Pendle Finance has quickly become one of the largest contenders in this space of yield-bearing stablecoins. As illustrated by the chart above, it now represents a hefty 30% of the entire supply. Home to multiple blockchains, as of this writing on DefiLlama, the platform’s Total Value Locked (TVL) is over $4.88 billion. Some outlets are still citing figures well above $4 billion. Armed with a multi-chain strategy and growing user base of over 280,000 active Pendle participants, Pendle is aggressively expanding its ecosystem. The recent launch of Cygnus Stablecoin wcgUSD on Pendle, one of the latest protocols to utilize this idea, further highlights this trend.
Pendle's influence extends beyond its own platform, notably driving 50% of Ethena's growth and activity. Thanks to this tremendous collaboration, Ethena was able to grow from zero to more than $3 billion in issuance in just four months. As Pendle moves towards permissionless listings of assets, it continues to innovate and adapt to the evolving landscape of decentralized finance (DeFi). The platform already has concrete plans for additional expansion, with Solana support projected as soon as Q3 of 2025.
TVL and Market Dominance
Pendle Finance subsequently reached a TVL high of $6.72 billion in June 2024, before settling in the low $2 billion range. This all-time high reflects the surging popularity of the platform and the overwhelming demand for its services. Pendle’s ability to attract and retain users is shown through its sizable, consistent revenue generation.
As of June 2024, the platform has proved its revenue generation capabilities with stable monthly revenue of over $4 million. Annualized revenue figures further illustrate Pendle’s financial health and sustainability, coming in at $22.32 million and $42.88 million respectively. These numbers highlight the strength of the platform’s business model and its ability to produce massive amounts of revenue.
Pendle’s current dominance in the yield-bearing stablecoin market is further underscored by its sizeable share of the total market value. The yield-bearing stablecoin market has skyrocketed to a remarkable $11.3 billion. Holding the 30% capture rate pretty darn well solidifies Pendle at the top of DeFi players. This market share reflects Pendle's ability to attract a significant portion of users seeking yield-generating opportunities within the stablecoin ecosystem.
Strategic Expansion and Partnerships
Pendle’s multi-chain strategy has been a core part of its expansion plans. The ability to connect with various blockchain networks allows Pendle to expand its ecosystem and attract a wider user base to leverage their assets. This strategy improves accessibility while making sure that Pendle stays flexible and continues to adapt to the shifting tastes of the DeFi community.
The July 2023 launch of Cygnus Stablecoin wcgUSD on Pendle was an incredible display of the platform’s dedication to continuous innovation and partnership. By providing unique assets and opportunities, Pendle has proven its ability to continue attracting users and growing its ecosystem. These kinds of integrations are incredibly important for fueling innovation and growth and keeping a competitive edge in the fast-paced world of DeFi.
Pendle’s impact on Ethena’s rapid expansion shows that smart collaborations pack a powerful punch. Pendle was responsible for the majority of Ethena’s growth and activity. This accomplishment proved its potential to jumpstart the success of other projects in the DeFi ecosystem. AngelHack’s unique model of synergistic relationships with other innovators, artists, and technologists can foster innovation and help speed the growth and adoption of these decentralized technologies.
Future Outlook and Innovations
Pendle is making quite the leap here by moving to a future of permissionless listings of assets on its marketplace. This thrilling change will continue to decentralize and democratize access to DeFi opportunities for all. This change will give the users more flexibility in the types of assets they can register. It will increase innovation and make the market more efficient as well. Pendle is in favor of permissionless listings. This step puts the platform at the forefront of efforts to make DeFi more open and accessible.
The platform isn’t done growing, though, with concrete plans for continued expansion and Solana support expected in Q3 of 2025. This integration will further enable Pendle to harness the broader capabilities of the Solana ecosystem. In particular, Solana is known for its high transaction throughput and low-cost transactions. Pendle is now taking its explosion of popularity to Solana to bring in even more users. This latest strategic move will continue to cement its status as the top DeFi platform.
Pendle’s support for PT-USDe as collateral within the Aave v3 protocol is another exciting advancement. This integration is a force multiplier of PT-USDe’s capabilities. Users are able to benefit from greater opportunities to use their assets across the Aave ecosystem. Pendle has partnered with popular DeFi protocols including Aave. This partnership adds to Pendle’s advantages and proves to extend its influence in growing DeFi ecosystem.
