In 2026, Pendle will fully drive the DeFi Yield Revolution.

We step into the new year with a more focused perspective, clearer priorities—centered around a few core concepts, maintaining discipline and conviction, and resolute execution.

V2 Empowerment

In 2026, the core of Pendle V2 revolves around just one keyword: Empowerment.

Pendle is committed to providing users and asset issuers with more powerful tools, smoother processes, and a more robust infrastructure, enabling them to achieve more at lower costs, and to do it better.

Empowering Users

For the most sophisticated users in DeFi, when the market lacks attractive-enough opportunities, they don't stop seeking yield; instead, they become more selective—not only more cautious with their funds but also with the "mental cost."

Many times, this choice naturally gravitates towards simple, low-friction, reliable platforms that allow for a relatively steady return without consuming too much energy.

In a landscape where we anticipate most of 2026 to see compressed yields, obtaining first-rate yield opportunities with the lowest cognitive burden will be key to re-capturing attention and funds. This also means that we need to significantly simplify and broaden the ways in which users can deploy their capital.

Since users have already recognized the powerful capabilities and flexibility of V2, the next improvement goal is to transform the decision of "whether to deposit assets into Pendle" from a decision requiring calculation into an obvious, hesitation-free choice, thus driving deeper commitment and higher engagement stickiness.

From a macro perspective, this will include:

Expanding Pendle's coverage and accessibility by providing seamless fixed-rate exposure across multiple ecosystems

Automating the roll-off process to avoid yield loss due to missed roll-over opportunities

Enabling users seeking leverage to significantly amplify their exposure and returns with minimal friction

Creating a pathway from centralized exchanges (CEX) directly to Pendle's on-chain fixed-income opportunities

Helping traders execute large positions more efficiently with lower liquidity friction

Provide more targeted support to nurture long-term engagement and loyalty from Pendle's core users

Empowering Asset Issuers

On the flip side of V2 empowerment is the asset issuers, especially those teams looking to swiftly bring stablecoins, synthetic dollars, and RWAs onto the chain. They often need to complete distribution and bootstrapping in a very short time frame.

Pendle will serve as a springboard for these issuers: from integration guidance to security assessments from trusted audit firms, ensuring assets meet standards of security and reliability. This entire process significantly lowers the barrier to launch on Pendle, ensuring projects can achieve technical alignment on day one and seamlessly integrate into the Pendle ecosystem.

To assist issuers in starting off with higher certainty and a quicker pace, Pendle also provides an in-house GTM (Go-To-Market) framework specifically designed for this need. This means issuers can immediately access our battle-tested experience, established distribution channels, deep partnerships, and KOL network, along with robust user community support.

The end result will be a highly coordinated, impactful asset release: gaining strong early traction while having the foundation for scalable growth from the start.

Our goal is to position Pendle as the go-to entry point for asset issuers to expand TVL and gradually internalize Pendle as a "reflex" in GTM strategies. We will also continue to prioritize introducing top-tier institutions and leading players who are bringing institutional-grade assets onto the chain.

Boros - Ignition

Just 7 months since launch, Boros has already surpassed $11.5 billion in nominal trading volume, with a peak Open Interest (OI) of $270 million.

If V2 is about empowerment, Boros is about ignition. Building on the strong traction already evident in the early stages, Boros aims to further accelerate and drive exponential growth among sophisticated DeFi users.

Boros's goal is to ignite the entire rate economy by expanding the boundaries of tradable markets and exchanges, both on-chain and off-chain.

To ignite a large fire, the key is not brute force, but rather to go with the flow, letting natural forces fuel the flames. Here, these "natural forces" stem from the long-standing structural inefficiencies within the perpetual contract exchanges, particularly evident in the funding rate:

The fluctuation of the funding rate is often more significant than the underlying price itself.

There is a notable divergence and misalignment of funding rates across different exchanges.

These inefficiencies are, in themselves, opportunities, a tradeable edge. Boros is the tool designed to unleash these advantages.

It provides traders, funds, and protocols with a systematic ability to arbitrage the funding rate, hedge positions, or take directional rate exposure; all the while, these actions also deepen market liquidity and enhance market efficiency.

Therefore, our role is not to "create" liquidity but to unblock barriers and let natural forces take their course:

Prioritize listing markets with the largest spreads and most extreme structural inefficiencies.

Continuously strengthen liquidity to allow users to build truly meaningful positions.

Scale high-quality educational content and leverage AI for personalized and expanded strategies.

Megatrend Momentum

Perpetual contracts (Perps) are currently experiencing a clear uptrend, with RWA perpetuals further amplifying this momentum. Mainstream exchanges, including Binance and Coinbase, have already begun racing to list various commodity and stock-related contract products.

Boros will expand in sync with this wave, providing a downstream infrastructure specifically tailored for the interest rate economy in the thriving perpetual contract market.

The logic is simple: as long as there is demand for RWA perpetual contracts, there will inevitably be a need to manage, hedge, and monetize funding rates.

Embracing the Cold

2026 will not be easy.

The market is cooling down, with the crypto industry undergoing volatility, deleveraging, and an increasingly cautious overall sentiment—a real test for even the most mature protocols.

The more challenging the cycle, the more rewarding clear judgment, rigorous strategy, and unwavering belief become.

As headwinds strengthen and peers choose to retreat, we choose to advance; as attention is continuously diverted, we instead focus more on the fundamentals, continuously refining product quality and execution; we touch the boundaries that others dare not touch, allowing the same fervent momentum that brought us here today to burn even more fiercely.

A tougher market will not change our destination. For Pendle, the direction has never been clearer.

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