Pendle V2

Core AMM is sound; the risk concentrates in oracle surfaces and permissionless factory output. Known fabricated-timestamp patterns remediated.

TVL

$4.2B

30-day Δ

-8

Last scored

2026-04-19

BlackHart Risk Index

640

Scale: 300 — 1000

01 //

Category Breakdown

What drives this score.

The score aggregates six independent assessments of the deployed code. Each category below carries a rationale derived from the current state of the protocol.

Access Control

56 / 100

Core is guarded; factory products are not

Economic Integrity

54 / 100

YT/PT lifecycle + LP accounting is intricate

External Dependencies

36 / 100

Fabricated timestamps historically found across 9 chains

Upgradeability & Governance

68 / 100

Immutable oracles; governance on factories

Composition Exposure

34 / 100

Pendle oracles consumed by Morpho, Euler, Fluid

Systemic Impact

42 / 100

Oracle compromise cascades to $160M+ downstream

03 //

Transparency

Score provenance

Slug: pendle-v2
Last updated: 2026-04-19
Chain: Ethereum
Outlook: Declining

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Public scores summarize. A BlackHart engagement delivers the private finding detail, fork-validated PoCs, and remediation guidance that the score cannot publish.