Pendle is a decentralized finance (DeFi) protocol whose key feature is separating future yield from the underlying asset, allowing users to trade, hedge, or lock the "yield stream."
The core idea is that ordinary yield—such as interest/rewards generated from depositing stablecoins or staked assets into a lending protocol—is packaged as a tradable "future yield token." Users can choose to hold their principal, trade the yield, lock in yield earlier, or hedge against yield volatility.
Within this framework, the PENDLE token serves as the system's native token, used for governance, reward staking, and vePENDLE (vote-escrowed model).
