Pendle PENDLE
Pendle leads in market ecosystem and team governance, with safety and compliance remaining the main focus and currently holding a D+ rating.
Rating updated 2026-08-04
D+33.92 / 100
Sector Rank #305 · Global Rank #731
Overall Rating
D+ · 33.92 / 100Roadmap Delivery
37.5
Tokenomics
9.95
Team Governance
74.97
Market Ecosystem
71.97
Security & Compliance
0
Overall Score
33.92
Pendle has an overall rating D+f D (total 35.51), ranking high in six dimensions for market ecosystem, team governance, and roadmap delivery. The main point of deduction is safety compliance (0 points)—mainly affected by regulatory compliance (0 points), multiple-entry ratio (0 points), and other sub-items.
Rating Team Conclusion: "Pendle has relative advantages in market ecosystem, team governance, and roadmap delivery, but its current shortcomings are mainly in security and compliance." " It is recommended to observe cautiously and not use it as a core configuration basis for now.
Six-Dimension Rating Breakdown
Roadmap Delivery
35/100Roadmap On Time Delivery Rate?Lack of public roadmaps and on-time data delivery.Weight 35%50 / 100 · 50 / 100
Last 4 upgrades achieved?The recent trend of development activity is zero, indicating that upgrade deliveries may stall.Weight 30%0 / 100 · 0 / 100
Milestones to Deliver?Lack of publicly available milestone information to be delivered.Weight 20%50 / 100 · 50 / 100
History Extension Record?There is a lack of publicly available historical records of project delays.Weight 15%50 / 100 · 50 / 100
Technical Implementation
77.75/100Consensus Mechanism?As a DeFi protocol, its security depends on the underlying public chain.Weight 30%80 / 100 · 80 / 100
Main network years of operation?The protocol mainnet has been operating stably for about five years.Weight 15%90 / 100 · 90 / 100
Recent upgrades?The recent upgrade introduces sPENDLE, aiming to optimize governance and incentive mechanisms.Weight 35%75 / 100 · 75 / 100
Client Diversity?As a DeFi protocol, it does not involve client diversity.Weight 20%70 / 100 · 70 / 100
Tokenomics
24/100Deflationary Mechanism?Lack of a clear mechanism for token destruction or deflation.Weight 30%5 / 100 · 5 / 100
Inflation rate?There is a large amount of uncirculated supply, raising short-term selling pressure.Weight 25%5 / 100 · 5 / 100
Staking rate/position lock-up rate?The protocol's total value locked (TVL) far exceeds market capitalization, indicating high user participation.Weight 25%85 / 100 · 85 / 100
Supply Upper Limit?The token contract has permission for additional issuance without a fixed supply cap.Weight 20%0 / 100 · 0 / 100
Team Governance
66/100Core Development Team?Core team members are open and transparent, but lack a background in serial entrepreneurship.Weight 30%70 / 100 · 70 / 100
Governance mechanisms?The vePENDLE (sPENDLE) model is used, resulting in high treatment intensity.Weight 25%90 / 100 · 90 / 100
Financial Transparency?High transparency in funding sources and usage, backed by well-known VCs.Weight 25%90 / 100 · 90 / 100
Concentration of key people?Contracts have permissions to hide owners and modify balances, resulting in extremely high centralization risks.Weight 20%0 / 100 · 0 / 100
Market Ecosystem
70.98/100Active Address?The number of daily active addresses is strong, and user engagement is high.Weight 30%84 / 100 · 84.1 / 100
Ecological chain/L2 quantity?It has been deployed on multiple mainstream public blockchains and L2s, with broad ecosystem coverage.Weight 25%95 / 100 · 95 / 100
DeFi TVL?Its total value locked (TVL) reached $1.38 billion, making it a standout presence in the DeFi sector.Weight 25%80 / 100 · 80 / 100
Developer community?GitHub data is missing, making it impossible to assess developer community activity.Weight 20%10 / 100 · 10 / 100
Security & Compliance
27/100Historical Major Failure?The contract contains hidden ownership and additional issuance rights, posing serious security risks.Weight 25%0 / 100 · 0 / 100
Regulatory Attitude?Regulatory attitudes in the DeFi sector are generally cautious, with projects lacking clear regulatory guidance.Weight 30%50 / 100 · 50 / 100
Sec Attitude?There is uncertainty regarding the SEC's classification and regulation of DeFi tokens.Weight 30%40 / 100 · 40 / 100
Client Bug Frequency?The contract contains hidden ownership and additional issuance rights, posing serious security risks.Weight 15%0 / 100 · 0 / 100
D+ Peer Comparison
Export CSV| PendleD+ · 33.92 |  wojakD+ · 39.93 |  Polyhedra NetworkD+ · 39.91 |  yesnoerrorD+ · 39.9 | |
|---|---|---|---|---|
| Overall Score | 33.92 | 39.93 | 39.91 | 39.9 |
| Roadmap Delivery | 37.5 | 0 | 37.5 | 11.25 |
| Technical Implementation | -- | -- | -- | -- |
| Tokenomics | 9.95 | 23.58 | 41.25 | 0 |
| Team Governance | 74.97 | 30 | 75.16 | 34.4 |
| Market Ecosystem | 71.97 | 70 | 70.72 | 71.33 |
| Security & Compliance | 0 | 50.54 | 0 | 58.05 |
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