Pendle Unveils H2 Roadmap: Increase RWA and Institutional Markets, Boros Will Focus on On-Chain Interest Rate Derivatives
Comparing news, Pendle co-founder TN and growth leader Dan reviewed developments in the first half of 2026 and announced the roadmap for the second half of 2026 at the latest community meeting. The team said that in the first half of the year, the Pendle ecosystem focused on fixed income infrastructure construction. Pendle V2 continued to strengthen its position as an on-chain fixed income agreement, and Boros made initial progress in the on-chain interest rate derivatives market. According to the data, Pendle V2 had an average daily TVL of about 1.3 billion US dollars in the first half of the year. Currently, 9 of the platform's 11 major markets use real-world assets (RWA) as collateral, reflecting the continued flow of institutional capital to the RWA circuit. Additionally, Pendle has launched on the Monad network and became the network's top 5 TVL protocol in less than a month, with a hedging scale of around $150 million.
In terms of protocol upgrades, Pendle has completed the migration of VePendle to Spendle. Currently, about 36% of PENDLE have completed the pledge, and 93% of the pledge users have not yet released their pledges. The agreement also used revenue to complete the repurchase of approximately 2 million PENDLES and drastically reduced weekly liquidity incentives from around 90,000 to 21,000, further improving capital efficiency. At the same time, Pendle launched an in-app one-click Loop feature to simplify the operation process of leveraged income strategies. Another core product, Boros, has surpassed 14 billion US dollars in cumulative trading volume in less than a year. The number of users has increased by 50% compared to the beginning of the year, and tools such as four-legged arbitrage strategies, large transaction acceptance functions, and capital rate data boards have been added to meet professional trading needs.
Looking ahead to the second half of 2026, Pendle will focus on promoting curatorial infrastructure construction, allowing external teams to create PT/YT markets, and promote PT assets as collateral to be connected to loan agreements; at the same time, it will launch a Pendle brand income vault with partners such as Morpho to expand distribution channels for fixed income products. In terms of institutional business, the team is collaborating with several RWA issuers in New York to introduce on-chain yield products such as tokenized ETFs and single bonds to Pendle to create an RWA revenue discovery and distribution platform for institutions. Boros, on the other hand, is shifting its strategic focus to cross-trading platform capital rate arbitrage, giving priority to institutional arbitrators, and plans to launch peer-to-peer acceptance markets, capital rate visualization tools, and one-click strategy products for ordinary users to further improve the on-chain interest rate derivatives ecosystem.
