FAQ

General

What does the maturity date mean?

Each PT and YT has an maturity date. For PT, you can redeem the full underlying yield-bearing token after this date. For YT, the yield of the yield-bearing token is only accrued up until the maturity date, after which YT has no value.

What is the difference between Simple UI and Pro UI?

Simple UI and Pro UI run on the same set of contracts and use the same tokens.

Simple UI is streamlined to perform the 2 main functions that are predicted to have the highest traffic in order to create a better UX for the majority of users.

Pro UI gives users the full suite of functions on Pendle, allowing users to yield trade by buying and selling PT and YT.

You can switch between the two modes by toggling the UI at the top right corner of the app.

What is an epoch?

For Pendle, an epoch is exactly one week. Each epoch starts and ends at Thursday, 00:00 UTC.

Snapshots of vePENDLE voting are taken every epoch, and non-yield rewards (e.g. $CRV, $CVX tokens) are also distributed every epoch.

Why is the Underlying APY shown on Pendle differ from the APY shown in the underlying protocol?

The Underlying APY displayed on Pendle is t### What does the maturity date mean?

Each PT and YT has an maturity date. For PT, you can redeem the full underlying yield-bearing token after this date. For YT, the yield of the yield-bearing token is only accrued up until the maturity date, after which YT has no value.

Liquidity Provision

What do I receive in return for providing liquidity?

• Swap fees generated by the pool
• PENDLE incentives
• Protocol incentives emitted by the underlying asset (e.g. $COMP, $AAVE)

Do I have to stake my LP to earn rewards?

No, you do not have to stake LP tokens. All LP token holders will receive their fair share of the rewards.

vePENDLE

What is vePENDLE?

vePENDLE is Pendle’s governance system.

How does vePENDLE work?

Lock PENDLE for vePENDLE. The greater the lock duration, the greater your vePENDLE value. Your vePENDLE value decays over time, but your lock duration can be extended to negate the decay.

Use vePENDLE to channel PENDLE incentives. Vote for your desired pool to incentivise liquidity. The more vePENDLE you have, the more voting power you hold. Voting for a pool entitles the you to 80% of the swap fees collected by the pool. This APY is shown in the "Voter APY" prior to casting your vote.

vePENDLE holders also receive a portion of protocol revenue, earned from swap fees and YT fees.

When does my PENDLE unlock?

You can lock PENDLE for vePENDLE for up to 2 years. One wallet is associated with a single unlock date. If you extend your lock duration or lock more PENDLE, the unlock date will be changed for your entire vePENDLE balance.

Is there a difference between Ethereum and other chains?

vePENDLE resides solely on the Ethereum blockchain, meaning you can only lock PENDLE and vote from Ethereum, but you can vote for pools on other chains. So incentives can be channelled to other blockchains via voting, but again, voting is only done on Ethereum.

Security

Is Pendle audited?

The Pendle codebase has been fully audited by reputable auditors and all flaws have been addressed. Read the audit reports here. Nonetheless, users are advised to exercise caution and deploy funds prudently.

What risks are there associated with using the protocol?

Since Pendle interacts with third-party protocols and contracts, there is inherent risk associated with the smart contracts and systems deployed by the third-party protocols. Pendle is not responsible for any funds lost due to exploits in third-party contracts. The 7-day moving average of the actual accrued yield at the smart contract level in the last 7 days.