PENDLE powers Pendle, a yield-trading protocol that splits yield-bearing assets such as staked ETH into principal and yield tokens. Since January 2026, holders can stake it as sPENDLE and share in protocol revenue through PENDLE buybacks.

PENDLE can also be used beyond the Pendle protocol in a number of ways. Polkastarter lets PENDLE holders shop for physical collectibles such as trading cards, sealed products and video games. New users can also claim a free mystery pack after they sign up.

You can also put PENDLE towards travel. CoinBooking lets you use your PENDLE to book flights and hotels at prices up to 30% lower than Booking.com. New users can also get $25 off their first booking.

Here are six ways to use PENDLE in 2026.

Key Takeaways

• PENDLE holders can also buy authenticated trading cards, sealed products, and video games on Polkastarter, with ownership recorded on-chain. New users will receive a free mystery pack after they sign up.
• CoinBooking accepts PENDLE for hotel and flight bookings, with rates up to 30% lower than on Booking.com. New users can claim $25 off their first booking.
• Within Pendle, PENDLE can be staked as sPENDLE, which carries governance rights and a share of protocol revenue paid out through PENDLE buybacks. sPENDLE replaced the locked vePENDLE model in 2026.
• Supported crypto debit cards can bring PENDLE into everyday spending. Mastercard-linked cards work at millions of merchants wherever the issuer supports both PENDLE and the card.
• PENDLE can also be used for gift cards, prepaid products, and mobile top-ups from more than 5,000 brands across 185+ countries through Coinsbee.

What Is Pendle (PENDLE)?

Pendle is a permissionless DeFi protocol for trading yield. It splits yield-bearing tokens, such as staked ETH, into separate principal and yield parts. The project launched its testnet in March 2021 and its Ethereum mainnet in June 2021, and it now also runs on Arbitrum, BNB Chain, Base and Mantle.

Pendle was founded in 2020 by TN Lee, formerly of Kyber Network, and Vu Nguyen, previously CTO at Digix. It was first introduced under the name Benchmark, with early backing from Spartan Group and Mechanism Capital.

PENDLE is the protocol's governance and revenue-sharing token. It went on sale on April 28, 2021 through a liquidity bootstrapping event. There is no published maximum supply, with about 174 million PENDLE in circulation out of a total of around 282 million.

How Does Pendle (PENDLE) Work?

Pendle is a yield-trading protocol built around yield tokenisation. A deposited asset, such as staked ETH, is split into a Principal Token (PT), which redeems for the underlying asset at maturity, and a Yield Token (YT), which collects all the yield until then.

Buying PT at a discount locks in a fixed return, while holding YT pays off if the yield rises. Both trade in Pendle's own AMM pools, where liquidity providers earn swap fees and PENDLE incentives.

PENDLE holders can stake their tokens as sPENDLE to take part in governance and receive a share of protocol revenue through PENDLE buybacks.

What I like about Pendle is that it lets you split the yield from the asset itself. If you buy PT, you lock in a fixed return and get the underlying back at maturity. And if you stake your PENDLE as sPENDLE, you get a vote and a share of protocol revenue through buybacks.

1. Buy Physical Collectibles With PENDLE on Polkastarter

Polkastarter gives you a way to use your PENDLE for authenticated physical collectibles, including trading cards, sealed products and video games. Ownership is stored on-chain, while the physical items stay in professional custody.

Depending on the options available, owners can request delivery of their items or sell them through the marketplace. PENDLE is not currently supported directly at checkout, so holders must first convert it into a supported cryptocurrency.

Once the account is funded, holders can browse the available collectibles and Lootboxes, with information about contents, value, and odds provided before purchase. First-time users can get a free mystery pack after signing up.

Check the Polkastarter marketplace for current stock and the supported payment methods.

This makes sense if you'd rather have something real to show for your PENDLE. Polkastarter lets you spend it on authenticated trading cards, sealed products and video games, with ownership of each item recorded on-chain. And if you change your mind down the line, you can just list the item back on the marketplace.

2. Book Hotels and Flights With PENDLE on CoinBooking

Planning a trip and have a little PENDLE sitting in your wallet? You can book your next trip through CoinBooking at prices up to 30% below Booking.com. The Dubai-licensed leading travel broker provides access to over 2 million hotels and flights across 190+ countries.

PENDLE is supported as a payment option, along with Visa, Mastercard, Google Pay, Apple Pay, and more than 200 other cryptocurrencies.

New users can also claim $25 off their first booking after signing up.

CoinBooking is a good fit if you want your PENDLE to cover something you'd book anyway. You choose a flight or a hotel in one of 190+ countries, pay with crypto, and the price can come in up to 30% lower than on Booking.com.

3. Stake PENDLE for sPENDLE Buybacks and Governance

PENDLE is at its most useful on the Pendle protocol itself. Staking it mints sPENDLE, a liquid token that carries governance rights and earns a share of protocol revenue.

sPENDLE went live on January 20, 2026 and replaced vePENDLE, which asked holders to lock tokens for up to two years. Stakers can now withdraw after a 14-day period or exit instantly for a 5% fee, and former vePENDLE holders received boosts of up to 4x based on their remaining lock time.

Protocol revenue funds PENDLE buybacks, which started on February 9, 2026 and are distributed to eligible stakers. By July 2026, cumulative buybacks had passed $3 million, with more than 100 million PENDLE staked. The same overhaul replaced manual voting on incentives with an algorithmic emission model that cuts PENDLE emissions by about 30%.

This makes sense, because sPENDLE is where PENDLE actually earns its keep. If you're holding PENDLE anyway, staking it gets you a vote and a share of the buybacks funded by protocol revenue. And if you need out, you can wait 14 days or leave right away for a 5% fee.

4. Spend PENDLE With a Crypto Card

Your PENDLE can also be used for everyday spending with crypto payment cards. Depending on the provider, these cards work for online and in-store purchases wherever Visa or Mastercard is accepted, as well as payments through Google Pay and Apple Pay.

RedotPay serves users across Europe, Asia, Latin America, and the Middle East, although it isn't available to US residents. KAST provides virtual and physical cards built on Solana, while Ether.fi supports self-custody and gives cashback on eligible purchases.

To get started, pick a provider available in your region, fund your account with PENDLE, and order your card. Check each provider's fees, features, and availability before signing up.

What stands out to me about crypto cards is how little actually changes for you. You still tap your phone with Apple Pay or Google Pay, or pay with a card online, only now the money comes from your PENDLE. Just pick a provider that's available where you live, since the options differ by region.

5. Buy Gift Cards and Everyday Products With PENDLE on Coinsbee

If you'd like to spend PENDLE on everyday purchases, Coinsbee is another option. The platform supports over 200 cryptocurrencies and stocks gift cards, prepaid products, and mobile top-ups from more than 5,000 brands across 185+ countries.

The available categories include shopping, groceries, gaming, travel, food delivery, and entertainment. To buy, choose a brand and denomination, select PENDLE as the payment method, and confirm. After confirmation, Coinsbee sends the digital code through its standard delivery system.

The available brands and products vary by country, so check the catalogue before you buy.

What I like about Coinsbee is that it makes PENDLE handy on an ordinary day. If you need to top up your phone or want a gift card for shopping or entertainment, you can pay with crypto and receive the code once it's confirmed. Just check what's available in your country before you buy.

6. Access Early-Stage Token Sales Through CoinTerminal

If you'd like to put your PENDLE towards early-stage projects, CoinTerminal lets you convert it into supported assets for selected token sales. Launches are available before the projects reach exchanges, with participation starting from $100 and no staking requirement. Each sale also comes with a refund window.

PENDLE is not accepted directly, so you will first need to convert it into the asset each sale requires, usually USDT.

Visit CoinTerminal to see which token sales are currently open.

CoinTerminal is a good fit if you enjoy finding projects before everyone else does. You can get into a sale from $100, there's no staking requirement, and every launch comes with a refund window, so you aren't stuck from the start. You'll just have to convert your PENDLE into USDT first.

Sources

• Revolut, Polkastarter (POLS) Price Today
• CoinMarketCap, Polkastarter trade volume and market listings
• Binance Academy, What Is Polkastarter (POLS)?
• Pendle on X, @pendle_fi official announcements, product launches and roadmap updates
• CoinMarketCap, Pendle (PENDLE) live price, market cap and token supply data

Frequently Asked Questions

1. What is PENDLE in crypto?

In crypto, PENDLE is the token of Pendle, a DeFi protocol on Ethereum, Arbitrum and other chains that lets users trade future yield. It splits yield-bearing assets into Principal Tokens for fixed returns and Yield Tokens for variable yield. The team also runs Boros, a funding-rate trading platform launched on Arbitrum in August 2025.

2. Can I book hotels and flights with PENDLE?

Yes. Through CoinBooking, a Dubai-licensed crypto travel platform, you can book from more than 2 million hotels and flights in over 190 countries at prices up to 30% cheaper than Booking.com. You can pay with crypto, Visa, Mastercard, Google Pay, or Apple Pay, and first-time users can claim $25 off their first booking.

3. Who created PENDLE Crypto?

Pendle was founded in 2020 by TN Lee, the CEO and a former founding team member at Kyber Network, and Vu Nguyen, the CTO and a former CTO of Digix. The project was first introduced as Benchmark in November 2020, and the PENDLE token went on sale in April 2021.

4. What is $PENDLE?

$PENDLE is the ticker of Pendle's native ERC-20 token on Ethereum. It has no published maximum supply, with about 174 million tokens in circulation out of a total of around 282 million. It ranks around #102 on CoinMarketCap, with a market capitalisation of about $373 million.

5. What is a PENDLE token?

A PENDLE token is the unit holders stake to mint sPENDLE, the liquid staking token that replaced vePENDLE in 2026. sPENDLE gives a vote on governance and a share of protocol revenue through PENDLE buybacks, and stakers can withdraw after 14 days or exit instantly for a 5% fee.