Pendle Reports Record Growth for 2025 with $40M Annual Revenue and Strategic Move into Funding Rates Markets (9 Dec)

2025 Performance Highlights: Pendle reported record growth with a Total Value Locked (TVL) of $5.8 billion, a 79% increase year-over-year, and a trading volume of $47.8 billion, marking a 36.5% rise. The protocol also saw significant user growth and fixed yield settlements, indicating strong adoption of on-chain yield instruments.

Financial Performance: Pendle generated approximately $40 million in annualized revenue in 2025, positioning it among the top revenue-producing DeFi protocols. Analysts noted a low forward P/E ratio, suggesting potential undervaluation relative to its growth and market traction.

Launch of Boros: Pendle introduced Boros, the first on-chain funding-rate trading platform, enabling tokenized perpetual funding-rate exposure. Early traction includes $80 million in open interest and $5.5 billion in notional volume, expanding Pendle's offerings in interest-rate products.

Market Positioning and Ecosystem Momentum: Pendle solidified its role as DeFi's interest-rate layer, settling over $58 billion in fixed yield and expanding integrations across various ecosystems. Analysts view Pendle as foundational infrastructure for the emerging on-chain yield curve in crypto.