Pendle Finance has exhibited a remarkable trajectory of rapid development and strategic growth since its inception, marked by a series of significant milestones in its protocol evolution and increasing market adoption.

Pendle Finance officially launched in June 2021. The foundational idea for Pendle originated from the observed lack of effective options for trading and pricing tokenized yield assets within the existing DeFi landscape. 

Pendle Finance’s Key Milestones 

Pendle’s TVL Statistics

Since its launch, the protocol’s TVL has experienced substantial growth. By June 2024, Pendle’s TVL surged to an ATH of $6.72 billion, later stabilizing around $2 billion. Current data indicates a TVL of approximately $4.88 billion, with other sources reporting over $4 billion. The majority of this TVL is concentrated on Ethereum, accounting for nearly $4.5 billion. 

Source: DefiLlama

However, Pendle’s multi-chain strategy is evident. Its TVL distributes across other chains. These include 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 expansion success. It broadens its user base. It also reduces reliance on a single blockchain, thereby enhancing resilience and accessibility.

Source: Pendle

Pendle’s Revenue

Pendle has also demonstrated consistent and stable revenue generation since June 2024, averaging over $4 million per month. Annualized revenue figures are reported at $22.32 million and $42.88 million, primarily derived from a 5% take rate on the yield generated by assets on its platform and from trading fees. 

A significant milestone was the full unlock of team and investor tokens in September 2024. The fact that Pendle has maintained “stable revenue” and “increased utility driving sustainable demand” after this event indicates a robust underlying economic model and organic demand, rather than dependence on artificial token incentives. 

For institutional investors and long-term stakeholders, this post-unlock stability is a strong signal of maturity and viability. It significantly de-risks the investment profile of the PENDLE token, addressing concerns about “rug pulls” or “capital flight” that have plagued many DeFi projects. This resilience positions Pendle as a more reliable and sustainable player in the fixed-yield DeFi space.  

Pendle’s Daily Active Users (DAU)

In terms of user engagement, Pendle has approximately 280,000 active users. Daily active addresses are reported at 1,000. It is important to note these active address counts. They typically include only users who interact directly with the protocol. They exclude those who might use DEX aggregators or other intermediary contracts. They are also limited to specific chains. 

Pendle DAU chain breakdown. Source: Token terminal

Pendle Yield Bearing Stablecoin Market Shares

Pendle also holds a significant position in the yield-bearing stablecoin market. It captures 30% of all yield-bearing stablecoin supply. The overall yield-bearing stablecoin market has reached a value of $11.3 billion. This accounts for 4.5% of the total stablecoin market. Pendle’s share is expected to remain around 25%. This focus on a growing and relatively stable segment of the DeFi market contributes to its robust TVL.

Source: Pendle

Pendle Cross-Chain Expansion and Adoption Trends

Multi-Chain Strategy and Future Expansion

Pendle has pursued an aggressive multi-chain strategy and forged key partnerships to broaden its reach and utility within the decentralized ecosystem. This expansion is crucial for enhancing accessibility, reducing transaction costs, and tapping into diverse liquidity pools.

Beyond its initial deployment on Ethereum, Pendle has expanded its operations to multiple Layer 2 solutions and alternative blockchains. Its current presence includes EVM chains such as Ethereum, Arbitrum, Base, and Sonic. 

The protocol has concrete plans for further expansion, with Solana support anticipated for Q3 2025, and additional integrations planned for Hyperliquid and TON. This multi-chain approach is designed to enhance accessibility and reduce transaction costs for users, attracting a wider user base.  

Key Integrations: Aave v3 & Pendle Finance

A significant integration is Pendle’s support for PT-USDe as collateral within the Aave v3 protocol. This integration allows holders of Pendle’s fixed-yield PT-USDe token to use it as collateral on Aave, either for capital efficiency or to re-deposit and leverage up yields. 

Aave v3 & Pendle. Source: Aave DAO Governance Forum

Since this integration went live, approximately $1 billion in PT-USDe has been deposited into Aave, in addition to an existing $500 million on Morpho. This move is pivotal as it integrates Pendle into Ethereum’s largest lending protocol, significantly expanding its capital access and ecosystem participation.  

Ethena & Pendle Finance Partnership

Pendle has also established a key partnership with Ethena and its new Converge blockchain. Ethena’s EVM chain will incorporate a native Know Your Customer (KYC) capability. This enables compliant access for institutions to Pendle’s yield products and platform. This allows Pendle to participate in the growth of permissioned yield-bearing stablecoins, such as iUSDe by Ethena. 

Source: 0xCheeezzyyyy

Ethena also leveraged Pendle when its USDe stablecoin launched in February 2024. This was to bootstrap initial usage and liquidity. In just four months, Pendle helped Ethena scale from zero to over $3 billion in issuance. It drove 50% of Ethena’s growth and activity. This was by facilitating fixed yield locking on USDC deposits for users who preferred not to interact directly with Ethena.

Permissionless Listings and Other Integrations

Furthermore, Pendle is moving towards permissionless listings of assets on its marketplace. In March 2025, the protocol took the first step to have the first externally listed asset on its platform. While official assets are under “Pendle Prime,” this initiative allows third parties to list assets without the team acting as a bottleneck. This is crucial for supporting the full breadth of assets, particularly long-tail stablecoins.

Other notable integrations include Falcon Finance integrating $sUSDf with Pendle for enhanced on-chain yield generation. Coinshift’s csUSDL stablecoin also reached $100 million in TVL as a top passive income asset on Pendle. Cygnus Stablecoin wcgUSD also recently went live on Pendle.

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