Key Moments
- Pendle reported $5.8 billion in average TVL, a $13.4 billion peak TVL, and $47.8 billion in trading volume for 2025. These figures reflect strong double-digit year-over-year growth.
- The protocol generated roughly $40 million in annualized revenue in 2025. As a result, its forward P/E sits below 20 based on current revenue and market valuation.
- Pendle also expanded into funding-rate derivatives through the launch of Boros. The new product recorded $80M in open interest, $5.5B in notional volume, and about $730,000 in annualized revenue during its early phase.
Record 2025 Results for Pendle
Singapore, Singapore, December 9th, 2025, Chainwire – Pendle, widely viewed as the leading protocol for on-chain yield and interest-rate markets, released its 2025 performance update. The report showed substantial growth across all major metrics and a meaningful expansion of its product lineup.
The team highlighted strong adoption of its yield instruments. In particular, funds, treasuries, hedging desks, and professional traders increased their use of fixed-rate markets. As a result, demand for predictable yield exposure and standardized interest-rate products continued to build throughout the year.
Core Operating Metrics
Pendle reached new highs across its main performance indicators for 2025:
| Metric | 2025 Figure | Change / Commentary |
|---|---|---|
| Average Total Value Locked (TVL) | $5.8 billion | +79% YoY |
| Peak TVL | $13.4 billion | New record high |
| Trading Volume | $47.8 billion | 36.5% YoY increase |
| User Growth | 155,553 new participants | Up 48% YoY |
| Fixed Yield Settled | $58 billion | Up 161% YoY |
Overall, these results show accelerating engagement with on-chain yield strategies and fixed-rate instruments. They also signal broader participation from professional market participants.
Financial Performance and Valuation
Pendle reported approximately $40 million in annualized revenue for 2025. With that level of output, the protocol ranks among the top revenue-generating platforms in DeFi.
The team also noted that Pendle’s forward P/E remains below 20. This relatively low valuation contrasts with its rapid growth, expanding product suite, and increasing market adoption. Consequently, several analysts argue that the market still undervalues Pendle’s fundamentals heading into 2026.
Boros: Entry Into Funding-Rate Derivatives
One of Pendle’s largest strategic moves in 2025 was the launch of Boros. The new platform enables on-chain trading of tokenized perpetual funding-rate exposure. This product brings a widely used derivatives instrument into a transparent and decentralized format for the first time.
Early activity on Boros included:
- $80M in open interest
- $5.5B in notional volume
- About $730,000 in annualized revenue
With Boros live, Pendle now provides both fixed-yield markets and funding-rate derivatives. This addition strengthens the protocol’s position in DeFi. It also targets perpetual funding, which remains one of crypto’s largest and most persistent sources of structural volatility.
Market Position and Ecosystem Development
Throughout 2025, Pendle continued to move toward its goal of becoming DeFi’s interest-rate layer. The protocol settled more than $58B in fixed yield across a variety of on-chain assets, which further confirms the scale of activity in its ecosystem.
Additionally, the update highlighted several ecosystem advancements:
- Integration activity expanded across L2s, trading venues, and structured-product platforms.
- Cross-chain PTs allowed Pendle to enter networks where its native assets are not deployed.
- The team also included non-EVM networks, such as Solana, in its future roadmap.
Because of these developments, multiple research groups now view Pendle as foundational infrastructure for the emerging on-chain yield curve.
About Pendle
Pendle is the world’s largest crypto yield-trading platform for tokenized yield, fixed-yield markets, and on-chain interest-rate products. The protocol combines several core primitives with funding-rate derivatives through Boros. Together, these products deliver transparent, composable, institution-grade yield management for DeFi participants.
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