Pendle, the leading crypto yield trading platform, has announced an upgrade to its native token, introducing sPENDLE. This upgrade aims to enhance liquidity, diversify income sources, and strengthen Pendle's position in the on-chain yield and interest rate markets. The new token model will use protocol revenue to repurchase $PENDLE tokens, distributing them to active sPENDLE holders, and will feature a 14-day penalty-free exit period or immediate redemption with a 5% fee. In 2025, Pendle reported significant growth, with an average Total Value Locked (TVL) of $5.7 billion, a 76% increase year-over-year, and cumulative transaction fees of $44.6 million. The platform's monthly notional trading volume reached approximately $54 billion, underscoring its dominance in the yield trading space. The upgrade also includes a voting mechanism shift to an algorithmic model, reducing emissions by 20-30%. Additionally, Pendle's expansion is bolstered by Boros, an on-chain platform for tokenizing perpetual futures funding rates. Boros has shown rapid growth, with $6.9 billion in notional open interest and $301,000 in trading fees, further diversifying Pendle's revenue streams beyond traditional yield fees.