Pendle Finance Makes Fortune's Crypto Innovators List

Pendle Finance has been named to Fortune's inaugural Crypto Innovators list, which recognizes 30 leading projects in the digital assets ecosystem. The yield tokenization protocol joins an impressive group of companies that are pushing the boundaries of innovation in the crypto space.

The list highlights Pendle's innovative approach to yield-bearing assets, allowing users to divide them into principal tokens (PT) and yield tokens (YT). The PT gives a fixed return at maturity, while the YT allows for speculation on future yields. Founded by TN Lee and Vu Nguyen in 2020, Pendle operates across multiple blockchain networks.

The protocol's total value locked has fluctuated significantly, reaching an impressive $8 billion in 2025 with an average TVL of roughly $5.7 billion throughout the year. However, this figure dropped to approximately $1.15 billion after a peak.

Recent developments that caught Fortune's attention include the introduction of sPENDLE, a liquid staking token, and the launch of Boros on the Arbitrum network. The latter takes a different approach by tokenizing perpetual funding rates into tradable instruments.