# Pendle V2 App

> Pendle V2 is the trading interface for Pendle Finance's yield tokenization protocol. Trade PT (Principal Tokens) for fixed yield, or YT (Yield Tokens) to speculate on yield. Add liquidity to earn trading fees and PENDLE incentives. Deployed across 12 blockchain networks including Ethereum, Arbitrum, BNB Chain, Base, Mantle, Optimism, Sonic, HyperEVM, Berachain, Monad, Katana, and Ink.

## Recent Updates

- **2026-06-09**: GEO baseline pass — added explicit AI-crawler directives to robots.txt (GPTBot, ClaudeBot, PerplexityBot, Google-Extended, CCBot, and others) with IETF `Content-Signal` declarations; added risk-disclosure FAQ; switched WebApplication `dateModified` to build-time injection; resolved soft-404 responses for `/ai.txt`, `/security.txt`, `/humans.txt`.
- See [Pendle Medium](https://medium.com/pendle) for protocol changelog and feature announcements.

## Main Sections

- [Markets](https://app.pendle.finance/trade/markets): Browse all active yield markets across supported chains. Each market has a fixed expiry date; PT trades at a discount to face value; YT captures streaming yield and rewards.
- [Pools](https://app.pendle.finance/trade/pools): Provide liquidity to earn four simultaneous yield sources — PT fixed yield, underlying SY yield, swap fees, and PENDLE incentives.
- [Dashboard](https://app.pendle.finance/trade/dashboard/overview/positions): View your positions, open orders, portfolio P&L, and claim accumulated YT yield and rewards.
- [Education](https://app.pendle.finance/trade/education): Learn about yield trading strategies — PT fixed yield, YT speculation and rewards farming, and LP strategies.
- [sPENDLE](https://app.pendle.finance/spendle/stake/in): Liquid staking for PENDLE tokens. Stake 1:1 to earn 80% of protocol swap and yield fees as PENDLE buybacks distributed every two weeks.
- [Governance](https://app.pendle.finance/spendle/governance): vePENDLE voting and protocol fee distribution. Active sPENDLE holders vote on Pendle Protocol Proposals.
- [Cross-chain PT](https://app.pendle.finance/trade/crosschain-pt): Bridge Principal Tokens across chains — use PT minted on one network as collateral or redeem on Avalanche, Unichain, and other supported destinations.

## Protocol Mechanics

Pendle wraps yield-bearing tokens (stETH, sUSDe, aUSDC, ezETH, and others) into Standardized Yield tokens (SY), then splits them into Principal Tokens (PT) and Yield Tokens (YT).

- **PT (Principal Token)**: Redeemable 1:1 for the accounting asset at maturity. Purchased at a discount — the discount represents the fixed yield locked in at purchase. No ongoing yield; PT is increasingly used as collateral in Aave and Morpho due to predictable maturity value.
- **YT (Yield Token)**: Receives all streaming yield and rewards (including points and airdrops) from the underlying asset until expiry. Trades at a fraction of the underlying price, providing amplified yield exposure. Value decays toward zero as maturity approaches.
- **AMM**: Concentrates liquidity within a pre-configured Implied APY range. Uses a flash swap mechanism so PT and YT share a single liquidity pool. Fees scale with time-to-maturity. Dynamic curve tightening minimizes impermanent loss as expiry approaches.

## Ecosystem (Pencosystem)

35+ DeFi protocol integrations including Aave, Morpho, Yearn, Coinbase-backed protocols, Binance, OKX, and others. PT accepted as collateral across major money markets.

## Documentation

- [Introduction to Pendle](https://docs.pendle.finance/pendle-v2/Introduction): Protocol overview, yield tokenization mechanics, PT/YT explained
- [Principal Tokens (PT)](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/YieldTokenization/PT): Zero-coupon bond mechanics, redemption, collateral use cases
- [Yield Tokens (YT)](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/YieldTokenization/YT): Yield streaming, rewards farming, value decay
- [Pendle AMM](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/LiquidityEngines/AMM): Implied APY ranges, flash swaps, LP returns
- [sPENDLE Staking](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/Mechanisms/sPENDLE): Protocol revenue sharing, governance, unstaking options
- [Pendle Academy](https://pendle.gitbook.io/pendle-academy): Educational guides for traders and LPs
- [Developer Docs & API](https://docs.pendle.finance/pendle-v2/Developers/Deployments): Contract addresses by chain, integration guides
- [Boros Docs](https://pendle.gitbook.io/boros/boros-docs): Documentation for the Boros funding rate trading product

## About Pendle Finance

- [Pendle Finance](https://pendle.finance/pendle): Overview of Pendle V2
- [Boros](https://pendle.finance/boros): Overview of Boros
- [Analytics](https://analytics.pendle.finance): Protocol TVL, volume, and market data
- [Pencosystem](https://pendle.finance/pencosystem): 35+ protocol integrations including Aave, Morpho, Yearn, Coinbase, Binance, OKX
- [GitHub](https://github.com/pendle-finance): Open-source smart contracts and SDKs
- [Twitter / X](https://twitter.com/pendle_fi): Official Pendle Finance account
- [Discord](https://pendle.finance/discord): Community support and governance discussion
- [Telegram](https://t.me/pendlefinance): Pendle community channel
- [Medium](https://medium.com/pendle): Protocol updates and research articles
- [Privacy Policy](https://docs.pendle.finance/pendle-v2/PrivacyPolicy)
- [Terms of Use](https://docs.pendle.finance/pendle-v2/TermsOfUse)