What Is Pendle?

Pendle is a marketplace for trading the future income or rewards from crypto assets separately from their redemption value. It splits an eligible asset into a principal token, representing the redemption part, and a yield token, representing income or rewards until maturity. Buying the principal token at a discount can provide a known return in the market’s specified asset if held until maturity and redeemed successfully; it does not guarantee a profit in dollars.

See the Pendle introduction.