Pendle: Dominating the Yield Market with Record $5.29B TVL
Pendle continues to solidify its position as a leader in the decentralized finance (DeFi) yield market. Since early 2025, its Total Value Locked (TVL) has grown by 23%, reaching an all-time high of $5.29 billion. Pendle now commands 58% market share in yield protocols.
In the first half of 2025, $7.8 billion** in TVL matured—a 25% increase compared to the 2024 peak. Despite large vault expirations, Pendle’s TVL keeps growing as users roll over their positions, effectively renewing **$7.8 billion in crypto-fixed-income bonds on-chain. Pendle operates as a fixed-income exchange, ensuring seamless PT (Principal Token) and LP (Liquidity Provider) redemptions.
Pendle: Core Infrastructure for Stablecoin-Driven DeFi
Stablecoins dominate Pendle’s TVL, accounting for 87% of all deposits. Pendle has consistently positioned itself at the forefront of major DeFi trends, including:
- LSTs (Liquid Staking Tokens)
- LRTs (Liquid Restaking Tokens)
- BTCfi (Bitcoin DeFi)
- Stablecoin yield strategies
With the GENIUS Act and major corporations (e.g., Amazon, Walmart, Revolut) exploring stablecoin initiatives, Pendle is poised to become the core yield infrastructure for the incoming wave of institutional stablecoin adoption.
👉 Discover how Pendle is reshaping DeFi yields
Pendle: The Liquidity Engine for Yield Protocols
Key highlights:
- Ethena: 50% of its TVL relies on Pendle.
- OpenEden: Grew its TVL 4x after launching a Pendle pool in April 2025.
- USDO: Pendle holds 70%+ of its total supply.
Financial System Growth
- PT collateral deployed surged from $1.2B** to **$2.5B post-Zenith update.
- Market share in lending platforms increased from 3.3% to 5%.
- Silo Finance became the first to integrate Pendle LP tokens as collateral, enabling users to retain points while earning yield.
Pendle’s Expanding Ecosystem
- User Growth: 70,000+ new users in 6 months.
- Trading Volume: $16B+ in transactions.
- Pool Deployments: 150 new pools (114% YoY increase).
The launch of community-led deployment portals has accelerated organic expansion, with more integrations expected soon.
👉 Explore Pendle’s latest yield opportunities
vePENDLE Holders Reap Rewards
- $13.1M in fees earned (66% growth vs. 2024).
- Revenue streams include protocol fees and airdrops.
- Upcoming Citadels and Boros releases will further boost earnings.
Pendle’s Future Outlook
- Stablecoin Expansion: Retail and institutional adoption will drive demand for Pendle’s yield infrastructure.
- Fed Policy Impact: Potential rate cuts may increase DeFi interest, boosting stablecoin PT demand.
Boros & Citadels:
- Boros: Final stress-testing stage will enable funding-rate yield speculation.
- Citadels: Non-EVM chain support for Pendle PTs.
FAQs
Q: What makes Pendle different from other yield protocols?
A: Pendle acts as a fixed-income marketplace, allowing users to trade future yields with flexibility unmatched by traditional DeFi platforms.
Q: How does Pendle handle stablecoin dominance?
A: Over 87% of TVL is stablecoin-denominated, making it a go-to platform for low-volatility yield strategies.
Q: What’s next for vePENDLE holders?
A: With Citadels and Boros, fee distributions and utility will expand, enhancing long-term value.
Q: Can Pendle sustain its growth?
A: Yes—its community-led deployments and institutional partnerships create a scalable growth model.
Pendle is not just a protocol—it’s the backbone of DeFi’s yield economy, innovating as the market evolves. Stay tuned for more milestones!