What could affect the price of PENDLE?

Pendle’s price is currently balancing between a major update to its token system and changes in the yield market.

1. Tokenomics Overhaul – On January 20, 2026, Pendle launched a new token model called sPENDLE, which includes buybacks and reduces token emissions by about 30%. This aims to increase liquidity and demand for the token.
2. Yield Market Competition – Pendle is a leading platform for yield tokenization, but it faces competition from big players like Aave and Curve. Its future depends on keeping its lead in total value locked (TVL) as DeFi demand shifts.
3. Regulatory & Team Activity – Delays in U.S. crypto regulations add uncertainty, and a recent transfer of team tokens to the exchange Bybit might indicate upcoming selling or operational needs.

Deep Dive

1. sPENDLE Tokenomics Upgrade (Positive Outlook)

Overview: On January 20, 2026, Pendle replaced its old vePENDLE system with a new liquid staking token called sPENDLE. Key features include a 14-day waiting period to unstake (or an instant exit with a 5% fee), and up to 80% of the protocol’s revenue will be used to buy back PENDLE tokens for sPENDLE holders. Additionally, token emissions are cut by about 30% through an algorithmic model (Pendle Announcement). This change aims to fix previous issues like long lock-up times that discouraged users.
What this means: This update is generally good news for PENDLE’s price. The buyback program creates steady demand for the token, while lower emissions reduce selling pressure. Better liquidity and easier token use could attract more users and investment, supporting price growth over time.

2. Competition in DeFi Yield Markets (Mixed Outlook)

Overview: Pendle is a top player in yield tokenization but competes with established platforms like Aave and Curve, as well as newer projects, for user funds and attention (Cointelegraph). Its growth depends on the overall demand for fixed-yield and restaking products in decentralized finance (DeFi).
What this means: Pendle’s unique offerings give it an edge, but its price can be affected by shifts in the DeFi sector. If DeFi activity and demand for stable yields rise, Pendle’s TVL and token value could increase. However, if competitors gain ground or interest in yield products drops, growth could slow.

3. Regulatory Uncertainty & Team Activity (Cautious Outlook)

Overview: Clear U.S. regulations for DeFi are still delayed, with the CLARITY Act markup postponed (Cointelegraph). Meanwhile, on January 25, 2026, the Pendle team transferred 1.8 million PENDLE tokens (worth about $3.61 million) to the Bybit exchange (Coinlive).
What this means: Regulatory delays could slow institutional interest, which is important for growth. The large token transfer to an exchange might signal upcoming selling, which could put downward pressure on the price. It’s important to watch how these tokens move after the transfer.

Conclusion

Pendle’s short-term outlook depends heavily on how well the sPENDLE upgrade and buyback program perform. In the medium term, its success will rely on competing effectively in the DeFi yield market. For holders, it’s important to track protocol revenue and TVL as indicators of how well the upgrade is working. The key question remains: will the new tokenomics create lasting demand, or will broader market and competitive challenges hold the token back?

What are people saying about PENDLE?

Pendle’s online buzz shows a mix of short-term price concerns and long-term confidence in the project. Here’s what people are talking about:

1. A bot highlights a sharp 10% drop in Pendle’s price on Binance Futures, signaling short-term selling pressure.
2. An analyst describes Pendle as a key gateway for big institutional investors looking to earn yield.
3. An AI commentator praises Pendle’s move to a more flexible staking system, calling it a smart upgrade.

Deep Dive

1. @Adanigj: Noticing a sharp 10% daily price drop — bearish

"Pendle (PENDLE) went down 10.0 percent in the last 24 hours on Binance Futures."
– @Adanigj (1.2K followers · 2025-12-23 12:28 UTC)
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What this means: This is a negative sign for Pendle in the short term. A 10% drop on a major trading platform shows strong selling pressure and downward momentum, which could lead to further price declines.

2. @UgurTash: Positioning Pendle as a hub for institutional yield — bullish

"ONDO opened the door, but how will the money inside move? PENDLE steps in right here... the tollbooth and financial center on that highway will be Pendle."
– @UgurTash (3.9K followers · 2025-12-28 11:22 UTC)
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What this means: This is positive for Pendle. The analyst sees Pendle as an essential piece of infrastructure that will help manage large amounts of yield coming from institutional investors and new blockchain networks. This highlights Pendle’s long-term importance.

3. @CryptoNewsAIX: Praising the new liquid staking model — neutral to positive

"Pendle actually making money while others just trade promises. Eliminating those two-year locks is a bold move... Real yield meets real logic."
– @CryptoNewsAIX (1.1K followers · 2026-01-22 02:16 UTC)
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What this means: This is a neutral-to-positive view. Pendle’s update from vePENDLE to sPENDLE staking removes long lock-up periods, making it easier for users to participate and potentially increasing the token’s usefulness and adoption.

Conclusion

Overall, opinions on Pendle are mixed. There’s short-term price weakness but strong confidence in its long-term role as a key player in tokenizing real-world and staking yields. The main takeaway is that Pendle is seen as important infrastructure that’s improving through ongoing upgrades. Keep an eye on the Total Value Locked (TVL) after the full rollout of the new sPENDLE staking model to see if capital efficiency improves.

What is the latest news about PENDLE?

Pendle is going through an important upgrade and some significant token movements. Here’s the latest update:

1. Big Tokenomics Update (January 20, 2026) – Pendle introduced a new staking system called sPENDLE, replacing the old vePENDLE model to improve liquidity and overall efficiency.
2. Team Transfers $3.6M to Exchange (January 25, 2026) – The Pendle team moved 1.8 million PENDLE tokens to the Bybit exchange, raising questions about possible selling.
3. CEO Shares V2 Roadmap (January 23, 2026) – Pendle’s founder explained the switch to sPENDLE and previewed the upcoming Boros platform for advanced yield trading in a podcast.

In-Depth Look

1. Big Tokenomics Update (January 20, 2026)

What happened: Pendle Finance rolled out its new sPENDLE staking model, replacing the previous vePENDLE system. The new setup includes a 14-day waiting period to unstake tokens (or an option to exit immediately with a 5% fee). It also cuts token emissions by about 30% and uses up to 80% of the protocol’s revenue to buy back sPENDLE tokens for holders. CEO TN Lee described this as a way to bring more traditional fixed-income efficiency to decentralized finance (DeFi).
Why it matters: This change is positive for PENDLE because it makes the token easier to trade and more efficient to use. Lower emissions and revenue-driven buybacks could reduce token supply over time, potentially increasing demand and attracting more users and institutional investors.
(Source: CoinMarketCap)

2. Team Transfers $3.6M to Exchange (January 25, 2026)

What happened: Blockchain data showed that an address linked to the Pendle team moved 1.8 million PENDLE tokens (worth about $3.6 million) to the Bybit exchange. These tokens were part of a vested supply held for 3 to 4 years, representing a significant unrealized profit.
Why it matters: This move could be seen as neutral to slightly negative in the short term because such transfers often lead to selling, which might put downward pressure on the token price. However, analysts point out this could simply be a routine transfer related to vesting schedules, and the amount is small compared to daily trading volumes.
(Source: CoinMarketCap)

3. CEO Shares V2 Roadmap (January 23, 2026)

What happened: Pendle’s founder, TN Lee, appeared on the Blockworks 0xResearch podcast to explain why the team moved to sPENDLE and to share plans for the future. He talked about improving incentives for liquidity providers, launching the Boros platform to trade tokenized funding rates, and the overall vision for Pendle’s next version.
Why it matters: This is a positive sign for PENDLE, showing ongoing development and a clear plan for growth. The new Boros platform could open up a large market for derivatives yield trading, potentially increasing the protocol’s revenue and the usefulness of the PENDLE token.
(Source: Blockworks)

Conclusion

Pendle is evolving from a specialized yield token platform into a more liquid and institution-friendly protocol. While the new sPENDLE model promises greater efficiency, the recent token transfers by the team add some short-term uncertainty. The key question is whether the benefits of the upgrade will outweigh any near-term market concerns.

What is expected in the development of PENDLE?

Pendle is making important progress with these key updates:

1. vePENDLE Lock Pause & Snapshot (January 29, 2026) – This marks the final step in moving to a new, more flexible staking system called sPENDLE. A snapshot will be taken to reward current holders.
2. Boros Expansion with New Asset Listings (2026) – Plans to add more trading options like S&P 500 and NASDAQ equity perpetuals to its platform.
3. Citadels Institutional Gateway (Ongoing) – Working to provide regulated, KYC-compliant access for traditional financial institutions to Pendle’s fixed yield markets.

Deep Dive

1. vePENDLE Lock Pause & Snapshot (January 29, 2026)

What’s happening: Pendle is completing a major update to how its tokens work. The old vePENDLE system required users to lock their tokens for two years, which limited flexibility. Now, Pendle is switching to sPENDLE, a liquid staking token that’s easier to use. On January 29 at 00:00 UTC, new vePENDLE locks will stop, and a snapshot of current holders will be taken to calculate boosted sPENDLE balances—up to 4 times the normal amount—for loyal users during the transition (source).

Why it matters: This change is positive for PENDLE because it removes the long lockup period, making it easier for people to participate and increasing token liquidity. At the same time, it rewards long-term holders, which may reduce selling pressure during the switch.

2. Boros Expansion with New Asset Listings (2026)

What’s happening: Boros is Pendle’s platform for trading perpetual futures funding rates, which launched in late 2025. It quickly reached about $6.9 billion in open interest within four months. Now, Pendle plans to add more assets, including equity perpetuals for major stock indexes like the S&P 500 and NASDAQ, as well as individual stocks like Tesla (TSLA) and Amazon (AMZN) (source).

Why it matters: Adding these new assets could bring in new revenue streams and increase fees earned by the protocol. This expansion could help Pendle become a key platform for trading yield products across both crypto and traditional finance markets.

3. Citadels Institutional Gateway (Ongoing)

What’s happening: Citadels is Pendle’s effort to connect decentralized finance with traditional finance. It aims to offer a regulated, KYC-compliant way for institutions to access Pendle’s structured yield products, like tokenized Treasury bills, in a familiar and compliant format (source).

Why it matters: This initiative could bring large amounts of institutional capital to Pendle, increasing the total value locked (TVL) and demand for its products. However, the timeline depends on regulatory approvals. If successful, Pendle could evolve from a crypto-focused platform into a global fixed-income marketplace.

Conclusion

Pendle is shifting from a complex, long-term token lockup system to a more flexible, user-friendly model with sPENDLE. At the same time, it’s expanding its product offerings into traditional finance markets through Boros and Citadels. The big questions are how well the new sPENDLE model will attract liquidity and whether Boros can capture significant market share in equity derivatives.

What updates are there in the PENDLE code base?

Pendle recently updated its platform to use a liquid staking model, replacing its old governance system.

1. sPENDLE Governance Launch (Jan 20, 2026) – Introduced a liquid staking token called sPENDLE, replacing the old locked vePENDLE tokens with a 14-day unstaking period.
2. V2 Incentive Optimization (Jul 31, 2025) – Adjusted fees by lowering swap fees to 1.3% and adding dynamic fee caps to improve incentives.
3. sGHO Integration (Jun 12, 2025) – Added support for Aave’s savings token, sGHO, enabling fixed-yield strategies.

Deep Dive

1. sPENDLE Governance Launch (Jan 20, 2026)

What happened: Pendle replaced its old governance token, vePENDLE, which required users to lock their tokens for two years, with a new liquid token called sPENDLE. Now, users can unstake their tokens after 14 days or exit immediately by paying a 5% fee. This change makes it easier for people to participate in governance without long-term commitments.

Existing vePENDLE holders received boosted sPENDLE tokens based on how much time was left on their original lock, with the boost gradually decreasing over two years. Additionally, up to 80% of Pendle’s revenue is now used to buy back PENDLE tokens, which are then distributed to active stakers.

Why it matters: This update is good news for PENDLE because it increases token liquidity and lowers selling pressure from locked tokens. It also makes governance more accessible to casual users and reduces the number of new tokens being created by about 30%.
(Pendle Announcement)

2. V2 Incentive Optimization (Jul 31, 2025)

What happened: Pendle adjusted its fee structure to better reward liquidity pools. Swap fees were lowered from 2% to 1.3%, and fees on yield tokens (YT) were increased to 7%. They introduced dynamic fee caps that adjust based on how much trading activity each pool has.

This system quickly rewards pools that perform well and gradually reduces rewards for less active pools. The goal is to direct incentives toward pools that contribute the most value.

Why it matters: This change helps make Pendle more efficient by rewarding liquidity providers fairly and maintaining competitive yields compared to other platforms like Balancer and Lido. Users benefit from more sustainable returns.
(Pendle Update)

3. sGHO Integration (Jun 12, 2025)

What happened: Pendle added support for Aave’s sGHO token, which offers a fixed savings rate of about 8.14% APY. Users can now use Principal Tokens (PT-sGHO) to lock in this fixed yield or use Yield Tokens (YT) to gain exposure to changes in the yield rate.

This integration expands the types of yield-generating assets Pendle supports, combining Aave’s savings mechanism with Pendle’s tokenization features.

Why it matters: This is a positive development for PENDLE because it attracts capital focused on stable, predictable returns—especially useful during volatile market conditions. It offers users access to institutional-level fixed income strategies through a simple DeFi interface.
(Pendle Tweet)

Conclusion

Pendle’s recent updates focus on improving liquidity, making governance easier to participate in, and offering more sustainable yield options. By moving from complex, long-term locks to liquid governance tokens, optimizing fees, and supporting real-world yield assets, Pendle is positioning itself for growth. The next question is how cross-chain Principal Token (PT) integrations will affect Pendle’s leadership in the yield market.

Why did the price of PENDLE fall?

Pendle (PENDLE) dropped 4.83% in the last 24 hours, falling to $1.89. This decline was sharper than the overall crypto market, which fell by 1.02%. Here’s why:

1. Team Token Movement – On January 25, a wallet linked to the Pendle team moved 1.8 million PENDLE tokens (worth about $3.61 million) to the Bybit exchange. Although these tokens were vested (locked up for years), this transfer raised concerns about potential selling pressure.
2. Protocol Transition Uncertainty – Pendle is shifting from its old staking model (vePENDLE) to a new one called sPENDLE. While this change is positive in the long run, it may be causing some users to sell now, ahead of a key snapshot on January 29.
3. Weak Technical Signals – The price is trading below important moving averages and close to a critical support level at $1.82, showing ongoing downward momentum.

Deep Dive

1. Team Token Movement (Negative Impact)

On January 25, a wallet connected to the Pendle Finance team moved 1.8 million PENDLE tokens to the Bybit exchange (source). These tokens had been locked up for 3 to 4 years, representing a large unrealized gain.

Why this matters: When team wallets send large amounts to exchanges, it often makes investors nervous. They worry the tokens might be sold, which can push prices down. Even if the transfer is for routine reasons, the size and timing can increase selling pressure.

What to watch: Keep an eye on whether these tokens are sold on Bybit. If they are, it could mean more price drops ahead.

2. Protocol Transition & Market Sentiment (Mixed Impact)

Pendle is updating its token system by replacing vePENDLE (a locked staking model) with sPENDLE, which allows easier staking and includes a 14-day withdrawal period. Up to 80% of the protocol’s revenue will be used to buy back tokens, which is generally positive (source). The final snapshot for vePENDLE holders is scheduled for January 29.

Why this matters: Although this upgrade should improve the system and attract more investors over time, the transition can cause uncertainty. Some holders might sell now to avoid complications or exit the old system. Also, the overall crypto market sentiment is cautious right now, with the Fear & Greed Index at 29 (“Fear”), which reduces appetite for riskier assets like Pendle.

What to watch: After January 29, look for signs of increased staking and user activity with sPENDLE. This will show if the upgrade is gaining traction.

3. Technical Breakdown (Negative Impact)

PENDLE’s price at $1.89 is below its short-term (7-day at $2) and medium-term (30-day at $2.07) moving averages, and well below the long-term average (200-day at $3.54). This confirms a strong downtrend. The Relative Strength Index (RSI) is at 39.52, indicating bearish momentum but not yet oversold. The price is also testing a key support level at $1.82.

Why this matters: Trading below these averages shows sellers are in control, and buyers are hesitant. If the $1.82 support breaks, the price could fall further, possibly triggering more selling from stop-loss orders.

What to watch: A daily close above $1.90 could suggest short-term stability. But if the price falls below $1.82, the downtrend may accelerate.

Conclusion

Pendle’s recent price drop is due to a mix of large team token movements, uncertainty during its tokenomics upgrade, and weak technical signals. These factors are overshadowing its positive long-term outlook. The key event to watch is the January 29 snapshot for the sPENDLE migration. How the price behaves around this date will likely determine the next direction.

Key question: Will the price hold above $1.82 through the January 29 snapshot, or will selling pressure increase?