Pendle’s dominance in the yield sector continues to strengthen. Since the beginning of 2025, Pendle's TVL has increased by 23%, hitting a new peak of $5.29 billion. Our TVL share has also expanded significantly, now commanding 58% of the market.

A total of $7.8B in TVL matured in H1 2025, a 25% increase compared to H1 2024 during the peak of the points frenzy. Despite the scale of our maturities, our TVL continues to grow as users consistently roll over their positions. This is the onchain equivalent of rolling over over $7.8B worth of bonds, with Pendle playing the role of a crypto fixed income exchange. Throughout this period, every PT and LP redemption was processed seamlessly.

Pendle’s TVL composition continues to lean heavily into stablecoins, with over 87% now denominated in stables. Pendle is a narrative enabler, consistently at the forefront of DeFi’s most powerful trends, similar to what we did for LST, LRT, BTCfi and now, stablecoins. With the GENIUS Act clearing the path and giants like Amazon, Walmart, and Revolut exploring their own stablecoin initiatives, this vertical is rapidly becoming crypto’s next gold rush, and Pendle is positioned to meet this surge in demand, providing the core yield infrastructure for the coming wave of institutional-grade, stablecoin-driven DeFi.

Pendle continues to serve as a major liquidity engine for some of the largest protocols in the space. Most notably, 50% of Ethena’s TVL is attributable to Pendle. OpenEden, which launched its first pool on Pendle in early April, has since grown its TVL by nearly 4x. And as of today, Pendle holds over 70% of the total USDO supply.

At the same time, the Penconomy has seen tremendous growth over the past two quarters. Since the Zenith update, the total value of PT deployed as collateral has doubled from $1.2B → $2.5B in just four months, contributing to 3.3% → 5% of total collateral across all lending markets in EVM chains. This surge has been largely driven by @aave’s integration of PTs as collateral, alongside ongoing expansions across @MorphoLabs, @eulerfinance, and other key money markets.

Most recently, we’ve laid the groundwork for Pendle LP tokens to be supported as collateral, with Silo Finance being the first to deploy this integration. LP collateral caters to a different set of risk profiles from PT collaterals, enabling users to leverage yield while retaining exposure to potential upside from points. One of our key missions for the remainder of the year is to accelerate the adoption of LP as collateral across more platforms and ecosystems.

Yield trading as a vertical continues to gain traction, with Pendle seeing over 70,000 user growth and >$16B of trading volume in the past 6 months.

The launch of the self-deploy portal has further supported this momentum, enabling community-led deployments to play a key role in scaling Pendle more efficiently. Over the same period, 150 pools have been deployed: a 114% increase from the same time last year. As we gradually expand access to this feature, we expect it to accelerate Pendle’s organic growth.

Meanwhile, vePENDLE holders have continued to benefit directly from Pendle’s momentum, earning $13.1M in fees over the past 6 months - a 66% increase from H1 2024. This figure includes both protocol fees and airdrops sourced and secured by the Pendle team. With Citadels and Boros coming soon, these revenue streams channeled to the vePENDLE ecosystem are set to grow even more.

What’s ahead for Pendle: • More stablecoin markets, potentially driven by fresh opportunities as retail giants enter the space on the back of the GENIUS Act • Incoming dovish move by the Fed could fuel more interest in DeFi, as investors flock towards greener onchain pastures offering higher yields. This trend may also drive demand for stablecoin PTs as a way to lock in attractive Fixed Yields ahead of rate cuts • We’re entering the final phase of stress testing for Boros, which will unlock a new source of yield speculation in funding rates • Citadels going online, including but not limited to Pendle PTs being made available to non-EVM chains (i.e. @Solana, @ton_blockchain, @HyperliquidX), KYC gated institutions and more.