yield protocol review

Pendle

Yield tokenization markets that route risk through principal tokens, yield tokens, LSTs, LRTs, and stablecoin pools.

partialmedium

TVL

$4.00B

Protocol reported or analyst-entered value.

Exposure

$2.60B

Mapped collateral and market exposure.

Dependencies

0 critical dependencies.

Markets

3 monitor signals configured.

Protocol facts

Static fields from the typed research record.

ProductsPrincipal tokens, Yield tokens, AMM markets

ChainsEthereum, Arbitrum One

Categoryyield

Review statuspartial

Collateral, oracle, cap, and liquidation parameters by market.

2 rows

Market	Chain	Collateral	Oracles	LTV	Liquidation	Supply cap	Borrow cap	Utilization
LST and LRT yield markets	Ethereum	wstETH weETH rsETH ezETH sUSDe	oracle:ethereum:pendle:implied-rate, oracle:ethereum:chainlink	0%	0%	$2.30B	$0	81.0%
Arbitrum yield markets	Arbitrum One	wstETH weETH USDe sUSDe	oracle:arbitrum:pendle:implied-rate	0%	0%	$820.0M	$0	74.0%

Findings separate the observed evidence from the analyst outcome.

Severity	Dimension	Finding	Outcome	Evidence	Sources
medium	liquidity liquidation	Maturity and underlying asset risk are coupled	Exit liquidity can fragment near maturity.	Pendle markets depend on underlying asset redemption and maturity-specific liquidity.	Pendle docs

Inbound and outbound trust assumptions touching this protocol.

Severity	Direction	Edge type	Dependency path	Analyst label
high	outbound	depends on	Pendle -> ether.fi	Pendle weETH markets inherit ether.fi redemption and restaking assumptions
high	outbound	depends on	Pendle -> Ethena	Pendle sUSDe markets inherit Ethena cooldown and backing assumptions
low	outbound	settles on	Pendle -> Ethereum	Pendle deployment inherits Ethereum settlement risk

Public operational signals and review cadence.

Status	Monitor	Signal	Cadence
planned	Admin and guardian changes	Owner, guardian, Safe signer, threshold, and emergency role changes.	15 min after ingestion
planned	Oracle freshness	Heartbeat breaches, stale rounds, and large reference-market deviations.	5 min after ingestion
manual	Liquidity and cap shock	Supply cap utilization, borrow cap utilization, TVL drops, and liquidity depth changes.	Daily analyst review

Highest-severity paths that could transmit risk into or out of this protocol.

3 paths

Severity	Direction	Edge type	Dependency path	Analyst label
high	outbound	depends on	Pendle -> ether.fi	Pendle weETH markets inherit ether.fi redemption and restaking assumptions
high	outbound	depends on	Pendle -> Ethena	Pendle sUSDe markets inherit Ethena cooldown and backing assumptions
low	outbound	settles on	Pendle -> Ethereum	Pendle deployment inherits Ethereum settlement risk