Pendle (PENDLE) is a decentralized finance (DeFi) protocol focused on tokenizing and trading future yield from interest-bearing assets. It allows users to split yield-bearing tokens into principal and yield components, creating tradable tokens that represent either the ownership of the underlying asset or its future yield.

The PENDLE token serves as a governance and utility token, enabling holders to vote on protocol parameters, fee structures, and future developments, while also participating in liquidity mining and reward programs. Pendle provides a framework for yield trading, hedging, and structured DeFi products, expanding how users can interact with future cash flows on-chain.