2025 Performance Highlights
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).
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.