Pendle TVL Billion: How This DeFi Protocol Is Redefining Yield Trading

Date de publication : 30 sept. 2025

Date de mise à jour : 30 sept. 2025

Lecture de 4 min.

Pendle's Total Value Locked (TVL): Milestones and Growth Trajectory

Pendle Finance has solidified its position as a leading force in the decentralized finance (DeFi) sector, achieving remarkable milestones in Total Value Locked (TVL). With TVL figures reaching $13 billion, $52.9 billion, and $5.78 billion at various points, Pendle's growth trajectory underscores its innovative approach to yield trading and its increasing influence within the DeFi ecosystem.

The Core of Pendle's Success: Yield Tokenization

Pendle's groundbreaking yield tokenization model is the cornerstone of its success, driving its impressive TVL growth. By separating assets into principal and yield tokens, Pendle empowers users to explore fixed-income strategies and leveraged yield trading. This innovative mechanism offers flexibility for investors, enabling them to hedge risks or amplify returns based on their market outlook.

How Yield Tokenization Works

Principal Tokens: Represent the underlying asset's value.
Yield Tokens: Represent the future yield generated by the asset.

This separation creates new opportunities for DeFi users, positioning Pendle as a pioneer in yield-focused strategies.

Stablecoin Dominance in Pendle's TVL Composition

Stablecoins play a pivotal role in Pendle's ecosystem, accounting for over 87% of its locked value. This dominance highlights Pendle's strength in the stablecoin-driven DeFi landscape. By leveraging the stability of these assets, Pendle attracts both retail and institutional investors seeking predictable returns in volatile markets.

Strategic Integrations with Leading DeFi Protocols

Pendle has strategically partnered with major DeFi protocols and ecosystems to enhance its utility and adoption. Collaborations with platforms like Silo Finance and Ethena have expanded Pendle's capabilities, allowing users to utilize LP tokens and liquid staking tokens (e.g., eETH, ezETH) within its framework. These integrations have been instrumental in driving Pendle's growth and solidifying its position in the DeFi space.

Revenue Generation: A Key Metric of Success

Pendle's revenue model is built on real user demand, generating over $43 million in annual revenue. This figure surpasses many overvalued public chains with minimal business activity, underscoring Pendle's strong fundamentals. The protocol's ability to generate substantial revenue highlights its value proposition and long-term sustainability.

Boros: Expanding Pendle's Use Cases

Pendle recently introduced Boros, a feature designed to support margin trading for tokenized yields and enable users to hedge funding rates. This innovation addresses an untapped market in DeFi, further expanding Pendle's use cases and market appeal. Boros is expected to attract advanced traders and institutional players seeking sophisticated yield management tools.

Macro Trends Fueling Pendle's Growth

Pendle's TVL growth is bolstered by macroeconomic trends, such as the Federal Reserve's dovish stance. As traditional markets offer lower yields, investors are increasingly turning to DeFi protocols like Pendle for higher-yield opportunities. This shift in investor behavior has been a significant catalyst for Pendle's expansion.

vePENDLE Tokenomics: Incentivizing Community Participation

Pendle's vePENDLE tokenomics model directly benefits its community. Token holders earn millions in fees and airdrops, creating strong incentives for participation. This alignment of interests between the protocol and its users fosters a loyal and engaged community, further strengthening Pendle's ecosystem.

Market Valuation: Is Pendle Undervalued?

Despite its impressive revenue and growth metrics, Pendle's market valuation is considered undervalued by many analysts. This disconnect between valuation and fundamentals presents a potential opportunity for investors. As Pendle continues to expand, this gap may narrow, attracting increased attention from the broader market.

Future Plans and Ecosystem Expansion

Pendle is actively working to expand its ecosystem with new integrations, tools, and features. Key initiatives include:

Supporting LP Tokens as Collateral: Enhancing utility for liquidity providers.
Community-Led Deployment Portals: Empowering users to contribute to Pendle's growth.

These developments aim to make Pendle more accessible and versatile, catering to a broader range of DeFi users.

Conclusion

Pendle Finance's ability to achieve significant TVL milestones, innovate through yield tokenization, and generate substantial revenue positions it as a leader in the DeFi space. With stablecoins dominating its TVL composition, strategic integrations, and a focus on community incentives, Pendle is well-equipped to continue its growth trajectory. As macroeconomic trends drive more investors toward DeFi, Pendle's unique value proposition and expanding ecosystem make it a protocol to watch in the coming years.

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