Singapore, Singapore, December 9th, 2025, Chainwire

Pendle, the leading protocol for onchain yield and interest-rate markets, has released its 2025 performance results, reporting record growth across all major metrics and expanding its product suite with the launch of Boros, a funding-rate derivatives platform designed to bring institutional-grade rate markets to decentralized finance (DeFi)

2025 Performance Highlights

Pendle recorded new highs across all key performance categories:

• Average Total Value Locked (TVL): $5.8 billion, +79% YoY
• Peak TVL: $13.4 billion
• Trading Volume: $47.8 billion, a 36.5% year-over-year increase
• User Growth: 155,553 new participants, up 48% YoY
• Fixed Yield Settled: $58 billion, rising 161% YoY

These figures underscore the accelerating adoption of on-chain yield instruments—particularly fixed-rate markets—by funds, treasuries, hedging desks, and professional traders who require predictable yield exposure and standardized interest-rate products.

Financial Performance: $40M Annualized Revenue

Pendle generated approximately $40 million in annualized protocol revenue in 2025, placing it among the top revenue-producing DeFi protocols.

Based on current revenue and market valuation, Pendle’s forward P/E sits below 20, a level considered low relative to its growth rate, product expansion, and market traction. Analysts have highlighted this valuation gap as a potential signal of underappreciated fundamentals as the protocol enters 2026.

Launch of Boros: First On-Chain Funding-Rate Trading Platform

Pendle introduced Boros, a platform enabling the trading of tokenized perpetual funding-rate exposure—an instrument widely used in derivatives markets but previously unavailable in a transparent, on-chain format.

Early traction includes:

• $80M in open interest
• $5.5B in notional volume
• Approximately $730,000 in annualized revenue in early operations

With the launch of Boros, Pendle now supports interest-rate products across both fixed yield markets and funding-rate derivatives, expanding the protocol’s role and targeting one of the largest sources of structural volatility in crypto: perpetual funding.

Market Positioning and Ecosystem Momentum

Throughout 2025, Pendle continued strengthening its position as DeFi’s interest-rate layer:

• Over $58B in fixed yield settled over various onchain yield assets
• Integration activity expanded across L2 ecosystems, trading venues, and structured-product platforms.
• Cross-chain PTs have unlocked expansion into ecosystems where Pendle and the underlying yield-bearing assets aren’t natively supported. This includes non-EVM networks such as Solana, which is already on the roadmap. 

Analysts from multiple research groups have noted that Pendle is evolving into foundational infrastructure for crypto’s 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. Through its suite of primitives and funding-rate derivatives via Boros — Pendle enables transparent, composable, and institution-grade yield management within DeFi.

For more information, users can visit pendle.finance or follow @pendle_fi on X.

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