Pendle Co-founder: Pendle Achieves New $7 Billion TVL Peak as TVL Strengthens Post $1.5 Billion Locked Assets Expiry, Signaling Market's Deepening Trust in Pendle Assets

On August 4th, the co-founder TN of Pendle posted on social media that last week, Pendle witnessed one of its largest expiration events to date, with a total value locked (TVL) of over $1.5 billion expiring. Nevertheless, Pendle Finance's TVL still reached a new all-time high. Notably, $1.3 billion (87%) of the expiring TVL came from Ethena Labs' assets. During the weekend, against the backdrop of a market downturn, Pendle and Ethena were the only projects among the top ten protocols to achieve a positive 7-day TVL growth. Currently, Pendle holds and contributes approximately 48% of Ethena's TVL. Even at this magnitude, the TVL retracement from the peak to the trough was minimal and only lasted for one day, falling from $6.827 billion to $6.638 billion, a decrease of just $189 million (-2.8%). Furthermore, in July 2025, the fee revenue of vePENDLE surged by 80% compared to the previous month, reaching $2.85 million. Even without airdrops, the July fee revenue remained at a healthy level of $2.28 million. Over the past year, despite larger and more frequent expiration events, the resilience of TVL has been significantly enhanced. This shift reflects a deeper market trust in Pendle's assets and the elevated status of Pendle PT (Principal Tokens) as the preferred DeFi yield instrument. The key driver behind this trend is the increasingly synergistic relationship between Pendle, Ethena Labs, and Aave, creating a flywheel effect that is unlocking new levels of "yield utility" for Pendle PT.