Pendle

Momentum

Record

Singapore, Singapore, December 9th, 2025, Chainwire 
<a href="https://www.pendle.finance/" rel="noopener noreferrer nofollow">Pendle</a>, 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 <a href="https://x.com/pendle_fi/status/1996821331372036372" rel="noopener noreferrer nofollow">new highs</a> across all key performance categories:
<ul>
 <li>Average Total Value Locked (TVL): $5.8 billion, +79% YoY</li>
 <li>Peak TVL: $13.4 billion</li>
 <li>Trading Volume: $47.8 billion, a 36.5% year-over-year increase</li>
 <li>User Growth: 155,553 new participants, up 48% YoY</li>
 <li>Fixed Yield Settled: $58 billion, rising 161% YoY</li>
</ul>
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 <a href="https://x.com/glc_research/status/1962507747296952772?s=46&amp;t=20XG1f8GNHfzAEnbxNxUgw" rel="noopener noreferrer nofollow">forward P/E sits below 20</a>, 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:
<ul>
 <li>$80M in open interest</li>
 <li>$5.5B in notional volume</li>
 <li>Approximately $730,000 in annualized revenue in early operations</li>
</ul>
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&nbsp;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:
<ul>
 <li>Over $58B in fixed yield settled over various onchain yield assets</li>
 <li>Integration activity expanded across L2 ecosystems, trading venues, and structured-product platforms.</li>
 <li>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.&nbsp;</li>
</ul>
Analysts from multiple research groups have noted that Pendle is evolving into foundational infrastructure for crypto’s emerging on-chain yield curve.
About Pendle
<a href="https://www.pendle.finance/" rel="noopener noreferrer nofollow">Pendle</a> 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 <a href="https://www.pendle.finance/" rel="noopener noreferrer nofollow">pendle.finance</a> or follow @pendle_fi on X. 
<h5>Contact</h5>Pendle Pendle growth@secrettune.io 
Disclaimer. This is a paid press release. CoinMarketCap does not recommend that any cryptocurrency (bitcoin, ethereum, custom asset) should be bought, sold or held. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Pendle achieves Record Growth for 2025, $40M Annualized Revenue, and Strategic Expansion to Funding Rates Markets (9 Dec)

Chainwire

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