Nansen: Pendle has become the interest rate infrastructure of the DeFi space, paying out $3.86M in fees to vePENDLE stakers in May alone

On July 7th, Nansen disclosed the latest Pendle project report on social media, indicating that Pendle has quietly emerged as the interest rate infrastructure in the DeFi field, with a total value locked (TVL) exceeding $4.8 billion and providing real yields. The recent upgrade, "Boros," has opened the gateway to a vast derivatives market. The Boros upgrade has enabled margin yield trading and funding rate market functionality. Pendle is no longer merely a yield-splitting protocol; it is constructing a complete on-chain yield curve. This is equivalent to creating an interest rate market for tokens, and its importance is self-evident. Nansen cited data stating that in May alone, Pendle paid out $3.86 million in fees to vePENDLE stakers, with an annualized rate reaching $23.65 million at the current rate. This is not just a project hyping a token; it is a DeFi business with real profit potential. Arca recently increased its PENDLE holdings by $7.67 million, and Binance Labs, Spartan, and Hashkey also hold significant positions. Over 42,000 wallets hold the PENDLE token, making the market liquidity both deep and stable. Nansen concluded that Pendle is directly reaping the benefits of the stablecoin yield craze. As more interest-bearing stablecoins emerge, it means more fee income. It can be regarded as a representative investment target in the "Stablecoin Yield Beta" of the DeFi field. Through integrations with Silo, Morpho, and expansions to Solana, Hyperliquid, and TON, Pendle is not only advancing cross-chain development but also continuously introducing innovative features and implementing significant strategic initiatives. In short, Pendle is positioning itself as the fixed income infrastructure layer of DeFi.