Three weeks ago, $1.5B matured. Liquidity flowed out. Yet in days, Pendle snapped back. TVL surged to $7B. A fresh ATH.
Last week, the same story played out. Another $898M matured. Again, Pendle absorbed the hit. Again, capital rushed back. This time, TVL climbed higher, a new all-time high at $9.2B.
Today, Pendle sits at $9.32B TVL, climbing steadily, charting higher. The market keeps testing it. Pendle keeps bouncing stronger.
Pendle From Niche to a Defi Giant
In just two years, Pendle has gone from a niche yield tokenization experiment to a DeFi giant. As of August 2025, TVL has grown more than 45% year-over-year. The protocol now dominates its category. It’s not a side play anymore. It is the yield layer of DeFi.
The mechanics drive the growth. Pendle splits a yield-bearing asset into two parts:
- Principal Token (PT): The base. Redeemable at maturity.
- Yield Token (YT): The stream. Claims all yield until maturity.
This split is simple but powerful. PTs give asset exposure. YTs isolate yield. Farmers, hedgers, and traders all find their angle. Impermanent loss shrinks. Strategies expand. Capital works harder.
Key Metrics To Watch
The numbers tell the story.
- TVL Growth: $230M in Jan 2023 → $9.3B today.
- Market Share: 50% of DeFiLlama’s “Yield” category.
- Trading Volume: $34.9B cumulative. $6.56B in the past 30 days. $1.76B in 7 days. $99.6M in 24h.
- Fees: $56.8M annually. $26.2M in net earnings post-incentives.
Pendle isn’t chasing attention. It’s pulling real flow.
PENDLE powers governance and incentives. On CoinMarketCap, PENDLE trades near the mid-$5 range, with market cap close to $1B. It’s no longer an under-the-radar asset, it’s a top DeFi governance token.
Pendle runs a vePENDLE model. Users lock tokens for up to two years. Locked supply earns:
- Governance rights
- Protocol fee share
- Boosted rewards
Currently, 37% of total supply is locked. That’s long-term conviction. Emissions drop 1.1% weekly until 2026, then stabilize at 2% inflation per year. The curve rewards early holders and sustains liquidity.
Roadmap: What’s Next For Pendle
Pendle is not done building.
- Boros: Tokenizing perpetual futures funding-rate yield. A move into a derivatives market with $150B+ in daily open interest.
- Citadels: Institutional-grade yield. KYC-compliant. Shariah-compliant. Bridges traditional and Islamic finance into DeFi rails.
- Multi-Chain Expansion: Beyond Ethereum. Building on Solana, TON, and Hyperliquid. Non-EVM ecosystems are next.
Every step expands reach. Every step adds new demand.
Pendle’s integrations keep climbing.
- On HyperEVM, Pendle hit $515M TVL in just 2.5 weeks. That makes it the 3 protocol on the chain.
- KinetiQ surged to $410M TVL, now Pendle’s second-largest integrated partner.
- Boros itself shows momentum, $35M daily OI and $183M total notional trading volume.
These are not pilot programs. These are real flows.
Market Outlook
Analysts call for PENDLE to reach a maximum of $4.87 by end of 2025. That’s the conservative line. With TVL compounding and new products going live, upside could break those projections.
Pendle is evolving into the fixed income backbone of crypto. It’s not just about farming yield anymore. It’s about structuring yield. Tokenizing it. Trading it. And giving DeFi what traditional finance has had for decades: fixed income markets.
Final Take
Every maturity looks like a stress test. Each time billions exit, the protocol absorbs it. And each time, Pendle climbs back, stronger, with a higher ATH.
In just two years, Pendle went from an unknown to a DeFi giant. The metrics prove it. The ecosystem proves it. And the market keeps rewarding it.
Pendle isn’t chasing hype. It’s building rails. And every bounce higher shows those rails are working.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/pendle-clears-another-maturity-tvl-smashes-to-9-3b/
