PENDLE TVL SURPASSES 10B WITH 4M REVENUE/ MONTH
Pendle is booming: TVL exceeds $10B, revenue $4M/month, vePENDLE holders receive $23M/year 🎯
Pendle is not just a DeFi protocol, but a true "yield market": separating Principal Token (PT) and Yield Token (YT), turning future profits into tradable assets.
Why has Pendle become the center of cash flow?
1️⃣ Ethena USDe pool attracts $3.36B with an APY of 14.5% – the number 1 destination for stablecoins.
2️⃣ Steady revenue of $4M/month, vePENDLE holders benefiting $3.86M just in May.
3️⃣ Multi-chain expansion (Solana, TON, HyperEVM), connecting TradFi through Citadels.
4️⃣ Superior technology: Time-Decay AMM (200x capital efficiency), Flash-Swap YT (unlimited depth), Boros with Yield Units & margin leverage saving 60% collateral.
With this growth, @pendle_fi is gradually becoming the "bond market of crypto" – an essential yield infrastructure.
On-chain Short-Term Holders data shows that the market has not yet reached the peak of this cycle.
Comparing the % basis of Short-Term Holders at previous peaks:
Dec 2017: 7D: 23.5% | 30D: 79.1% | 90D: 197%
Mar 2021: 7D: 20.3% | 30D: 62.5% | 90D: 146%
Aug 2025: 7D: 2.7% | 30D: 6.9% | 90D: 15.2%
Looking at the chart "Short-Term Holder Cost Basis Change"
2017 & 2021 ATH:
Before the peaks, the STH basis index (7D/30D/90D change) rose sharply, reaching extremely high levels (100–200%). This is when short-term holders FOMO and inject new capital → the market heats up.
Currently in 2025: The 7D/30D/90D lines have only slightly increased (2.7% / 6.9% / 15.2%). There are no signs of a breakout → meaning no one has "dove in" strongly yet.
Main observations:
- It is not the peak of the cycle, as compared to history, the current indicators are still too low to be considered the final distribution phase.
- This also indicates that there is still a lot of room for growth, as the short-term holder basis does not yet reflect the massive FOMO from the crowd, meaning the market has not entered an overloaded state. Currently, this decline is just a pullback on the weekly frame.
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