What is Pendle V2's risk level?

Yielna's risk meter reads Moderate for Pendle V2, from its contracts, their control and its history. It measures structural and historical risk, not future returns.

Is Pendle V2 verified by Yielna?

Not at present: Pendle V2 does not hold a Yielna badge, which means a requirement is not met or could not be verified.

Who controls Pendle V2's contracts?

Admin control: 3 of 5 signers must approve. Timelock: None — admin changes take effect immediately.

What is Pendle V2's TVL?

$1.25B, as reported by DefiLlama.

Has Pendle V2 been exploited?

No exploit is recorded for Pendle V2.

Pendle V2

Overview

TVL

$1.25B

Up 29% over 90 days

Live since

2021

Staked governance tokens$235.6M· not in TVL

Own-token liquidity (pool2)$1.2M· not in TVL

TVL, last 90 days

Risk

How it's measured

Moderate

Full data

Security

AuditsAudited by Spearbit, ChainSecurity, Dedaub and 1 others, 2024Audit page

Contract statusAll contracts verified, upgradeablePendleCommonSYFactory 0x466c…1cf8 PendleRouterV4 0x8888…F946 PendleYieldContractFactory 0x35A3…e3aC PendleMarketFactoryV3 0x6fcf…D050

Upgrades controlled byMultisig0x8119…6ee1

Multisig3 of 5 signers must approveSafe 0x8119…6ee1

TimelockNone — admin changes take effect immediately

Track record

Through market stressCame through all 5UST/Luna collapse (May 2022) — kept 75% of its depositsFTX collapse (Nov 2022) — deposits grew 145%USDC depeg (Mar 2023) — deposits grew 137%August 2024 crash — kept 68% of its depositsOctober 2025 liquidation cascade — kept 54% of its deposits

Exploit historyNone recorded