Pendle Finance Named Fortune Crypto Innovator Amid Yield Tokenization Push

Pendle Finance has been named one of Fortune's top Crypto Innovators, joining 29 other leading projects in the digital assets ecosystem.

The protocol lets users divide yield-bearing assets into principal tokens (PT) and yield tokens (YT), offering a fixed return at maturity with PT or speculation on future yields with YT.

Founded in 2020 by TN Lee and Vu Nguyen, Pendle operates across multiple blockchain networks and has seen significant growth, reaching an all-time high of over $8 billion in total value locked (TVL) in 2025, before dropping to around $1.15 billion currently.

The team introduced the sPENDLE liquid staking token in January 2026, replacing a previous lockup model that required multi-year commitments from stakers.

Pendle's evolving product suite and innovations, such as its Boros platform on the Arbitrum network, which tokenizes perpetual funding rates into tradable instruments, have likely caught Fortune's attention.