Pendle Finance has demonstrated a remarkable growth trajectory since its inception, marked by strategic advancements and increasing adoption. Launched in June 2021, Pendle addresses the gap in trading and pricing tokenized yield assets within DeFi, evolving into a leading protocol with robust metrics.
Key Milestones of Pendle Finance
Total Value Locked (TVL) Growth
Pendle’s TVL surged to an all-time high (ATH) of $6.72 billion** by June 2024, stabilizing around **$4.88 billion in 2025. The majority (~$4.5 billion) is concentrated on Ethereum, with multi-chain deployments enhancing resilience:
- Base: $180.34M
- Sonic: $111.78M
- Arbitrum: $49.9M
- Other chains (Berachain, Mantle, BSC, etc.): Combined ~$200M.
👉 Explore Pendle’s multi-chain strategy
Revenue and Sustainability
- Monthly revenue: ~$4M (post-June 2024).
Annualized revenue: $22.32M–$42.88M, driven by:
- 5% yield take rate.
- Trading fees.
- Token unlock stability: Post-September 2024, Pendle maintained organic demand, signaling maturity and reducing investment risks.
User Engagement
- Active users: ~280,000.
- Daily active addresses: 1,000 (excludes indirect interactions via aggregators).
Yield-Bearing Stablecoin Dominance
- Market share: 30% ($3.39B of $11.3B total).
- Projected stability: ~25% share in 2025.
Cross-Chain Expansion and Adoption Trends
Multi-Chain Strategy
Pendle’s deployments span:
- EVM chains: Ethereum, Arbitrum, Base, Sonic.
- Upcoming: Solana (Q3 2025), Hyperliquid, TON.
👉 Learn about Pendle’s Solana integration
Notable Integrations
- Aave v3: PT-USDe as collateral → $1B deposited.
Ethena Partnership:
- Bootstrapped USDe liquidity ($3B in 4 months).
- KYC-enabled institutional access via Converge blockchain.
- Permissionless Listings: Third-party assets (e.g., Falcon Finance’s $sUSDf, Coinshift’s csUSDL).
FAQs
1. What drives Pendle’s revenue?
Pendle earns via a 5% yield take rate and trading fees, averaging $4M monthly.
2. How does Pendle ensure TVL stability?
Multi-chain diversification reduces reliance on Ethereum, while yield-bearing stablecoins anchor demand.
3. What’s next for Pendle in 2025?
Expansion to Solana, Hyperliquid, and TON, alongside permissionless asset listings.
4. Why is Ethena’s partnership significant?
It bridges institutional capital with Pendle’s yield products via KYC-compliant access.
Pendle’s 2025 outlook combines cross-chain scalability, institutional adoption, and sustainable yield innovation, solidifying its position in DeFi’s fixed-income sector.