Product analysis

Pendle cover,
core vs. the stack.

Cover for Pendle: pays on a Pendle hack, but a failure of the underlying yield source (such as sUSDe) is only conditionally covered, and PT/YT price moves not at all.

Raccoon Score 66/100 Limited

Who this is for: Pendle users (PT/YT holders and LPs)

Verdict

The covered events map onto Pendle’s own contracts well, and those contracts are strong: audited by Ackee, ChainSecurity, Spearbit, Dedaub and Code4rena, with no core exploit since 2021. The material limitation is structural. Pendle’s value derives from underlying yield sources (Ethena sUSDe, Aave, RWAs) and it hosts an ecosystem of protocols built on top; losses from those sit outside the wording. The 2024 Penpie hack ($27M) exploited a protocol built on Pendle, not Pendle itself, and illustrates the boundary. PT price moves before maturity are market movements, also excluded.

Confidence: medium 4 red flags As of 2026-07-22

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Pendle cover,core vs. the stack.

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Pendle cover,
core vs. the stack.