Pendle Finance has exhibited a exceptional trajectory of speedy improvement and strategic progress since its inception, marked by a sequence of serious milestones in its protocol evolution and rising market adoption.
Pendle Finance formally launched in June 2021. The foundational thought for Pendle originated from the noticed lack of efficient choices for buying and selling and pricing tokenized yield property throughout 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 knowledge signifies a TVL of roughly $4.88 billion, with different sources reporting over $4 billion. The vast majority of this TVL is focused on Ethereum, accounting for practically $4.5 billion.
Supply: DefiLlama
Nevertheless, Pendle’s multi-chain technique is clear. Its TVL distributes throughout different chains. These embody 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 person 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 technology since June 2024, averaging over $4 million monthly. Annualized income figures are reported at $22.32 million and $42.88 million, primarily derived from a 5% take charge on the yield generated by property on its platform and from buying and selling charges.
A big milestone was the complete unlock of crew 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, fairly than dependence on synthetic token incentives.
For institutional traders and long-term stakeholders, this post-unlock stability is a robust 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 area.
Pendle’s Each day Lively Customers (DAU)
By way of person engagement, Pendle has roughly 280,000 energetic customers. Each day energetic addresses are reported at 1,000. It is very important notice these energetic tackle counts. They sometimes embody 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 worth of $11.3 billion. This accounts for 4.5% of the whole stablecoin market. Pendle’s share is anticipated to stay round 25%. This give attention to a rising and comparatively secure phase of the DeFi market contributes to its strong TVL.
Supply: Pendle
Pendle Cross-Chain Enlargement and Adoption Developments
Multi-Chain Technique and Future Enlargement
Pendle has pursued an aggressive multi-chain technique and solid key partnerships to broaden its attain and utility throughout 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 resembling 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 reinforce accessibility and scale back transaction prices for customers, attracting a wider person base.
Key Integrations: Aave v3 & Pendle Finance
A big integration is Pendle’s assist for PT-USDe as collateral throughout 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 permits 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, resembling 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 mounted 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 transferring 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 record property with out the crew appearing as a bottleneck. That is essential for supporting the complete breadth of property, significantly long-tail stablecoins.
Different notable integrations embody Falcon Finance integrating $sUSDf with Pendle for enhanced on-chain yield technology. Coinshift’s csUSDL stablecoin additionally reached $100 million in TVL as a prime passive revenue asset on Pendle. Cygnus Stablecoin wcgUSD additionally just lately went dwell on Pendle.
