Pendle is a token. It has no blockchain of its own and no consensus of its own — it rents both from the chains it is issued on, which is why it is listed separately from the cryptocurrencies.
| CoinSpectrum Grade | D · 43/100 · provisional, E to C |
|---|---|
| Type | Token |
| Class | DEX |
| Backing | Non-backed |
| Market capitalisation | $339M |
| Price | $1.95 |
| Circulating supply | 173,901,648 PENDLE |
| Issued on | 10 chains |
Market data rebuilt every six hours; this build 28 October 2026. Live prices on the ranking.
D — 43 out of 100, provisional (from 8 of 10 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 34 to 54 (E to C).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms | 4.9 | group average |
| Host chain | 7.9 | Issued on Ethereum (A, 79/100) |
| Asset class (below every coin family) | 1.8 | Tokens: below every native coin family on the consensus ladders, 0.9 of 10 by largest asset and 2.7 by combined market cap |
| Network security | 0 | No network of its own: secured by its host chain, scored above |
| Decentralisation | 2.8 | group average, 3 of 4 measured |
| Minting and supply (who can mint more) | 0 | PENDLE mints weekly liquidity emissions through claimLiquidityEmissions(). A single 'governance' address (not a token-holder vote) can change the emission multiplier, terminal inflation (2%/yr after Apr 2026) and recipient after a ~1-week delay.; no fixed maximum supply source |
| Premine (pre-issued at launch) | 3.7 | 63% of supply pre-issued at launch. 63% of the 251M reference supply was allocated to team, foundation, investors, advisors, public sale and Launchpool. The 37% liquidity-incentive share (and all supply since, ~281.5M total in 2026) is minted as weekly emissions to LPs and vePENDLE-directed pools. source |
| Fundraising | 4.6 | Sold to the public or to investors: 54% of supply was the insiders' to sell, 22% sold. Seed round Apr 2021: $3.7M for ~14.9% of supply at a ~$35M FDV (investors 15% total). Public sale 7% through an April 2021 liquidity-bootstrapping event; 2% was later given away through Binance Launchpool. source |
| Holder concentration | — | Not yet measured |
| Supply & Demand | 8 | group average |
| Supply & Demand | 7.2 | average of 5 measures |
| Exchanges (10 or more: 10) | – | exchanges not yet counted |
| Daily volume ($10K 0, $1B or more 10) | 5.6 | $5,847,470 traded in 24 hours; #212 by volume on the exchanges the site reads (scored on the median day of the last 2, $6,440,407) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 8.1 | 2.2% of its market cap a day, median of the last 3 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 9.8 | $3,012,515 within 2% of the price on 9 exchanges, 0.89% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 6.3 | $339M, 6.3 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 6.1 | futures, options and margin positions 16% of its market cap |
| Supply (smaller is better) | 8.8 | no fixed maximum; 174 million in circulation |
| Record (origin, claims, halts) | — | Not yet reviewed |
Ten criteria, weighted equally — for a token, the host chain replaces the developer share, the asset class stands in for the consensus ladders, and who can mint more for the Cryptocurrency Standards. Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
| Pre-issued at launch | 63% of supply |
|---|---|
| To team, investors and treasury | 54% of supply |
| Sold to the public or to investors | 22% of supply |
| Who can mint more | An issuer, foundation, multisig or admin key can mint more |
| Fundraising | Private or venture funding |
63% of the 251M reference supply was allocated to team, foundation, investors, advisors, public sale and Launchpool. The 37% liquidity-incentive share (and all supply since, ~281.5M total in 2026) is minted as weekly emissions to LPs and vePENDLE-directed pools.
Seed round Apr 2021: $3.7M for ~14.9% of supply at a ~$35M FDV (investors 15% total). Public sale 7% through an April 2021 liquidity-bootstrapping event; 2% was later given away through Binance Launchpool.
PENDLE mints weekly liquidity emissions through claimLiquidityEmissions(). A single 'governance' address (not a token-holder vote) can change the emission multiplier, terminal inflation (2%/yr after Apr 2026) and recipient after a ~1-week delay.
Percentages are against the July 2023 supply of 251.06M; emissions have since grown supply to ~281.5M, which dilutes all fixed allocations by ~11%. Who controls the current governance address (likely a team multisig) was not read on-chain.
Sources: binance.com · etherscan.io · app.tokenomics.com. Researched 2026-10-23, medium confidence.
It is issued on 10 chains, which means 10 separate issuances of the same claim. Linked names are chains that are themselves cryptocurrencies with a page here.
CoinSpectrum counts an asset once. A token has neither its own blockchain nor its own consensus mechanism, so it fails both of the site's two conditions — it is a thing issued on a chain, and the chain is what is counted. The methodology states the rule, and the argument for it is set out in full.
Listed, not hidden. The point is that it is measured as what it is.