Penpie (PNP): Uses, Supply and Risks

Penpie is a DeFi platform from the Magpie team built around Pendle Finance. It aims to help PENDLE holders access yield and governance benefits associated with Pendle’s veTokenomics model. One part of the system lets users convert PENDLE into mPENDLE, a Penpie-issued version of PENDLE intended to provide access to rewards while offering different flexibility from locking PENDLE directly. mPENDLE is not the same token as PNP: PNP is Penpie’s own governance and revenue-sharing token. The project is designed for people already familiar with yield farming and the risks of using DeFi protocols. Penpie’s described approach depends on interactions with Pendle and on the rules and security of Penpie’s own contracts. The project is described as operating across nine chains, while PNP issuance is listed on Ethereum, Optimism, BNB Chain and Arbitrum.

PNP is used for governance and revenue sharing within Penpie. Holders can lock PNP on the platform to receive vlPNP at a 1:1 ratio. vlPNP is the vote-locked form of PNP, intended to give holders a role in governance and access to the benefits associated with locking. The exact rights, revenue distribution and available proposals can depend on Penpie’s current rules, so check the protocol’s own documentation before locking tokens. PNP is separate from PENDLE and mPENDLE: holding PNP does not itself mean you hold PENDLE or receive the same yield exposure as a Pendle position. Locking also changes how readily you can use your tokens, and participation may involve smart-contract and market risks. The project positions its services as a way to aggregate and boost yield, but returns are not guaranteed and can change with protocol conditions.

PNP has a stated maximum and total supply of 10 million tokens, with 10 million reported in circulation as of the available supply figures. It is not a native gas token for any chain. PNP is issued on Ethereum, Optimism, BNB Chain and Arbitrum, so the network matters when sending or receiving it. As of 2026-10-27, PNP’s reported price was about $0.28 and its market capitalization was about $2.8 million; these figures can change quickly. Its reported all-time high was $7.01 on April 11, 2024, and its all-time low was about $0.15 on June 28, 2026. Past prices do not indicate future performance. The project’s broader deployment is described as spanning nine chains, but that should not be taken to mean that PNP is available on every one of them. Confirm the supported network and token contract before transferring.

Using PNP involves both token-market risk and protocol risk. Penpie was reported to have suffered a major exploit in September 2024, with reporting at the time describing approximately $27 million in crypto assets taken. That incident is an important part of the protocol’s security history; it does not by itself establish the current security status of every contract or later deployment. Before using Penpie, review its current incident updates, contract information and any steps the project has taken since the exploit. DeFi yields can also fall or become negative, and token prices can move sharply. A position may depend on multiple protocols, governance decisions, liquidity and blockchain conditions. Locking PNP as vlPNP can limit access to the tokens under the protocol’s rules. The project’s reported TVL was about $5.3 million at the time of writing, as of 2026-10-27; TVL is changeable and is not a measure of safety.

PNP can generally be held in a wallet that supports the relevant network and token standard, or through a crypto exchange that lists it. For self-custody, verify the token contract and network using Penpie’s official channels before adding a token or making a transfer. A token with the same name or symbol on another network may not be the intended asset. Never send PNP to an address on an unsupported chain, and consider making a small test transfer when appropriate. Keep wallet recovery phrases and private keys offline and private; anyone who obtains them may control the assets. A hardware wallet can reduce exposure to some online threats, but it cannot prevent mistakes such as approving a malicious transaction or using a compromised dApp. Exchange custody avoids managing private keys directly but adds reliance on the exchange and may limit withdrawals. Do not share recovery details with anyone claiming to offer support.