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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DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.