Pendle
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Pendle Q4 2024 Report
Pendle is a yield-trading protocol that separates a yield-bearing asset into its principal and yield components, allowing users to earn fixed or flexible yields. $PENDLE is the utility token that is used for liquidity incentives, governance and fee value accrual.
Revenue and User Statistics 2024 Q4
$PENDLE Token Metrics as of Feb 26, 2025Market Cap: $731.65MFully Diluted Market Cap: $753.04MCirculating supply: 251,104,015 PENDLETotal Supply: 258,446,028 PENDLEToken Holders: 50,000Performance Highlights:In 2024, Pendle listed nearly 200 pools of various assets in different maturities across 5 different networks, averaging 4 new markets per week. At its peak in December 2024, Pendle had 121 active markets operating concurrently, a 2.5x increase from the previous year.
Pendle has proven to be more than just a liquidity hub for other protocols. At its peak, 48% of Ethena’s TVL was attributable to Pendle. For every 100 BTC restaked in BTCfi, 42 were deposited through Pendle. Usual’s growth accelerated from $300M to $1.2B at its peak, with Pendle contributing approximately 30% of the growth.Pendle PTs (Principal Tokens) have grown to become a $1.2B sub-economy, contributing 3.3% of the total collateral across all lending markets in EVM chains. About 20% of Morpho’s deposits are attributable to Pendle’s assets.
Future Outlook – 3 Pillars for World Domination:
V2 Improvements: The on-chain yield market is around $17.7B annually, with only 4.97% ($880M) currently traded on Pendle. To bridge this gap, V2 will introduce:Community-led growth via permissionless pool deployment.Dynamic fee rebalancing for optimal pools.vePendle improvements, allowing holders to accrue value from all Pendle pillars.Building Citadels:Pendle aims to expand beyond EVM ecosystems to capture a larger market. Citadels will help achieve this by targeting:Non-EVM ecosystems like TON, HYPE, and Solana.TradFi with KYCed products for regulated institutions.Islamic Funds, ensuring compliance with Syariah principles.
Boros will support any type of yield, including DeFi, CeFi, and TradFi markets. Initially, it will focus on funding rates in the crypto market, which sees $150B in daily open interest and $200B in daily transactions, offering significant growth potential.
Revenue and User Statistics 2024 Q4
$PENDLE Token Metrics as of Feb 26, 2025Market Cap: $731.65MFully Diluted Market Cap: $753.04MCirculating supply: 251,104,015 PENDLETotal Supply: 258,446,028 PENDLEToken Holders: 50,000Performance Highlights:In 2024, Pendle listed nearly 200 pools of various assets in different maturities across 5 different networks, averaging 4 new markets per week. At its peak in December 2024, Pendle had 121 active markets operating concurrently, a 2.5x increase from the previous year.
Pendle has proven to be more than just a liquidity hub for other protocols. At its peak, 48% of Ethena’s TVL was attributable to Pendle. For every 100 BTC restaked in BTCfi, 42 were deposited through Pendle. Usual’s growth accelerated from $300M to $1.2B at its peak, with Pendle contributing approximately 30% of the growth.Pendle PTs (Principal Tokens) have grown to become a $1.2B sub-economy, contributing 3.3% of the total collateral across all lending markets in EVM chains. About 20% of Morpho’s deposits are attributable to Pendle’s assets.
Future Outlook – 3 Pillars for World Domination:
V2 Improvements: The on-chain yield market is around $17.7B annually, with only 4.97% ($880M) currently traded on Pendle. To bridge this gap, V2 will introduce:Community-led growth via permissionless pool deployment.Dynamic fee rebalancing for optimal pools.vePendle improvements, allowing holders to accrue value from all Pendle pillars.Building Citadels:Pendle aims to expand beyond EVM ecosystems to capture a larger market. Citadels will help achieve this by targeting:Non-EVM ecosystems like TON, HYPE, and Solana.TradFi with KYCed products for regulated institutions.Islamic Funds, ensuring compliance with Syariah principles.
Boros will support any type of yield, including DeFi, CeFi, and TradFi markets. Initially, it will focus on funding rates in the crypto market, which sees $150B in daily open interest and $200B in daily transactions, offering significant growth potential.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.