Pendle Makes the Fortune Magazine Cryptocurrency Innovators List

**June 16 Update**: DeFi protocol Pendle has landed on *Fortune*’s Cryptocurrency Innovators List, claiming a top 30 spot out of over 150 submissions—joining traditional finance heavyweights like J.P. Morgan, DBS Bank, and SBI Holdings in the ranking. Pendle fills a longstanding gap in crypto’s on-chain fixed income ecosystem: while variable on-chain yields are widespread, tools to lock in a fixed interest rate or place directional bets on asset duration have been largely missing. Today, Pendle’s protocol holds over $1 billion in total value locked (TVL), with a growing share of that coming from stablecoin yield markets and institutional structured funds. Since launching its sPENDLE token, the Pendle team has redeemed 1,722,192 PENDLE tokens from the open market, distributing every single one to sPENDLE holders. Year-to-date, sPENDLE holders have received roughly $1.4 million in airdrop rewards from the protocol. The team noted “the work is not yet done,” with additional progress already in the pipeline.