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Pendle Co-Founder: Pendle Hits New TVL High of $7 Billion Even After Over $1.5 Billion in Locked Assets Mature, Enhanced TVL Retention Reflects Growing Market Trust in Pendle Assets

Pendle Co-Founder: Pendle Hits New TVL High of $7 Billion Even After Over $1.5 Billion in Locked Assets Mature, Enhanced TVL Retention Reflects Growing Market Trust in Pendle Assets

BlockBeats2025/08/04 22:12
PENDLE-0.50%AAVE-0.10%ENA-0.05%

BlockBeats News, August 4 — Pendle co-founder TN stated on social media that last week, Pendle experienced one of its largest expiry events to date, with over $1.5 billion in total value locked (TVL) reaching maturity. Nevertheless, Pendle Finance’s TVL continued to climb to a new all-time high. Notably, $1.3 billion (87%) of the maturing TVL originated from assets of Ethena Labs. Over the past weekend, which saw a market downturn, Pendle and Ethena were the only two projects among the top ten protocols to achieve positive 7-day TVL growth. As of now, Pendle holds and contributes approximately 48% of Ethena’s TVL.


Even at this scale, the TVL drawdown from peak to trough was minimal and lasted only one day—falling from $6.827 billion to $6.638 billion, a decrease of just $189 million (-2.8%). In addition, fee revenue for vePENDLE in July 2025 surged 80% month-over-month, reaching $2.85 million. Even excluding airdrops, July’s fee revenue remained healthy at $2.28 million.


Over the past year, despite larger and more frequent expiry events, TVL retention has significantly improved. This shift reflects growing market trust in Pendle’s assets and the rising status of Pendle PT (Principal Tokens) as a preferred yield instrument in DeFi. The key driver behind this trend is the increasingly strong synergy among Pendle, Ethena Labs, and Aave—a flywheel effect that is unlocking new levels of “yield utility” for Pendle PT.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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