Episode Details

TN Lee is CoFounder and CEO of Pendle.

Pendle generates revenue through two streams: YT fees (5% of all yield and points accrued) and swap fees from PT trading activity. The protocol settled $45 billion in value for PT holders in just 2025, nearly doubling revenue YoY as TVL grew from $6.9B to $13.4B. But the real story for 2026 is Boros, Pendle's new rates trading platform that's already hit $200M in open interest and is positioning itself as infrastructure for the explosive growth in onchain RWA and equity perps.

In this episode of Revenue Meta, we cover:
+ Pendle's dual revenue model
+ Why vePENDLE is being replaced with sPENDLE
+ How Boros enables traders to hedge funding rate risk on CEX/DEX perps
+ 2026 growth strategy: RWAs, institutional adoption, and rates trading at scale

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💎 THIS EPISODE'S PARTNERS

♉︎ TOROS | Exponential gains with leveraged tokens

🌅 NEUTRL | The next generation of crypto-native yield

🛡️ ACCOUNTABLE | Real-time financial verification

🕛 NOON | The highest and safest stablecoin yield, built for the long term

⚔️ KATANA | Deep liquidity & real yield

🔊 DECIBEL | The new sound of trading

🥞 SYRUPUSDC BY MAPLE | DeFi's premium yield asset

🏦 MANTLE | Innovating the future of onchain finance

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS

0:00 - Intro
1:40 - What are Pendle V2 and Boros?
5:58 - YoY growth in 2025
8:40 - Pendle's dual revenue model, swap fees and YT fees
9:42 - TVL vs volume as drivers for revenue
11:18 - $45B in value settled for PT holders
12:42 - The October 10th flash crash and its impact
17:05 - Why the vePENDLE model needed to change
23:49 - Introducing sPENDLE
31:16 - The team behind Pendle
33:44 - Pendle's target customers in 2026
35:42 - Growth strategy and goals for 2026
41:51 - Key trends for 2026: RWAs, rates trading, and equity perps
45:20 - How traders use Boros to hedge funding rate risk
48:50 - Closing

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🔗 GUEST LINKS

► Pendle website: https://pendle.finance/
► Boros website: https://boros.pendle.finance/markets
► Pendle on X: https://x.com/pendle_fi
► Boros on X: https://x.com/boros_fi
► TN Lee on X: https://x.com/tn_pendle

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