Pendle Co-Founder: After the maturity of over $1.5 billion in locked assets, Pendle's TVL still reaches a new high of $7 billion, and the enhanced retention capacity of TVL reflects the deepening market trust in Pendle assets.

BlockBeats news, on August 4, Pendle co-founder TN posted on social media that last week Pendle welcomed one of the largest maturity events to date, with a total locked value (TVL) of over $1.5 billion maturing. However, Pendle Finance's TVL still climbed to a historic new high. Notably, $1.3 billion (87%) of the maturing TVL came from assets of Ethena Labs. During the weekend that just experienced a market downturn, Pendle and Ethena were the only projects among the top ten protocols to achieve a positive 7-day TVL growth. As of now, Pendle holds and contributes about 48% of Ethena's TVL.

Even at this scale, the TVL drawdown from peak to trough was very small, lasting only one day—falling from $6.827 billion to $6.638 billion, a decrease of only $189 million (-2.8%). Additionally, in July 2025, the fee revenue from vePENDLE surged 80% month-over-month, reaching $2.85 million. Even without considering airdrops, the fee revenue in July remained at a healthy level of $2.28 million.

In the past year, even with larger and more frequent maturity events, the retention capacity of TVL has significantly strengthened. This shift reflects the deepening market trust in Pendle assets, as well as the enhanced position of Pendle PT (Principal Token) as the preferred yield tool in DeFi. The key driver behind this trend is the increasingly synergistic effect among Pendle, Ethena Labs, and Aave, which is unlocking new levels of 'yield utility' for Pendle PT.