tn_pendle
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Pendle is the largest protocol in DefiLlama’s yield category, comprising over 50% of the TVL in this sector. Last year, we settled over $21 billion of PTs, generating over $1.5 billion in yield.
Such growth was largely fuelled by the adoption of Pendle PTs as collateral, which have reached an all-time-high with over $1.8 billion deployed across DeFi money markets.
Today, PTs are an economy of their own. They’ve become essential infrastructure for listed projects to accelerate adoption and bootstrap deep liquidity. As we move toward the next phase of growth - expanding PT as a product to new clients in TradFi and non-EVM chains (e.g. Solana)—this foundation is what enables us to scale.
This was always the vision, that is to evolve Pendle assets beyond just “invisible receipt tokens” into yield-bearing primitives that power DeFi’s backbone.
In TradFi, financial instruments are routinely leveraged for greater capital efficiency. Seeing Pendle assets move along that same trajectory, being accepted as trusted assets for backing loans across household names like @Aave, @MorphoLabs, and @eulerfinance, is something I’m deeply proud of. It's a strong validation of Pendle’s utility, credibility, and brand.
Growing PT as an economy also means curating the product and building the liquidity layer that allows institutions and power users to settle efficiently.
We're working hard towards our goal of owning the entire yield layer, be it TradFi, CeFi, DeFi…
Job’s not done. But it will be!
Such growth was largely fuelled by the adoption of Pendle PTs as collateral, which have reached an all-time-high with over $1.8 billion deployed across DeFi money markets.
Today, PTs are an economy of their own. They’ve become essential infrastructure for listed projects to accelerate adoption and bootstrap deep liquidity. As we move toward the next phase of growth - expanding PT as a product to new clients in TradFi and non-EVM chains (e.g. Solana)—this foundation is what enables us to scale.
This was always the vision, that is to evolve Pendle assets beyond just “invisible receipt tokens” into yield-bearing primitives that power DeFi’s backbone.
In TradFi, financial instruments are routinely leveraged for greater capital efficiency. Seeing Pendle assets move along that same trajectory, being accepted as trusted assets for backing loans across household names like @Aave, @MorphoLabs, and @eulerfinance, is something I’m deeply proud of. It's a strong validation of Pendle’s utility, credibility, and brand.
Growing PT as an economy also means curating the product and building the liquidity layer that allows institutions and power users to settle efficiently.
We're working hard towards our goal of owning the entire yield layer, be it TradFi, CeFi, DeFi…
Job’s not done. But it will be!
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