Pendle Continues to Dominate On-Chain Yield Trading
Total value locked on Pendle remains among the largest in DeFi, driven by restaking and stablecoin yield products.
Pendle has retained its position as the dominant on-chain yield trading protocol, with total value locked ranking among the largest in DeFi, according to DefiLlama. The protocol tokenises future yield streams, allowing users to trade fixed and variable rates separately.
Growth has been driven in part by demand for exposure to liquid restaking tokens from projects such as ether.fi and Renzo, alongside stablecoin yield products including Ethena's sUSDe. Pendle's markets have become a common venue for institutional users seeking synthetic fixed income.
The team has continued to expand the protocol to additional networks and to launch new markets in partnership with issuers of yield-bearing assets.
