Pendle Finance has exhibited a exceptional trajectory of speedy improvement and strategic progress since its inception, marked by a sequence of great milestones in its protocol evolution and growing market adoption.
Pendle Finance formally launched in June 2021. The foundational concept for Pendle originated from the noticed lack of efficient choices for buying and selling and pricing tokenized yield property inside the current DeFi panorama.
Pendle Finance’s Key Milestones
Pendle’s TVL Statistics
Since its launch, the protocol’s TVL has skilled substantial progress. By June 2024, Pendle’s TVL surged to an ATH of $6.72 billion, later stabilizing round $2 billion. Present information signifies a TVL of roughly $4.88 billion, with different sources reporting over $4 billion. Nearly all of this TVL is focused on Ethereum, accounting for practically $4.5 billion.
Supply: DefiLlama
Nonetheless, Pendle’s multi-chain technique is obvious. Its TVL distributes throughout different chains. These embrace Base ($180.34 million), Sonic ($111.78 million), Arbitrum ($49.9 million), Berachain ($32.4 million), Mantle ($12.31 million), BSC ($4.25 million), Avalanche ($57,474), and OP Mainnet ($37,438).
This distribution highlights Pendle’s cross-chain enlargement success. It broadens its consumer base. It additionally reduces reliance on a single blockchain, thereby enhancing resilience and accessibility.
Supply: Pendle
Pendle’s Income
Pendle has additionally demonstrated constant and secure income era since June 2024, averaging over $4 million per 30 days. Annualized income figures are reported at $22.32 million and $42.88 million, primarily derived from a 5% take price on the yield generated by property on its platform and from buying and selling charges.
A big milestone was the complete unlock of group and investor tokens in September 2024. The truth that Pendle has maintained “secure income” and “elevated utility driving sustainable demand” after this occasion signifies a strong underlying financial mannequin and natural demand, relatively than dependence on synthetic token incentives.
For institutional buyers and long-term stakeholders, this post-unlock stability is a powerful sign of maturity and viability. It considerably de-risks the funding profile of the PENDLE token, addressing considerations about “rug pulls” or “capital flight” which have plagued many DeFi initiatives. This resilience positions Pendle as a extra dependable and sustainable participant within the fixed-yield DeFi house.
Pendle’s Day by day Energetic Customers (DAU)
By way of consumer engagement, Pendle has roughly 280,000 lively customers. Day by day lively addresses are reported at 1,000. It is very important word these lively tackle counts. They usually embrace solely customers who work together immediately with the protocol. They exclude those that may use DEX aggregators or different middleman contracts. They’re additionally restricted to particular chains.
Pendle DAU chain breakdown. Supply: Token terminal
Pendle Yield Bearing Stablecoin Market Shares
Pendle additionally holds a major place within the yield-bearing stablecoin market. It captures 30% of all yield-bearing stablecoin provide. The general yield-bearing stablecoin market has reached a price of $11.3 billion. This accounts for 4.5% of the full stablecoin market. Pendle’s share is anticipated to stay round 25%. This deal with a rising and comparatively secure phase of the DeFi market contributes to its sturdy TVL.
Supply: Pendle
Pendle Cross-Chain Growth and Adoption Developments
Multi-Chain Technique and Future Growth
Pendle has pursued an aggressive multi-chain technique and solid key partnerships to broaden its attain and utility inside the decentralized ecosystem. This enlargement is essential for enhancing accessibility, decreasing transaction prices, and tapping into various liquidity swimming pools.
Past its preliminary deployment on Ethereum, Pendle has expanded its operations to a number of Layer 2 options and different blockchains. Its present presence contains EVM chains corresponding to Ethereum, Arbitrum, Base, and Sonic.
The protocol has concrete plans for additional enlargement, with Solana assist anticipated for Q3 2025, and extra integrations deliberate for Hyperliquid and TON. This multi-chain method is designed to boost accessibility and scale back transaction prices for customers, attracting a wider consumer base.
Key Integrations: Aave v3 & Pendle Finance
A big integration is Pendle’s assist for PT-USDe as collateral inside the Aave v3 protocol. This integration permits holders of Pendle’s fixed-yield PT-USDe token to make use of it as collateral on Aave, both for capital effectivity or to re-deposit and leverage up yields.
Aave v3 & Pendle. Supply: Aave DAO Governance Discussion board
Since this integration went dwell, roughly $1 billion in PT-USDe has been deposited into Aave, along with an current $500 million on Morpho. This transfer is pivotal because it integrates Pendle into Ethereum’s largest lending protocol, considerably increasing its capital entry and ecosystem participation.
Ethena & Pendle Finance Partnership
Pendle has additionally established a key partnership with Ethena and its new Converge blockchain. Ethena’s EVM chain will incorporate a local Know Your Buyer (KYC) functionality. This allows compliant entry for establishments to Pendle’s yield merchandise and platform. This enables Pendle to take part within the progress of permissioned yield-bearing stablecoins, corresponding to iUSDe by Ethena.
Supply: 0xCheeezzyyyy
Ethena additionally leveraged Pendle when its USDe stablecoin launched in February 2024. This was to bootstrap preliminary utilization and liquidity. In simply 4 months, Pendle helped Ethena scale from zero to over $3 billion in issuance. It drove 50% of Ethena’s progress and exercise. This was by facilitating fastened yield locking on USDC deposits for customers who most well-liked to not work together immediately with Ethena.
Permissionless Listings and Different Integrations
Moreover, Pendle is shifting in direction of permissionless listings of property on its market. In March 2025, the protocol took step one to have the primary externally listed asset on its platform. Whereas official property are below “Pendle Prime,” this initiative permits third events to checklist property with out the group performing as a bottleneck. That is essential for supporting the complete breadth of property, notably long-tail stablecoins.
Different notable integrations embrace Falcon Finance integrating $sUSDf with Pendle for enhanced on-chain yield era. Coinshift’s csUSDL stablecoin additionally reached $100 million in TVL as a high passive revenue asset on Pendle. Cygnus Stablecoin wcgUSD additionally just lately went dwell on Pendle.
