Pendle's 20x TVL Surge: Revolutionizing Yield Management

Pendle, a leading decentralized finance (DeFi) protocol, has made significant strides in 2024, solidifying its position as a major player in the blockchain ecosystem. The platform's Total Value Locked (TVL) surged from $230 million in early 2023 to $4.4 billion by the end of 2024, a remarkable 20x increase. The growth in trading volume was even more impressive, with the average daily trading volume jumping from $1.1 million in 2023 to $96.4 million in 2024, an almost 100x increase.

Pendle's success can be attributed to its innovative approach to yield management. In 2024, the protocol completed the largest-ever expired position settlement, seamlessly handling $3.8 billion in just a few days. This achievement demonstrates Pendle's ability to scale and its commitment to providing a robust and reliable platform for its users.

In February 2025, Pendle announced the launch of a new project called Boros. This initiative aims to focus on the crypto market's largest source of revenue, the funding rate. Boros will support any type of yield, whether it's from DeFi, CeFi, or traditional financial markets like the LIBOR rate or mortgage rates. This expansion will allow Pendle to significantly broaden its market coverage and reshape the possibilities in the yield space. Boros will provide powerful yield control and optimization tools, setting a new standard for funding rate interactions.

Pendle's growth and innovation have positioned it as the fifth-largest blockchain by TVL, following Ethereum, Solana, Tron, and BNB Chain. The protocol has proven its worth and continues to make significant strides in the DeFi landscape.