Pendle
Two things are true at once. Pendle's core contracts are deployed on Monad mainnet: the Deployments page lists chain 143, the official repository carries a 143-core.json deployment file, and the router address in that file has bytecode on the public RPC. And no Vessel market exists on those contracts. The rail is there. The train is not on it.
Hull is shaped the way it is partly so that it can be. A fixed-maturity, transferable, series-based senior tranche is the kind of asset Pendle's tokenization model takes. That is a design decision made in the litepaper, not a listing. This page is PLANNED for that reason.
Status
PLANNEDPendle core contracts are live on Monad mainnet; no Hull SY, PT, YT, or market has been deployed, and no Vessel contract references Pendle, as of 2026-08-29.
The grade is about Vessel's side. Pendle being on Monad removes one blocker. It does not create an integration.
What Vessel uses it for
The litepaper names Pendle for two things: fixed-rate distribution of Hull, and pools for vUSD.
Hull is the natural fit. Each Hull series has a fixed maturity (4-week at launch), redeems principal plus fixed yield at maturity, and is transferable, with early exit only through secondary sale. Hull's rate is a contract parameter, r_H = clamp(EWMA_30d(net funding APR) × (1 − h), 0, r_cap) with h = 40% and r_cap = 15% APR; it is not an expected or historical return. A fixed-maturity token with a parameterised rate maps onto Pendle's principal-and-yield split without redesign. Listing Hull there would give Hull holders a secondary venue, which is the only early-exit path Hull has.
vUSD is Phase 3 and post-audit. Pendle pools for vUSD sit behind that gate, so nothing on this page about vUSD is near-term.
What is actually wired today
Nothing.
The public Vessel repository contains a README and a licence. There is no SY adapter, no Pendle market, no Hull PT or YT, and no address for any of them. Hull's Pendle compatibility exists today as properties of the tranche design (fixed maturity, transferability, series), not as code that talks to Pendle.
The litepaper places Pendle work after the audit. That ordering matches Pendle's own listing rule below: custom SY contracts must be audited.
Interface
The listing path is Pendle's, not Vessel's. Nothing in this section is Vessel code.
SY: the wrapper
An asset enters Pendle by being wrapped into SY, Standardized Yield, a Pendle-authored token standard. The formal specification is ERC-5115, a Draft on eips.ethereum.org; current Pendle documentation pages call it the Pendle SY token standard without printing the number, so cite the EIP site for it. For most assets that are not ERC-4626, a custom SY contract has to be written. Pendle's public repository holds reference SY implementations.
PT and YT: the split
From SY, Pendle mints two tokens against a fixed maturity: PT, the principal token, which behaves like a zero-coupon instrument and redeems 1:1 against the underlying at maturity; and YT, the yield token, which carries the yield until then. A market is created against an expiry timestamp. SY deployment and market creation are permissionless.
For Hull the mapping is direct in shape: a Hull series already has a maturity date and a fixed accrual, so the SY would wrap one series and the market's expiry would track that series' maturity. Whether the Vessel SY would wrap Hull directly, or whether Hull would be listed as ERC-4626 to avoid a custom SY, is not published. UNVERIFIED — PENDING GATE-0
Listing requirements
Pendle's community-listing page sets the eligibility rules. Stated as close to verbatim as the page allows:
- For most non-ERC-4626 assets, a custom Standardized Yield (SY)
contract must be written.
- The underlying must be a fully transferable ERC-20.
- No locking or vesting periods.
- Yield must be up-only.
- All custom SY contracts must be audited.
Read against Hull:
| Requirement | Hull today |
|---|---|
| Fully transferable ERC-20 | By design: Hull tokens are transferable series tokens. No contract is published to confirm the ERC-20 surface. |
| No locking or vesting | Hull has a maturity, not a lock; it trades before maturity. Whether Pendle treats a fixed-maturity redemption as a lock is a listing-review question. |
| Up-only yield | Hull accrues at r_H daily. Hull principal can be impaired only after Ballast NAV and the Reserve are exhausted, which the litepaper calls a credit event. A listing review would need to weigh that tail. |
| Custom SY must be audited | Vessel is unaudited. The audit gates mainnet; Pendle work is scheduled after it. |
The last row is why the tier is PLANNED and not IN_PROGRESS. The ordering is not an accident on either side.
Addresses
Pendle's Monad mainnet core, from the 143-core.json deployment file in Pendle's public repository, cross-checked against the pendle.jsonc entry in the monad-crypto/protocols registry. These are Pendle's contracts. None of them belongs to Vessel.
| Contract (mainnet) | Address | Actions |
|---|---|---|
| Pendle Router | 0x888888888889758F76e7103c6CbF23ABbF58F946 | Explorer ↗ |
| Pendle SY Factory | 0x466CeD3b33045Ea986B2f306C8D0aA8067961CF8 | Explorer ↗ |
| PENDLE token | 0x5E49E1f85813F2B65858860A3FA231b4186f2e0E | Explorer ↗ |
| Hull SY (Vessel) | UNVERIFIED — PENDING GATE-0 | |
| Hull PT / YT (Vessel) | UNVERIFIED — PENDING GATE-0 | |
| Hull market (Vessel) | UNVERIFIED — PENDING GATE-0 |
Of the three Pendle rows, only the router's bytecode was checked on-chain this session; the SY factory and PENDLE token addresses are taken from the deployment file and registry as published. No specific Pendle PT/YT market on Monad, from any project, was verified. No Vessel row has an address because no Vessel contract is deployed against Pendle on any network.
Verify it yourself
Two checks. The first confirms Pendle publishes a Monad core deployment; the second confirms the router in that file has code on mainnet.
Read the deployment file at Pendle's public repository and confirm network.chainId is 143 and router matches the address above. The Deployments page lists Monad among supported chains.
Then query the chain:
cast code 0x888888888889758F76e7103c6CbF23ABbF58F946 --rpc-url https://rpc.monad.xyz
# non-empty hex → contract code is present at the router address on chain 143
# 0x → nothing deployed there; the claim on this page would be wrong
There is no Vessel-side check to run. Any Hull SY or market address you find attributed to Vessel before this page lists one should be treated as unverified.
Failure mode
None today. Vessel has no dependency on Pendle: no contract reads from it, no keeper calls it, no user flow routes through it. If every Pendle contract on Monad stopped working this afternoon, the engine, Hull accrual, Ballast, the Reserve, and the waterfall would not notice.
That changes the day a Hull market exists. When it does, this section will need at least two entries that do not apply now:
- Market liquidity. A Hull holder's only early exit is secondary sale. If a Pendle market becomes the main secondary venue and its liquidity thins, early exit degrades to whatever that market will bear. Hull redemption at maturity is unaffected; it is a Vessel contract path, not a Pendle one.
- PT discount. A Hull PT trading below its redemption value is a price signal about Hull, not a change to Hull's terms. But it would become the market's visible read on the tranche, and holders who exit early realise it.
Neither is a risk today, because neither market exists.