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Penpie Review 2026: Pendle Yield Booster on Nine Chains

Penpie is a Pendle-focused yield booster from the Magpie team, active on nine chains with about 5.3M USD in TVL. It suits experienced Pendle users, but the lack of listed audits and its exploit history call for caution.

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Berachain

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

5.0/10

Mixed

Visit Penpie

Our verdict on Penpie

5.0/10

Penpie is best suited to experienced DeFi users who already use Pendle and want a boosted-yield layer on top. Its main strength is a focused niche, nine supported chains and a multi-year presence. The main caveat is risk: DefiLlama lists no audits, the protocol has a reported 2024 exploit, and fees are not published publicly. Only deposit what you can afford to lose and verify the current security record first.

Score breakdown

How Penpie scores

Security: 3.5/10
Ease of use: 5.5/10
Fees: n/a
Features: 5.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Penpie?

Penpie is a yield protocol from the Magpie team that builds on Pendle. DefiLlama classes it under Yield and has tracked it since June 2023. It currently shows about 5.3M USD in total value locked across nine chains.

The Magpie homepage describes a broader MegaDAO that integrates DeFi protocols to optimize yield with veTokenomics, liquid Ethereum restaking and Bitcoin staking via Babylon. Penpie is the part aimed at Pendle users. Its token is PNP.

Public sources show no audits listed on DefiLlama, and its homepage gives few details. This review therefore relies on the DefiLlama data and general background on how Pendle boosters work.

How Penpie works

Pendle is a protocol that splits yield-bearing assets into principal and yield components and lets users trade them or provide liquidity. Pendle rewards depend partly on holders who lock the PENDLE token to receive vote-escrowed influence and boosted rewards.

Penpie, as widely understood, pools users' Pendle positions and PENDLE tokens so that they share in that boost without each user locking tokens individually. Depositors typically receive rewards from Pendle plus additional incentives, with the protocol keeping a share. The project does not give exact mechanics, so details should be confirmed in the official docs.

This layers one protocol on another. Returns come from Pendle's markets and Penpie's smart contracts, so a failure at either level can cost depositors.

5 features

Key features

Pendle-focused yield booster

DefiLlama describes Penpie as a product by Magpie built around Pendle, the yield-trading protocol. Users interact with Pendle positions through Penpie.

Multi-chain deployment

Public sources list nine chains, including Ethereum, Arbitrum, Base, Optimism and BNB Chain, as well as newer ones such as Sonic, Berachain, Plasma and Hyperliquid.

PNP token

PNP is the protocol's own token as listed by DefiLlama. Its precise role is not described publicly.

Part of the Magpie ecosystem

The Magpie homepage describes a wider platform that covers veTokenomics, liquid Ethereum restaking and Bitcoin staking via Babylon. Penpie is one product in that family.

Tracked since 2023

The protocol has been listed on DefiLlama since June 2023 and still shows about 5.3M USD in TVL.

Pros and cons

What we like

Focused on one clear niche: boosting returns for Pendle users.
Runs on nine chains, including Ethereum, Arbitrum, Base and Optimism.
Has been listed on DefiLlama since June 2023, so it has a multi-year record.
Still holds about 5.3M USD in TVL.
Backed by an established team with a wider product family.

Watch out for

DefiLlama lists no audits for the protocol.
Yield depends on Pendle, so Penpie carries Pendle's risks plus its own contract risk.
The protocol was reportedly exploited in September 2024, a track record readers should check independently.
Fee levels are not shown publicly, so net returns are hard to estimate in advance.
TVL is about 5.3M USD and fell 5.2% over seven days, so liquidity is modest and falling.
Its homepage is minimal, so documentation quality could not be assessed.

Penpie fees

The project does not publish a fee schedule for Penpie. DefiLlama gives no fee or revenue figures here, so any performance or platform fee should be checked in the app and the official documentation before depositing.

Users should also budget for network gas on whichever chain they use, which varies widely between Ethereum and cheaper networks. Pendle's own fees on its pools apply separately.

Is Penpie safe?

DefiLlama lists zero audits for Penpie. Deposits go into smart contracts, so you carry contract risk on Penpie's code as well as on Pendle and any underlying yield-bearing assets. Withdrawals depend on those contracts working correctly.

Penpie was reportedly hit by a smart contract exploit in September 2024.Treat deposits as high risk and size positions accordingly.

6 steps

How to get started with Penpie

1
Read the official documentation and look for audit reports and incident post-mortems before depositing.
2
Understand how Pendle works first, including fixed and variable yield, expiry dates and LP positions.
3
Choose a supported chain from the list and fund a compatible wallet with the needed assets and gas.
4
Connect the wallet on the official site, checking the address carefully to avoid phishing copies.
5
Pick a pool, review the displayed rewards and any fees, and start with a small amount.
6
Monitor the position and its reward claims regularly, and withdraw if risk conditions change.

Open Penpie

Who Penpie is for

Penpie suits experienced DeFi users who already understand Pendle's fixed and variable yield markets and accept layered smart-contract risk. It is not aimed at beginners or anyone who needs guaranteed principal safety.

Penpie FAQs

What is Penpie?

Penpie is a DeFi protocol built by the Magpie team that sits on top of Pendle. DefiLlama files it under Yield and describes it as a product by Magpie for Pendle. Users deposit Pendle positions to try to earn more than they would directly.

What is the PNP token?

Penpie's token is PNP, according to DefiLlama. The project does not describe its supply, utility details or governance rights, so check the project documentation before buying or holding it.

Which chains does Penpie support?

Public sources list Arbitrum, Ethereum, Hyperliquid, BNB Chain, Sonic, Optimism, Base, Plasma and Berachain. Available pools differ by chain and change over time.

Is Penpie audited?

DefiLlama shows no audits for Penpie. That does not prove the code was never reviewed, but readers should check the official documentation for audit reports and treat unaudited or past-exploited code as higher risk.

Has Penpie been hacked?

Penpie has been reported as the target of an exploit in September 2024.

What fees does Penpie charge?

The project does not state a fee schedule. Yield boosters commonly take a share of rewards, so look for the fee details in the app or documentation before depositing.

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