Pendle TVL Hits $5.59 Billion as 11.11% Yield Drives DeFi Growth, Expands with HyperEVM Partnership

Pendle’s Total Value Locked (TVL) surged to an all-time high of $5.59 billion in its latest weekly update, reflecting robust demand for its structured yield strategies. The platform’s PT (Principal Token) collateral across lending protocols has exceeded $3 billion, with Aave dominating the ecosystem, holding $2.46 billion in PT deposits. Morpho and Euler also contributed significantly, with $442 million and $67 million in Pendle collateral respectively, underscoring the protocol’s expanding influence in decentralized finance (DeFi) markets.

A notable focus of the update is the PT-sUSDe token (set to mature in September 2025), which currently offers an annualized yield of 11.11%. This figure has climbed as liquidity from the July 2025 contract nears its end, with the price of the July PT approaching par value. Pendle has urged users to reallocate funds to the September contract to secure fixed income. On-chain data indicates approximately $1.9 billion in liquidity is expected to migrate from the July series, potentially reducing competition for high-yield opportunities. The impending shift is described as a “low-competition, high-yield deployment window” as the market adjusts to new terms.

Expanding its asset offerings, Pendle announced a partnership with HyperEVM to integrate additional structured yield products. The collaboration aims to list assets such as Hyperwave (hwHLP), Kinetiq (kHYPE), and Hyperbeat Ultra (HYPE), further diversifying Pendle’s ecosystem. This move aligns with broader trends in DeFi, where protocols seek to enhance user utility through innovative tokenized instruments.

The surge in TVL and PT collateral highlights growing institutional and retail interest in fixed-income strategies within DeFi. Pendle’s ability to generate consistent yields—particularly in a low-interest-rate environment—has attracted liquidity providers seeking alternatives to traditional markets. The platform’s multi-protocol integration (Aave, Morpho, Euler) demonstrates its adaptability and the interoperability driving DeFi’s evolution. However, the need for users to actively migrate funds before maturity underscores the importance of strategic timing and market awareness in capitalizing on these opportunities.

The collaboration with HyperEVM signals a focus on ecosystem expansion, a critical factor in sustaining growth in competitive DeFi markets. By broadening its asset base, Pendle aims to reinforce its position as a leader in structured yield finance. The upcoming PT-sUSDe deployment window presents a key test for the platform’s ability to balance liquidity inflows and yield optimization. As the DeFi landscape matures, protocols that offer clear, actionable insights—such as Pendle’s migration guidance—may gain a significant edge in retaining users and capital.