Deep Dive
1. sPENDLE Governance Transition (29 January 2026)
Overview:
Pendle is replacing its vePENDLE model with sPENDLE, a liquid staking token that eliminates multi-year lockups. Existing vePENDLE holders will receive up to 4x boosted sPENDLE balances based on remaining lock duration. Protocol revenue (up to 80%) will fund PENDLE buybacks, distributed to sPENDLE stakers.
What this means:
This is bullish for PENDLE because it reduces sell pressure from locked tokens, improves capital efficiency, and could attract liquidity-sensitive investors. However, short-term volatility is possible as legacy vePENDLE holders adjust positions.
2. Boros Perpetuals Expansion (2026)
Overview:
Boros, Pendle’s platform for tokenizing perpetual futures funding rates, plans to list equity perpetuals like NVDAUSDC, S&P500, and TSLA. It has already generated $6.9B in open interest and $301K fees since its 2025 launch.
What this means:
This could drive demand for PENDLE by tapping into the $63B perpetuals market. Success depends on derivatives volume and competition from platforms like Hyperliquid.
3. Citadels Institutional Launch (2026)
Overview:
Citadels will offer compliant yield products for institutions, including tokenized T-bills and structured notes. Pendle’s 2025 institutional TVL surged 76% YoY to $5.7B, signaling strong demand.
What this means:
Institutional adoption could stabilize PENDLE’s price through diversified revenue streams. Regulatory hurdles and slower-than-expected uptake are key risks.
4. Multi-Chain Growth (2026)
Overview:
Pendle aims to deploy on Solana, TON, and non-EVM chains after successful launches on HyperEVM ($515M TVL in 2.5 weeks) and BeraChain.
What this means:
Cross-chain expansion may boost PENDLE’s utility and user base but requires seamless interoperability and liquidity incentives to succeed.
Conclusion
Pendle’s roadmap balances protocol efficiency (sPENDLE), market expansion (Boros), and institutional reach (Citadels), positioning it as a DeFi yield infrastructure leader. With TVL rebounding to $9.3B post-maturity outflows, can Pendle sustain momentum amid rising competition in real-world asset tokenization?