Huo Xing Cai Jing reports that on July 23, Pendle co-founder TN and Head of Growth Dan reviewed the first half of 2026 at the latest community meeting and unveiled the roadmap for the second half. The team stated that the first half of the year focused on building fixed-income infrastructure, with Pendle V2 further solidifying its position as a leading on-chain fixed-income protocol, while Boros made initial progress in the on-chain interest rate derivatives market. Data shows that Pendle V2’s average daily TVL in the first half reached approximately $1.3 billion, with 9 out of the platform’s 11 primary markets now accepting real-world assets (RWA) as collateral, reflecting ongoing institutional capital inflows into the RWA sector. Additionally, Pendle has launched on the Monad network and, within less than a month, became one of the top five protocols by TVL on the network, with a locked value of approximately $150 million. On protocol upgrades, Pendle has completed the migration from vePENDLE to sPENDLE, with approximately 36% of PENDLE tokens currently staked, and 93% of stakers having not yet unstaked. The protocol has also used revenue to repurchase approximately 2 million PENDLE tokens and significantly reduced weekly liquidity incentives from around 90,000 to 21,000 PENDLE, further enhancing capital efficiency. Meanwhile, Pendle has introduced an in-app one-click Loop feature to simplify leveraged yield strategies. Boros, another core product, has achieved cumulative trading volume exceeding $14 billion in under a year, with user growth of 50% since the beginning of the year. New tools such as four-legged arbitrage strategies, bulk order acceptance functionality, and a funding rate dashboard have been added to meet professional trading demands. Looking ahead to the second half of 2026, Pendle will prioritize building curation infrastructure to enable external teams to create PT/YT markets and integrate PT assets as collateral into lending protocols. The team also plans to launch Pendle-branded yield vaults in partnership with Morpho and others to expand distribution channels for fixed-income products. On the institutional front, Pendle is collaborating with multiple RWA issuers in New York to bring tokenized ETFs, single bonds, and other on-chain yield products onto its platform, aiming to build an institutional-grade RWA yield discovery and distribution platform. Boros will shift its strategic focus toward cross-platform funding rate arbitrage, prioritizing institutional arbitrageurs, and plans to introduce peer-to-peer acceptance markets, funding rate visualization tools, and one-click strategy products for retail users to further enrich the on-chain interest rate derivatives ecosystem.
Pendle Unveils H2 2026 Roadmap: Focus on RWA and Institutional Markets
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Summary
On July 23, Pendle shared its H2 2026 roadmap, focusing on real-world assets (RWA) initiatives and expanding its institutional presence. Pendle V2’s TVL averaged $1.3 billion daily, with 9 out of 11 major markets utilizing RWA as collateral. The protocol launched on the Monad Network, reaching top-five TVL status within a month with $150 million locked. Its interest rate derivative product, Boros, achieved $14 billion in cumulative trading volume, introducing tools such as four-legged arbitrage and block trades settlement. For the second half, Pendle plans to scale its curation infrastructure, launch Pendle-branded yield vaults in partnership with Morpho, and onboard RWA products including tokenized ETFs and single bonds. Boros will expand into cross-exchange funding rate arbitrage, providing tools for institutional on-chain participants.
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