Pendle Unveils H2 Roadmap: Focus on RWA and Institutional Markets, Boros to Emphasize On-Chain Interest Rate Derivatives

On July 23, Pendle co-founder TN and Growth Lead Dan reviewed the developments of the first half of 2026 during the latest community meeting and announced the roadmap for the second half of the year. The team stated that in the first half, Pendle's ecosystem focused on building fixed income infrastructure, with Pendle V2 continuing to solidify its position as an on-chain fixed income protocol, while Boros made initial progress in the on-chain interest rate derivatives market. Data shows that Pendle V2 had an average daily TVL of approximately $1.3 billion in the first half, with 9 out of the 11 major markets on the platform adopting Real World Assets (RWA) as collateral, reflecting that institutional funds are continuously flowing into the RWA sector. Additionally, Pendle has launched on the Monad network and became one of the top five protocols by TVL on that network in less than a month, with a locked amount of about $150 million.

In terms of protocol upgrades, Pendle has completed the migration from vePENDLE to sPENDLE, with approximately 36% of PENDLE now staked, and 93% of stakers have yet to unstake. The protocol also utilized revenue to repurchase about 2 million PENDLE and significantly reduced weekly liquidity incentives from around 90,000 to 21,000, further enhancing capital efficiency. At the same time, Pendle introduced a one-click Loop feature within the app to simplify the operational process of leveraged yield strategies. Another core product, Boros, has surpassed a cumulative trading volume of $14 billion within less than a year of its launch, with the number of users increasing by 50% since the beginning of the year, and new tools such as four-legged arbitrage strategies, acceptance of large trades, and funding rate data dashboards have been added to meet professional trading needs.

Looking ahead to the second half of 2026, Pendle will focus on advancing curation infrastructure, allowing external teams to create PT/YT markets, and promoting the use of PT assets as collateral for lending protocols; at the same time, it will collaborate with partners like Morpho to launch Pendle-branded yield vaults, expanding the distribution channels for fixed income products. In terms of institutional business, the team is working with several RWA issuers in New York, planning to introduce tokenized ETFs, single bonds, and other on-chain yield products to Pendle, creating a platform for institutional RWA yield discovery and distribution. Boros will shift its strategic focus to cross-platform funding rate arbitrage, prioritizing institutional arbitrageurs, and plans to launch a peer-to-peer acceptance market, funding rate visualization tools, and one-click strategy products for ordinary users, further enhancing the on-chain interest rate derivatives ecosystem.