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Pendle protocol has 2 revenue sources:

  • Swap Fees

Fees generated by all swaps on Pendle’s AMM.

  • YT Fees

Pendle collects a 3% fee from all yield accrued by all YT in existence and yields from matured, unredeemed PTs.

Pendle distributes protocol revenue from YT fees to vePENDLE holders and all protocol revenue from swap fees to vePENDLE voters of the correspondent pools (E.g. vePENDLE holders who voted for pool X will receive all protocol revenue from swap fee of pool X).

At the moment, Pendle protocol distributed all protocol revenue to vePENDLE with no allocation to the Pendle treasury. In the future, a portion of protocol revenue may be redirected to the Pendle treasury.