Pendle 2025 Q3 Performance Report: TVL Surpasses 8.7 Billion, Trading Volume Up by 236%

On November 18th, the cryptocurrency yield aggregator Pendle jointly released the Q3 report for 2025 with Token Terminal: 1. The Total Value Locked (TVL) reached $8.75 billion, showing a 118.8% increase compared to the previous period. Stablecoins accounted for over 80% and served as a core support. 2. The nominal trading volume exceeded $233.9 billion, with a 236.1% increase compared to the previous period. It reached a monthly peak of $110 billion in September. 3. The protocol revenue was $9.14 million, and the fees were $9.53 million, representing a 54.1% and 58.0% increase respectively. The vePendle holders averaged an APR of 35%-40%. 4. The monthly active users increased to 29,200, spanning 8 blockchains. Ethereum and HyperEVM were the main user hubs. Pendle has now become the second-largest protocol on the Plasma chain, with a TVL of nearly $1 billion, accounting for 30% of the chain's total value locked. Leading protocols such as USDai and Ethena have utilized its liquidity, and over 45% of the PT tokens were used for money market collateral. In the fourth quarter, Pendle will advance cross-chain expansion to non-EVM ecosystems like Solana, expand Boros to support assets like HYPE, optimize limit order functionality, and promote the deployment of a fully permissionless and compliant version of the protocol.