Pendle Sets Out Its H2 2026 Roadmap, Highlighting RWA and Institutional Expansion

According to Huo Xing Cai Jing, Pendle cofounder TN and Head of Growth Dan used a July 23 community meeting to recap the protocol's performance in the first half of 2026 and outline priorities for the remainder of the year. The team said H1 efforts centered on building fixed-income infrastructure. Pendle V2 continued to strengthen its position as a leading onchain fixed-income protocol, while Boros made early headway in onchain interest-rate derivatives. Pendle V2 posted an average daily TVL of about $1.3 billion in H1. Of the platform's 11 core markets, nine now support real-world assets (RWA) as collateral, which the team said points to sustained institutional inflows into the RWA segment. Pendle also launched on the Monad network and, in less than a month, ranked among the network's top five protocols by TVL, with roughly $150 million locked. On the product and tokenomics front, Pendle completed the migration from vePENDLE to sPENDLE. About 36% of PENDLE is currently staked, and 93% of stakers have not unstaked. The protocol has repurchased around 2 million PENDLE using revenue and cut weekly liquidity incentives from roughly 90,000 PENDLE to 21,000 PENDLE to improve capital efficiency. Pendle also rolled out an in-app one-click Loop feature aimed at simplifying leveraged yield strategies. Boros, another core product, has surpassed $14 billion in cumulative trading volume in under a year, with users up 50% since the start of 2026. To better serve professional traders, the team added tools including four-leg arbitrage strategies, bulk order acceptance, and a funding-rate dashboard. For H2 2026, Pendle plans to prioritize curation infrastructure so external teams can create PT/YT markets and integrate PT assets as collateral within lending protocols. It also intends to launch Pendle-branded yield vaults with partners including Morpho to broaden distribution for fixed-income products. Institutional expansion will focus on collaborating with multiple New York-based RWA issuers to list tokenized ETFs, single bonds, and other onchain yield products. Pendle said the goal is to build an institutional-grade RWA yield discovery and distribution platform. Boros will shift its strategy toward cross-platform funding-rate arbitrage, with a focus on institutional arbitrageurs. Planned additions include peer-to-peer acceptance markets, funding-rate visualization tools, and one-click strategy products for retail users, aimed at further developing the onchain interest-rate derivatives ecosystem.