ChainCatcher report: Pendle’s co-founder TN and growth lead 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 2026 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 nine of the platform’s eleven major markets now accepting real-world assets (RWA) as collateral—reflecting continued institutional capital inflow into the RWA space. 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. Regarding protocol upgrades, Pendle has completed the migration from vePENDLE to sPENDLE; currently, about 36% of PENDLE tokens have been staked, with 93% of stakers not having unstaked their tokens. 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. Another core product, Boros, has achieved over $14 billion in cumulative trading volume in under a year, with user growth of 50% since the beginning of the year. New tools such as four-legged arbitrage strategies, block trading 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. It will also collaborate with partners like Morpho to launch Pendle-branded yield vaults, expanding distribution channels for fixed-income products. On the institutional front, the team is partnering with multiple RWA issuers in New York to bring tokenized ETFs, single bonds, and other on-chain yield products onto Pendle, 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 launch a peer-to-peer acceptance market, 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 Roadmap, Focuses on RWA and Institutional Markets
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Summary
Pendle released its H2 2026 roadmap, focusing on real-world assets (RWA) developments and institutional market growth. Pendle V2 averaged $1.3 billion in daily TVL during H1, with 9 out of 11 major markets using RWA as collateral. Boros, active for less than a year, reached $140 billion in cumulative volume. Pendle also launched on the Monad Network, entering the top five TVL protocols within a month. Future plans include expanding curation tools and on-chain news partnerships with RWA issuers for tokenized ETFs and bonds.
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