Pendle Co-Founder: Pendle's TVL still reached a new high of $7 billion after over $1.5 billion in Lock-up Position assets expired, and the enhanced TVL retention ability reflects the market's deepening trust in Pendle's assets.

BlockBeats news, on August 4th, Pendle co-founder TN posted on social media that last week Pendle experienced one of the largest maturity events to date, with a total locked-up value (TVL) of over 1.5 billion dollars maturing. However, Pendle Finance’s TVL continues to rise to new historical highs. Notably, 1.3 billion dollars (87%) of the maturing TVL comes from assets of Ethena Labs. During the weekend that just experienced a market fall, Pendle and Ethena were the only projects among the top ten protocols to achieve a positive 7-day TVL growth. As of now, Pendle holds and contributes about 48% of Ethena’s TVL. Even at this scale, the drawdown of TVL from peak to trough was minimal and lasted only one day—from 6.827 billion dollars down to 6.638 billion dollars, a decrease of only 189 million dollars (-2.8%). In addition, the fee revenue for vePENDLE in July 2025 skyrocketed by 80% month-on-month, reaching 2.85 million dollars. Even without considering Airdrop, the fee revenue in July remained at a healthy level of 2.28 million dollars. Over the past year, even with larger and more frequent maturity events, the retention capability of TVL has significantly improved. This shift reflects a deepening market trust in Pendle assets, as well as an elevated status of Pendle PT (Principal Token) as the preferred yield tool in DeFi. The key driver behind this trend is the increasingly enhanced synergy among Pendle, Ethena Labs, and Aave, which is unlocking new levels of “yield utility” for Pendle PT.