Pendle V2
TEMPEREDYield Trading · Multi-chain · $3B+ TVL · 15 contracts
Confidence 77%Z-Factor 0.77Updated 2026-05-17Public Score
Public risk assessment — scores are produced with the same methodology as monitored protocols
746
BRI Score
3004756508251000
Security Profile
Access Control
73
73
Economic Soundness
68
68
Oracle Integrity
62
62
Compositional Risk
65
65
Governance
60
60
Maturity
78
78
Resilience
44
44
Supply Chain
80
80
Op Security
47
47
Cascade Exposure
77
77
Access Ctrl
73
73
Economic
68
68
Oracle
62
62
Compos.
65
65
Govern.
60
60
Maturity
78
78
Resilience
44
44
Supply Ch.
80
80
OpSec
47
47
Cascade
77
77
Min
44
Avg
65
Max
80
Audit History
Ackee Blockchain
2023-05
Dedaub
2024-01
Decurity
2024-03
Bug Bounty Program
$200,000
Max payout on Immunefi
Assessment
Novel yield tokenization with complex economic model (D2=68) and heavy oracle dependency (D3=62, OR-001 known). High compositional risk from 30+ SY adapters (D4=65). Governance centralization (D5=60) is a drag. Good maturity and adversarial resilience (zero exploitable findings) lift the score within TEMPERED range.
Dimension Breakdown
How scores work →Access Control
Weight 18%78% conf
73
arrow_forwardGood
+187 access control checks across 8 graphs -- moderate coverage for protocol complexity
+18Permissionless market creation increases attack surface
+18SY/PT/YT token model with complex mint/redeem flows through 1981 functions
+18Reentrancy guards present on core paths
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Economic Soundness
Weight 13%72% conf
68
arrow_forwardModerate
+17Novel yield tokenization: PT/YT splitting is unique economic model
+17AMM curve (Logit-based) less stress-tested than Uniswap-style
+17Implied rate manipulation via AMM state is theoretical attack vector
-32Maturity-based expiry creates time-dependent risk profiles
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Oracle Integrity
Weight 13%74% conf
62
arrow_forwardModerate
+16151 oracle references in PendlePtLpOracle graph
+16Custom TWAP oracle for PT implied rates with known finding OR-001
-38PT pricing depends on AMM state (circular dependency risk)
+16Oracle manipulation cost varies by market liquidity
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Battle-Tested Maturity
Weight 12%80% conf
78
arrow_forwardGood
+20V2 live since late 2022 (~3.5 years)
+20Survived 2023-2024-2025 market cycles including LST/LRT volatility
+20Audited by Watchpug, Dedaub, Ackee
-22No major exploits on core contracts
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Governance & Upgradeability
Weight 10%75% conf
60
arrow_forwardModerate
+15VotingEscrow + GaugeController governance stack (108 + 343 functions)
+15CB-004 known finding on VotingEscrow
-40Team multisig with no visible timelock on emergency functions
+15Centralized parameter control for market creation and fee rates
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Adversarial Resiliencelock
Weight 10%95% conf
44
Concerning
- Score derived from continuous adversarial security research
Operational Security
Weight 10%50% conf
47
arrow_forwardConcerning
-9No branch protection detected
-9No CI/CD pipeline detected
+24Commit signing: 76% verified
-9Weak PR review coverage (0%)
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Compositional Risk
Weight 5%72% conf
65
arrow_forwardModerate
+2217 external calls across 8 contracts
+22Composes with 30+ yield sources (Aave, Lido, Renzo, etc.)
-18Each SY adapter is a trust boundary with unique risk profile
+2228 compound chains found via chain composition (all IRRATIONAL)
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Cascade Exposure
Weight 5%70% conf
77
arrow_forwardGood
+26Appears in 4 cross-protocol cascade chain(s)
+26Member of 4 dependency cluster(s)
-23Score: 77/100 (higher = more isolated from systemic risk)
+26Source: cross_protocol_composition.json dependency analysis
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Supply Chain
Weight 4%78% conf
80
arrow_forwardStrong
+40Standard OZ libraries for base contracts
-20Each SY adapter adds unique dependency risk
+4012 reentry edge types detected -- reentrancy surface exists but guarded
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Risk Drivers
Primary risk factors driving this score, ordered by severity.
Adversarial Resilience44
Operational Security47
Governance & Upgradeability60
Adversarial Risk Signals
Observable security posture indicators. These signals reflect publicly verifiable information and responsible disclosure outcomes. No specific vulnerability details are exposed.
Disclosure HistoryNot Assessed
Remediation VelocityNot Assessed
Bug Bounty ProgramNot Assessed
Audit CoverageNot Assessed
Incident HistoryNot Assessed
Score History & Verification
Score provenance tracking begins with the next reassessment.
On-Chain Data
- Protocol Slug
- "pendle-v2"
- Oracle
- BRORegistry (Base)
- Evidence
- IPFS (pinned)
- Staleness Threshold
- 24 hours
Read Score
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