ): $725.2 million
• Circulation: 161.31 million pieces ( accounts for the maximum supply of 57.3% )
• Maximum Supply: 281,527,448 coins

Deflation mechanism: Starting from September 2024, the weekly emission of PENDLE will decrease at a rate of 1.1%. This plan will continue until April 2026, after which it will shift to an annual inflation rate of 2%.

!["Bear Market Light" Pendle's 2025 Plan: V2 Upgrade, Multi-Chain Expansion, Perptual Futures Yield Products](https