Pendle

Pendle receives a B- risk grade (29/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — powerful yield technology, but extreme Ethena concentration means a single dependency could bring down most of the platform A platform that lets you lock in fixed yields or speculate on future interest rates by splitting yield-bearing tokens into separate pieces. It holds $2.15B in deposits across multiple chains. Its B- risk grade reflects yield tokenization complexity and dangerous concentration: 70% of deposits are tied to a single source (Ethena USDe). The January 2026 sPENDLE upgrade improved value accrual significantly — 80% of revenue now goes to buybacks with a 30% emissions cut.

The key risks identified for Pendle are: (1) 70% of the $5.8B in deposits depends on Ethena's USDe -- if Ethena has problems, $4B+ is directly at risk (2) Buying Yield Tokens is a leveraged bet on future interest rates. If rates drop, your token can expire completely worthless (3) The Boros product lets people make leveraged bets on exchange funding rates with $6.9B in open positions -- a sudden reversal could trigger mass liquidations

Pendle scores 29/100 across eight risk dimensions: Mechanism Novelty: 6/15, Interaction Severity: 8/20, Oracle Surface: 3/10, Documentation Gaps: 2/10, Track Record: 0/15, Scale Exposure: 3/10, Regulatory Risk: 2/10, Vitality Risk: 5/10. The highest risk area is Vitality Risk at 5/10.

Among 112 rated Yield protocols on Hindenrank, Pendle ranks #20 by safety (lowest risk score = safest). Its 29/100 risk score and B- grade place it among the safer Yield protocols.

Pendle scores 0/15 on the Track Record risk dimension, indicating no significant exploits or security incidents in its history. However, past performance does not guarantee future security.