Pendle 2025 Q3 Performance Report: TVL Surpasses 8.7 Billion, Trading Volume Up by 236%

By: theblockbeats.news|2025/11/18 20:15:48
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BlockBeats News, November 18, Cryptocurrency yield aggregator Pendle jointly released the 2025 Q3 report with Token Terminal:

1. Total Value Locked (TVL) reached $8.75 billion, a 118.8% increase compared to the previous period, with stablecoins accounting for over 80% and serving as a core support.

2. Nominal trading volume surpassed $233.9 billion, a 236.1% increase compared to the previous period, hitting a monthly peak of $110 billion in September.

3. Protocol revenue was $9.14 million, with fees of $9.53 million, representing a 54.1% and 58.0% increase, respectively, with vePendle holders averaging a 35%-40% APR.

4. Monthly active users increased to 29,200, spanning 8 blockchains, with Ethereum and HyperEVM being the main user hubs.

Pendle has now become the second-largest protocol on the Plasma chain, with a TVL of nearly $1 billion, accounting for 30% of the chain's total value locked. Leading protocols such as USDai and Ethena have leveraged its liquidity, with over 45% of PT tokens used for money market collateral.

In the fourth quarter, Pendle will advance cross-chain expansion to non-EVM ecosystems like Solana, expand Boros to support assets like HYPE, optimize limit order functionality, and drive the deployment of a fully permissionless and compliant version of the protocol.

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