Penpie
PNP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Penpie (PNP) is a yield-boosting subDAO for Pendle Finance within the Magpie ecosystem. The project is effectively in an end-of-life posture following a devastating reentrancy attack on September 3, 2024. As established in the Security evaluation: "On September 3, 2024, Penpie was exploited via a reentrancy attack targeting its batchHarvestMarketRewards function," resulting in approximately $27 million (11,113.6 ETH) stolen across Ethereum and Arbitrum. The funds remain unrecovered and the vulnerability was conceded as a process failure following un-audited contract updates. In response to the collapse in protocol trust and a ~97% price drawdown from all-time highs, governance discussions have pivoted toward decommissioning wrappers and discontinuing future emissions rather than active protocol development. Community engagement is negligible with low onchain market cap and trading volume. Across all sections, fundamentals reflect a compromised protocol managing wind-down and asset restructuring.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Penpie (PNP)
Penpie (PNP) is a decentralized finance yield-boosting subDAO within the Magpie ecosystem, built to provide yield-enhancement and veTokenomics-boosting services for Pendle Finance. Deployed across Ethereum, BNB Chain, Arbitrum, and Optimism as a LayerZero Omnichain Fungible Token (OFT), the protocol allows users to lock PNP into vote-locked PNP (vlPNP) with a 60-day unbonding period to participate in governance, earn protocol revenue shares, and direct vePENDLE voting power. The token has a fixed total supply of 10,000,000, with 20% of the supply held by the Magpie treasury.
On September 3, 2024, Penpie suffered a major reentrancy exploit targeting its batchHarvestMarketRewards function, resulting in the theft of approximately $27 million (11,113.6 ETH) across Ethereum and Arbitrum. The team conceded an internal process failure, acknowledging that a feature introduced in May 2024 without a comprehensive re-audit reintroduced a previously known vulnerability class. While Pendle paused contracts temporarily and remained unaffected, Penpie's stolen funds were routed through mixing services and remain unrecovered, prompting the team to file victim reports with the FBI and Singapore police. A subsequent post-incident review was conducted by SlowMist on the remediation fixes.
Following the exploit, the protocol suffered an erosion of user trust, leading to an approximate 97% to 97.5% price drawdown from its all-time high of $7.01 down to around $0.15. The project has entered a winding-down posture, with development halted and governance activity shifting toward crisis management, asset restructuring, decommissioning protocol wrappers, and discontinuing future PNP token emissions.