Pendle is an innovative cryptocurrency and decentralised finance (DeFi) protocol designed to unlock the potential of future yield trading. Launched to bring more flexibility and possibilities to DeFi, Pendle enables users to gain exposure to future interest rate flows through its platform by tokenising yield streams. Operating on the Ethereum blockchain, Pendle introduces the tokenisation of yield as separate assets, thus allowing users to trade and hedge against future yield changes more effectively. The core component of Pendle is its ability to create a vibrant and liquid yield trading market, empowering users to take advantage of fluctuating yield opportunities and manage risk in an unprecedented manner. This unique approach not only enhances the efficiency of yield markets but also democratises access to complex financial instruments typically reserved for institutional investors.