Pendle Achieves Remarkable Growth in 2025
Pendle, the world’s largest crypto yield trading platform, celebrated significant milestones in 2025, solidifying its reputation in the decentralized finance (DeFi) market. The platform’s total value locked (TVL) reached an average of $5.7 billion, marking a remarkable 76% year-over-year growth. At its peak, Pendle hit a staggering $13.4 billion in TVL, aligning itself with renowned DeFi protocols like Uniswap and Aave.
Introducing sPENDLE: A Revolutionary Token Model
In a strategic move to enhance liquidity and diversify revenue streams, Pendle introduced sPENDLE, an upgraded version of its native token. This upgrade brings numerous features designed to benefit both users and token holders:
- Buybacks funded by protocol revenue for sPENDLE holders actively engaging with the platform.
- Improved liquidity models with flexible withdrawal options, offering either a 14-day period or instant 5% fee redemptions.
- An algorithmic emission model to replace manual voting, boosting efficiency and optimizing allocation by 20-30%.
These upgrades position sPENDLE as a highly composable and fungible token, compatible with any decentralized application, eliminating trade-offs between liquidity access and protocol participation.
Surging Metrics Showcase Pendle’s Leadership
Pendle’s performance in 2025 showcased exceptional growth across various metrics:
- Total Fees Generated: $44.6 million, up 134% from the previous year.
- Revenue for Holders: $34.9 million shared with token holders.
- Average Monthly Trading Volume: $54 billion across a trailing 90-day period.
- Daily Trading Volumes: Regularly hitting nine-figure numbers.
This steady growth positions Pendle as a primary venue for trading tokenized yields, outperforming several counterparts in the structured fixed income DeFi space. Institutional and retail investors alike are increasingly drawn to Pendle’s robust and innovative product offerings.
Boros Trading Venue: A Success Story
Boros, Pendle’s onchain rates trading venue, emerged as a key driver of growth. Within just four months post-launch, Boros achieved $6.9 billion in open interest, generating $301,000 in fees and accumulating $6.8 million in deposits by year-end 2025. One of its noteworthy features is its ability to tokenize perpetual funding rates, converting previously untradable yield streams into actionable assets.
CEO’s Vision for the Future
Pendle’s co-founder and CEO, TN Lee, emphasized the broader vision guiding these developments. “Our aim has always been to scale Pendle into a more efficient, scalable, and institution-friendly yield infrastructure. With the sPENDLE upgrade, we’re bridging the gap between traditional fixed income markets and the decentralized finance space,” Lee stated.
Why Choose Pendle for Your DeFi Strategy?
Whether you’re an institutional investor or retail user looking for diverse yield opportunities, Pendle offers a unique solution. With its upgraded token model, innovative liquidity features, and robust trading venue, this protocol has set new benchmarks in the DeFi world.
Recommended Product: Ledger Nano X for Secure Crypto Management
To maximize the benefits of DeFi platforms like Pendle, it’s essential to safeguard your crypto assets. The Ledger Nano X, a leading hardware wallet, ensures your private keys stay secure, providing peace of mind as you explore the DeFi ecosystem.
