Penpie protocol
Overview
Penpie is a yield-boosting protocol built on top of Pendle Finance and operated by Penpiexyz Ltd., a company incorporated in the British Virgin Islands, as part of the wider Magpie ecosystem of Convex-style vote-aggregation protocols. Users deposit Pendle LP tokens or PENDLE into Penpie, which pools vePENDLE voting power so depositors receive boosted PENDLE rewards without locking tokens themselves; PNP is the protocol's native token and mPENDLE its liquid-wrapped PENDLE. The front end is a hosted interface to smart contracts rather than a custodial service. Penpie is best known for a major security incident: on 3 September 2024 an attacker exploited a reentrancy flaw in the `_harvestBatchMarketRewards` function of the Penpie staking contract, draining roughly $27 million. The attacker created valueless copies of Pendle yield-bearing tokens and deployed five malicious contracts mimicking legitimate pools to trick the reward system, executing three transactions between 18:25 and 18:42 UTC that took $15.7 million and then $5.6 million. Pendle paused its own contracts in response, and PNP fell about 40%. Penpie launched as a Pendle-focused yield aggregator within the Magpie ecosystem. On 3 September 2024 it lost approximately $27 million to a reentrancy attack on its staking contract; Pendle paused contracts as a precaution and Magpie published a post-mortem. The attacker laundered around 3,300 ETH (about $7.92 million) through Tornado Cash, with roughly 10,110 ETH (about $24.7 million) remaining at a known address at the time of reporting.
Within the DeFi Intel graph, Penpie connects to 12 tracked entities, most strongly to Pendle, Penpie Exploit (2024), Penpie Exploit (2024).
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 12 total).
| Relation | Connected entity | Confidence |
|---|---|---|
integrates | Pendle | 95% |
affected | Penpie Exploit (2024) | 95% |
suffered_exploit | Penpie Exploit (2024) | 95% |
built_on | Pendle V2 | 90% |
paused_after_hack | Pendle Finance | 90% |
deployed_on | Ethereum | 85% |
deployed_on | Arbitrum | 85% |
deployed_on | BNB Chain | 85% |
integrates | Pendle Finance | 85% |
recovered_funds_after | Pendle Finance | 85% |
Frequently asked questions
What is Penpie?
Penpie is a yield-aggregator tracked in the DeFi Intel knowledge graph. It is connected to 12 other tracked entities, most strongly to Pendle, Penpie Exploit (2024), Penpie Exploit (2024).
What type of entity is Penpie?
Penpie is classified as a yield-aggregator (protocol) in the DeFi Intel knowledge graph.
What is Penpie connected to?
In the DeFi Intel knowledge graph, Penpie is linked to 12 other tracked entities, most strongly to Pendle, Penpie Exploit (2024), Penpie Exploit (2024).
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