Citing Blockbeats, Pendle released its 2025 annual review on December 5, 2025, reporting an average total value locked (TVL) of $5.8 billion for the year, a 79% increase from the previous year. The platform's TVL peaked at $13.4 billion, with total trading volume reaching $47.8 billion, up 36.5% year-on-year. Pendle added 155,553 new users, a 48% increase from 2024. The platform's investment portfolio is primarily composed of stablecoins (85%), Bitcoin (3%), Ethereum (5%), and others (7%). Pendle also provided $58 billion in fixed income, a 161% growth year-on-year. Its product Boros, launched in 2025, achieved $5.5 billion in trading volume within four months, with open interest reaching $80 million, representing 0.04% of the total market size. Boros has significant growth potential in the $2 trillion investment market.
Pendle 2025 Annual Review: Average TVL Reaches $5.8 Billion, Up 79% YoY
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