Pendle Print #103

Gong Hei Fatt Choy

Pendle is the ultimate yield market in DeFi – fixed yields, leveraged yield + points trading, and funding rate swaps (via Boros).

The objective of The Pendle Print is to distill the developments in DeFi yield markets into a succinct and actionable format.

Important Highlights ✨

Back from our very brief Chinese New Year soft-break and already our prayers to the God of Fortune have been answered?

Gentle reminder for sPENDLE hodlers (29 Jan - 13 Feb) to KYC on CoinList in order to qualify for the $CHIP ICO!!!

Pendle@pendle_fi

📣 UPDATE: Snapshot and allocation for @USDai_Official ICO are now complete for sPENDLE If you held sPENDLE from 29 Jan - 13 Feb, you can now KYC on CoinList $CHIP ICO will begin on 22nd Feb 恭喜发财！

2:24 AM · Feb 18, 2026 · 12K Views

---

10 Replies · 6 Reposts · 88 Likes

New card on Pendle UI showing all the markets blessed with external (and PENDLE) incentives, AKA the compass for free points?

Pendle@pendle_fi

Do you want free points? Because that's how you get free points.

2:48 AM · Feb 21, 2026 · 97 Views

---

1 Reply

Pencosystem

Imagine yield trading with ZERO gas 😌

ETHGAS@ETHGasOfficial

ETHGas welcomes @pendle_fi into the OG Cohort of the Open Gas Initiative. As a leading protocol for yield tokenization and yield trading on Ethereum, Pendle will be contributing to an instant and gasless future. Read more → ethgas.com/blog/pendle-jo…

1:02 PM · Feb 19, 2026 · 19.8K Views

---

137 Replies · 59 Reposts · 326 Likes

20% APY up for grab on Aave with PT-srUSDe:

Boros

It’s obvious at this point that RWA perps (e.g. commodities, equities) will be the core narrative for 2026, and Boros is well positioned as the complementary layer for funding rate trading/management:

Boros@boros_fi

What if you could long the funding rates of oil, platinum, palladium, and Korean equities too? Boros can support any perp market's floating funding rate... 👀

Lighter @Lighter_xyz

New RWA listings! $WTI (oil), $XPT (platinum), $XPD (palladium) at 20X leverage, $HANMI (Korean equity) at 10X leverage. And another RWA update: all FX markets, SPY, and QQQ now use cross margin.

1:13 PM · Feb 19, 2026 · 1.71K Views

---

4 Replies · 2 Reposts · 34 Likes

If you think trading price is exciting and profitable, wait till you’ve had a look at this:

🉐 Crypto Linn@crypto_linn

https://t.co/IzIuwXj7KM

8:17 AM · Feb 19, 2026 · 17.3K Views

---

22 Replies · 16 Reposts · 143 Likes

Uponly fees for Boros, with plenty more additions to come (both markets and exchanges):

chainsage@cryptovishal7

ATH fees made for @boros_fi in JAN 2026 Over $100k made in fees, that's all time high made in bearish moments, this proves BOROS doesn't need market to be bullish to work and earn fees in loads BOROS made for every market sentiments, moving forward breaking all previous records

1:55 AM · Feb 20, 2026 · 841 Views

---

3 Replies · 4 Reposts · 26 Likes

How to win Boros:

Blub🌍@DeFi_Blub

Every time the market heats up, funding rates skyrocket. Instead of paying those fees, long the volatility on @boros_fi You are not betting on price, you are betting on how much degens will pay to believe in it. Your YU position becomes a self funding hedge that pays out

12:08 PM · Feb 18, 2026 · 1.74K Views

---

13 Replies · 2 Reposts · 31 Likes

Market up or down, positions will be open, and that means the need for funding rates will be “ahem” perpetual

Cheeezzyyyy@0xCheeezzyyyy

Crypto markets have been absolutely nuked over the past few months. Yet, most don't realise but @boros_fi quietly printed another record ATH in daily OI in Feb 2026 at $287M. What’s even more interesting is that each monthly cycle continues to conclude with a distinctly

4:26 AM · Feb 16, 2026 · 4.35K Views

---

36 Replies · 18 Reposts · 96 Likes

Intern Insights

Ethena has spot as the long arm, Neutrl has discounted OTCs, and thus the potential for higher yields:

Pendle Intern@PendleIntern

The integration of @Neutrl with @strata_markets is a pretty exciting development for the yield space. While traditional funding yields have contracted, Neutrl's capture of OTC spreads means their yields have persisted while OTHER protocols haven't. Refresher 👇

2:53 AM · Feb 16, 2026 · 3.43K Views

---

5 Replies · 6 Reposts · 38 Likes

X Highlights

You’re not bullish enough:

🉐 Crypto Linn@crypto_linn

The $PENDLE 2026 Bull Thesis: ∙ze lockup issue is gone. 14 days to exit means the single biggest objection to holding pendle, “my capital is trapped,” no longer exists ∙80% of real revenue buys the token off the open market. literally uses its own cashflow to bid for its own

9:10 AM · Feb 18, 2026 · 15.1K Views

---

59 Replies · 20 Reposts · 219 Likes

Pendle has quietly become one of the most profitable protocols in DeFi:

aixbt@aixbt_agent

pendle at $1.13 trading at 4x annual revenue with new tokenomics launching feb 14. 80% of protocol revenue now goes to token buybacks distributed to sPENDLE holders. arthur hayes sold at $1.34 after the 54% dump from december. $45m fees in 2025 on infrastructure that peaked at

11:14 AM · Feb 13, 2026 · 14.6K Views

---

25 Replies · 8 Reposts · 106 Likes

Karamata_ 💎@Karamata2_2

🔥 $PENDLE is showing early reversal signals: - Major weekly support around $1.05–$1.20 is being defended. This zone acted as a key reversal area before price pulled back here in Aug 2024 and quickly reversed. - Potential bullish divergence forming on the MACD. On-chain

Karamata_ 💎 @Karamata2_2

🔥 Pendle is quietly becoming one of the most profitable DeFi protocols and most people still treat it like a narrative trade. I spent time digging into the numbers, here’s what I see 👇: @pendle_fi TVL peaked above $10B and now sits around ~$2.2B. Notional trading volume

4:28 AM · Feb 14, 2026 · 9.47K Views

---

20 Replies · 8 Reposts · 81 Likes

ICYMI here are ALL the updates for Pendle and Boros you shouldn’t miss:

Keno@kenodnb

From the moment sPENDLE went live, everything feels much better. There are so many benefits for sPENDLE holders. To know more, keep reading the weekly updates across @pendle_fi and @boros_fi. 👇 1/ @USDai_Official's $CHIP ICO allocation for sPENDLE holders sPENDLE holders are

5:48 AM · Feb 18, 2026 · 5.32K Views

---

25 Replies · 10 Reposts · 86 Likes

Despite the market downturn, Pendle’s TVL has grown against the tide:

Traveneur 🫎@traveneur

TVL up ≠ real growth. For the @ORBT_Protocol DeFi Research Challenge, I looked at Pendle. In the last 30 days, @pendle_fi 's TVL grew ~25% (from ~$3.1B to ~$3.9B), while total DeFi TVL actually dropped ~25%. So what's driving it? Incentives… or real adoption? Here's what

10:26 PM · Feb 20, 2026 · 795 Views

---

1 Repost · 6 Likes

And last but certainly not least…WE’RE CRUNCHING AHHHHHHHH

Oh and be sure to keep an eye out for “Pendle 2026” later this week 😉

Pendle Intern@PendleIntern

ATH staked + locked for $PENDLE 🫡 That's: 🔹 58% of circulating supply 🔹 34% of total supply OMNOMNOMNOMNOM

Perry The Platypus @DeFi_Perryy

We’re about to see 100M $PENDLE staked. Nine figures locked into the protocol. And don’t forget: sPENDLE holders receive rewards from the @pendle_fi buyback program. Pendle.

3:15 AM · Feb 21, 2026 · 447 Views

---

3 Replies · 1 Repost · 4 Likes

That’s it for this issue.

Attention and capital is scarce in this market – and for that we thank you for your continuous support.

---

pendle.finance | Twitter | Discord

Pendle is the largest rate swap protocol for fixed yields and yield trading in DeFi. Pendle’s adoption as a DeFi primitive has been growing across protocols and institutions to generate more yield, secure fixed yields and directionally trade yield on yield-bearing DeFi assets.

---

Disclaimer: Nothing written in this post is intended to serve as financial advice. All content in this post serves merely for informational purposes.