Pendle Delivers 2025 Report Card: TVL Surpasses 10 Billion, Fixed Income Soars by 161%

[Crypto World] Pendle has just delivered its 2025 report card, and the numbers are pretty impressive.

Let’s start with the key metrics: the average annual TVL held steady at $5.8 billion, peaking at $13.4 billion—a direct increase of 79% over last year. Trading volume was also solid, reaching $47.8 billion for the year, up 36.5% year-over-year. In terms of user growth, over 155,000 new users joined, which is nearly a 50% increase compared to 2024.

Looking at asset allocation, funds on the platform remain quite conservative: stablecoins make up the majority at 85%, Ethereum at 5%, Bitcoin at 3%, and the remaining 7% in other tokens. Over the year, Pendle provided users with a total of $58 billion in fixed yield, more than 1.6 times last year’s figure.

A special mention for their new product launched last year—Boros. Even though it’s only been online for four months, it’s already seen over $5.5 billion in trading volume, with $80 million in open interest. While it currently only accounts for 0.04% of the entire market share, considering the overall investment market is $200 billion, there’s still huge growth potential for Boros.

Overall, Pendle has firmly established itself in the DeFi yield sector this year. Fixed yields have become a deeper focus, and their new products are starting to pick up traction.