Pendle Finance has exhibited a exceptional trajectory of speedy improvement and strategic development 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 concept for Pendle originated from the noticed lack of efficient choices for buying and selling and pricing tokenized yield belongings inside the current DeFi panorama.
Pendle Finance’s Key Milestones
Pendle’s TVL Statistics
Since its launch, the protocol’s TVL has skilled substantial development. 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. Nearly all of this TVL is targeting Ethereum, accounting for practically $4.5 billion.
Supply: DefiLlama
Nonetheless, Pendle’s multi-chain technique is clear. 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 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 per thirty days. 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 belongings on its platform and from buying and selling charges.
A big milestone was the total 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, 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 Every day Energetic Customers (DAU)
By way of person engagement, Pendle has roughly 280,000 lively customers. Every day lively addresses are reported at 1,000. It is very important observe these lively tackle counts. They sometimes 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 overall stablecoin market. Pendle’s share is predicted to stay round 25%. This give attention to a rising and comparatively secure section of the DeFi market contributes to its sturdy TVL.
Supply: Pendle
Pendle Cross-Chain Enlargement and Adoption Tendencies
Multi-Chain Technique and Future Enlargement
Pendle has pursued an aggressive multi-chain technique and cast 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 numerous 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 similar to Ethereum, Arbitrum, Base, and Sonic.
The protocol has concrete plans for additional enlargement, with Solana help anticipated for Q3 2025, and extra integrations deliberate for Hyperliquid and TON. This multi-chain method is designed to boost accessibility and cut back transaction prices for customers, attracting a wider person base.
Key Integrations: Aave v3 & Pendle Finance
A big integration is Pendle’s help 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 reside, 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 permits Pendle to take part within the development of permissioned yield-bearing stablecoins, similar 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 development 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 shifting in the direction of permissionless listings of belongings on its market. In March 2025, the protocol took step one to have the primary externally listed asset on its platform. Whereas official belongings are beneath “Pendle Prime,” this initiative permits third events to listing belongings with out the group appearing as a bottleneck. That is essential for supporting the total breadth of belongings, notably long-tail stablecoins.
Different notable integrations embrace Falcon Finance integrating $sUSDf with Pendle for enhanced on-chain yield technology. 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 reside on Pendle.
