Glossary

A reference for every term used across these docs, defined tightly and cross-linked to the page that explains it in full. Entries are alphabetical. Terms in bold inside a definition have their own entry.

If you are new to Pendle, read How Pendle works first — it introduces most of these terms in the order they matter. This page is for looking one up quickly afterward.

Not affiliated with Pendle

OpenPendle is an independent, open-source interface to Pendle V2. It is not affiliated with, endorsed by, or operated by Pendle Finance, and it takes no fee of its own (Pendle's own protocol fees still apply). Where a term below describes Pendle's protocol, it describes Pendle's public, on-chain mechanics — not something OpenPendle adds.

A

Adapter (SY adapter). An IStandardizedYieldAdapter contract that teaches a WithAdapter- or upgradeable-SY how to deposit into and redeem from a specific yield source. Its PIVOT_TOKEN must equal the SY's yield token (ERC-20 variant) or the vault's asset() (ERC-4626 variants). OpenPendle's wizard deploys only the SY shell — the adapter itself is a separate per-asset contract the factory does not deploy. See Creating an SY.

Add / remove liquidity. The action of depositing into, or withdrawing from, a market's AMM to hold an LP position. Adding seeds PT and SY into the pool; removing returns your pro-rata share of the current reserves — a mix of PT and SY. See Providing liquidity.

AMM (automated market maker). The on-chain pool inside every Pendle market that lets people swap between PT and SY without a matching counterparty. Pendle's AMM concentrates liquidity near the curve PT traces toward par as maturity approaches, which keeps capital efficient for this specific price behaviour. See Liquidity & the AMM.

APY (implied / fixed). See implied APY. "Fixed APY" is the same figure viewed from the buyer's side: the return a PT buyer locks in by holding to maturity. Both are arithmetic derived from the current PT price and time to maturity, not a rate the protocol promises to pay.

Active network. The chain OpenPendle currently reads from and sends transactions to. It is a UI / localStorage choice (key openpendle.chain, default Arbitrum), independent of your wallet's chain; a wrong-network banner offers a one-click switch when they differ. See Networks & contracts.

C

Cardinality. See TWAP oracle and oracle init. A fresh market starts with observation cardinality 1; a one-time increaseObservationsCardinalityNext bump lets other protocols price the pool via TWAP. It is not required to trade, quote, or add liquidity through OpenPendle. See Price oracle.

Community pool. A Pendle V2 market created permissionlessly — no whitelist, no approval, and unreviewed by anyone — that Pendle's official app does not list. These are the markets OpenPendle is built to reach. Anyone can create one, and interacting with them can lose you funds. See Community pools & incentives.

Content-Security-Policy (CSP). The browser policy OpenPendle ships with. script-src is 'self' 'wasm-unsafe-eval', which blocks JavaScript eval() and Function() while permitting WebAssembly (used for cryptography). Fonts are self-hosted, so there are zero external font requests. See Architecture.

E

EIP-5115. The Ethereum standard that defines SY (Standardized Yield): a single, uniform token interface over many different yield sources, so every downstream contract can talk to one interface instead of special-casing each asset. See Standardized Yield.

EIP-6963. The browser standard for discovering multiple injected wallet providers. OpenPendle connects to any injected EIP-6963 provider — MetaMask, Rabby, Brave, and others — with no WalletConnect and no third-party relay. See Connecting a wallet.

Expiry / maturity. The fixed date, set when a market is created, at which the position resolves: PT becomes redeemable 1:1 for the underlying, YT is worth 0, and the market stops trading. "Expiry" and "maturity" are used interchangeably. See Maturity & redemption.

F

Factory (market / yield-contract). The Pendle contract that deploys new markets and yield contracts (PT / YT pairs) on a chain. OpenPendle's provenance gate checks that a market descends from a Pendle factory it recognizes. Because factories are governance-mutable, the active factory is resolved live at runtime; the hardcoded factory set is used only for provenance validation. Factory lineage varies by chain — see Networks & contracts.

Fixed yield. A known return, set at the moment you buy, achieved by purchasing PT below par and holding it to maturity, where it redeems 1:1 for the underlying. The gap between purchase price and par, annualized, is the implied APY. It removes yield-rate uncertainty but not exposure to the underlying itself. See Principal Tokens.

H

HashRouter. The client-side routing scheme OpenPendle uses, which puts the route after a # (URLs look like openpendle.com/#/...). Because the path lives in the fragment, the app runs on any static host or IPFS with no server rewrite rules. See Self-hosting.

I

Implied APY. The fixed yield implied by the current PT price over the time remaining to maturity. A lower PT price means a deeper discount and a higher implied APY; a price nearer par means a lower one. It is the fixed rate a PT buyer locks in, and the bar realized yield must clear for a YT position to come out ahead. See Principal Tokens.

Impermanent loss (IL). The shortfall an LP suffers versus simply holding the two deposited assets, caused by the AMM rebalancing reserves as prices move. It is "impermanent" because it can shrink or vanish if prices return to where you entered — and becomes permanent the moment you withdraw. See Liquidity & the AMM.

Injected wallet. A wallet that exposes a provider object directly in the browser page (via EIP-6963), such as a MetaMask or Rabby extension. OpenPendle is injected-only: on desktop use the extension; on mobile you must open the site inside a wallet's in-app dApp browser or in Brave mobile, because a normal mobile browser tab has no injected wallet. See Connecting a wallet.

L

Long yield. A position that profits when the underlying accrues more yield than the market implied — taken by holding YT. It is the opposite view to fixed yield: you keep full variable-rate exposure. See Yield Tokens.

LP (liquidity provider / LP token). Someone who deposits into a market's AMM, and the token representing that share of the pool. An LP earns swap fees plus any Merkl incentives, and carries AMM risk — including impermanent loss — plus PT-vs-SY price exposure. See Providing liquidity.

M

Maturity. See expiry / maturity.

Merkl. An off-chain incentives platform (merkl.angle.money) used to distribute extra rewards on community pools, which are not eligible for native PENDLE gauge emissions. A campaign must be funded by the pool's creator or a third party; many community pools have none, and rewards are claimed separately on Merkl's own interface. See Incentives.

Mint. The action SY → PT + YT: splitting one unit of SY into matching amounts of PT and YT, available any time before maturity. You can also mint from the underlying directly, which wraps it into SY first. The reverse is redeem. See Minting & redeeming.

Multicall3. The batched-read helper contract at 0xcA11bde05977b3631167028862bE2a173976CA11, identical on all six chains, that OpenPendle uses to fetch many on-chain values in a single call. See Networks & contracts.

O

Oracle init. The one-time increaseObservationsCardinalityNext bump on a fresh market that lets other protocols price the pool via its TWAP oracle (lending markets taking PT as collateral, dashboards). It is not required to trade, quote, or add liquidity through OpenPendle, and is safe to skip; a one-click step is planned, and for now it is called from a block explorer. See Price oracle.

P

Par. The value of one PT in underlying terms at maturity: exactly 1. Before maturity PT trades below par, and the gap is the source of its fixed yield. See Principal Tokens.

PendleCommonPoolDeployHelperV2. The helper at 0x2Ed473F528E5B320f850d17ADfe0e558f0298aA9 that deploys a pool (optionally an SY and a market together) in a single transaction, seeds initial liquidity, and sends the caller LP + YT while SY ownership goes to the SY's owner. Identical on all six chains. See Deploying a market.

PendleCommonSYFactory. The permissionless SY factory at 0x466CeD3b33045Ea986B2f306C8D0aA8067961CF8, identical on all six chains, exposing seven registered templates (3 basic + 3 WithAdapter + 1 NoRedeemNoDepositUpg). It wraps an ERC-20 or ERC-4626 asset; there is no native-ETH template. See Creating an SY.

PendleMarket. The on-chain contract that is a Pendle pool: it holds the AMM pairing PT with SY for one maturity. Its address is what you paste into OpenPendle to open a pool — not the PT, YT, or SY address. See Anatomy of a pool.

PendlePYLpOracle. The TWAP oracle at 0x5542be50420E88dd7D5B4a3D488FA6ED82F6DAc2, identical on all six chains, used to price PT, YT, and LP. See Price oracle.

Pool / market. The on-chain PendleMarket contract. A community pool is a permissionlessly-created market — no whitelist, no approval, unreviewed by anyone. See Anatomy of a pool.

Provenance gate. OpenPendle's check that a market was created by a Pendle factory it recognizes, run before you can save or transact against that market. This is validation, not endorsement: it confirms the market descends from Pendle, but says nothing about whether the asset or SY underneath is safe. See Architecture.

PT (Principal Token). The principal half of a split — a yield-bearing asset with its future yield stripped away. It redeems 1:1 for the underlying at maturity; bought below par and held to maturity, it locks in a fixed yield. Before maturity it trades in the AMM at a discount that moves with the market's implied APY. See Principal Tokens.

R

Redeem. Two distinct actions share the word. PT + YT → SY recombines both halves back into SY, available any time before maturity. Redeeming PT for the underlying happens at or after maturity, once PT equals par. See Minting & redeeming and Maturity & redemption.

Router V4 (PendleRouterV4). Pendle's main router at 0x888888888889758F76e7103c6CbF23ABbF58F946, identical on all six chains, through which OpenPendle sends all trades, liquidity actions, and exits. OpenPendle simulates every such transaction before you sign and uses exact-amount approvals. See Architecture.

RouterStatic. Pendle's read-only helper contract for quotes and position math, used by OpenPendle to compute what a given action would return. It is chain-specific (resolved live per chain), unlike the shared Router V4. See Networks & contracts.

RPC (public / fallback / override). The endpoint OpenPendle reads the chain through. Each chain ships a keyless public default wrapped in a viem fallback() transport that rolls over to a backup automatically; you can override it per chain (key openpendle.rpc.<chainId>), stored locally, and saving reloads the app. RPC endpoints are the only outbound requests OpenPendle makes, aside from the header stats ticker. See Browsing.

S

Saved pools (registry). The client-side list of pools you have chosen to remember, stored in localStorage under openpendle.pools.v1 — no backend, no account. It supports Export to JSON, Import, and a shareable ?import= link; nothing leaves the browser unless you export or share. See Saved pools.

Seed / seed token. The initial liquidity a pool deploy adds, and the token used for it — whatever the SY accepts. If that includes native ETH (the SY lists address(0) among its inputs), the deploy sends ETH as msg.value with no approval; otherwise you approve the exact seed amount first. See Deploying a market.

Simulate-before-sign. OpenPendle's practice of simulating every transaction against the live chain before you sign it, so the quoted result is the result the chain will execute at that block. See Architecture.

Swap. Trading a token into or out of PT (a fixed-yield position) or YT (a long-yield position) through Router V4. Quotes update live as you type, and each swap simulates before signing with exact-amount approvals. See Buying PT and Buying YT.

SY (Standardized Yield). The uniform EIP-5115 wrapper Pendle puts around a yield-bearing asset, presenting many different yield sources through one interface. SY is what splits into PT + YT and what the AMM pairs PT against; you rarely touch it directly. See Standardized Yield.

T

Template (SY template). One of the seven registered kinds of SY the PendleCommonSYFactory can deploy: 3 basic (which encode name, symbol, and token), 3 WithAdapter, and 1 NoRedeemNoDepositUpg. Upgradeable and adapter templates use deployUpgradableSY; empty initData reverts. See Creating an SY.

Treasury. The Pendle-controlled address that receives Pendle's protocol fees on a chain. It is chain-specific (resolved live) and unrelated to OpenPendle, which takes no fee of its own. See Networks & contracts.

TWAP oracle. A time-weighted-average-price oracle — here PendlePYLpOracle — that Pendle uses to price PT, YT, and LP over a window rather than off a single instantaneous tick. A fresh market's TWAP needs an oracle init bump before other protocols can read it; OpenPendle does not require it to quote or trade. See Price oracle.

U

Underlying. The asset a pool ultimately resolves to: the yield-bearing token (or its base asset) that SY wraps, and what PT redeems 1:1 for at maturity. A fixed yield is only ever as safe as the underlying it is fixed on. See How Pendle works.

V

vePENDLE / gauges. Pendle's vote-escrow token and the gauge system that directs native PENDLE emissions to markets. Community pools are not eligible for gauge emissions or vePENDLE voting — those are reserved for team-listed markets — so community pools rely on Merkl instead. See Incentives.

W

WebAssembly (WASM). The compiled-code format OpenPendle's CSP permits ('wasm-unsafe-eval') while blocking JavaScript eval(); it is used for cryptography. See Architecture.

Wrapped native. The ERC-20 wrapper of a chain's native coin (for example wrapped ETH or wrapped BNB). It is chain-specific and resolved live. Note that Pendle's SY templates wrap an ERC-20 or ERC-4626 asset — there is no native-ETH SY template — though a pool deploy can still seed with native ETH when the SY accepts it. See Networks & contracts.

Y

Yield contract. The Pendle contract, deployed by a yield-contract factory, that mints and redeems a PT + YT pair from a given SY for one maturity. See Anatomy of a pool.

YT (Yield Token). The yield half of a split — the right to all the yield the underlying accrues from now until maturity. It is a variable, long-yield position whose value tracks realized yield and trends to 0 at maturity, once all that yield has been paid out. See Yield Tokens.

A word on safety

Provenance is not endorsement

The provenance gate validates that a market descends from a Pendle factory — it does not vouch for the asset or SY contract underneath. Community pools are permissionless and unreviewed — anyone can create one, and interacting with them can lose you funds. Experimental — use at your own risk. Not affiliated with Pendle Finance.

See also

• How Pendle works — most of these terms, introduced in order from first principles.
• Anatomy of a pool — how PendleMarket, PT, YT, and SY fit together as one pool.
• Community pools & incentives — what "unreviewed" means, and why these pools use Merkl.
• Networks & contracts — the shared and per-chain addresses behind these terms.
• Architecture — the provenance gate, simulate-before-sign, CSP, and HashRouter in depth.
• Risks & disclosures — the full risk picture in one place.