📊 RWA valuation re-priced

Pendle accelerates RWA adoption: 11 markets, 9 use RWA as collateral, with daily average TVL of $1.3 billion.
Pendle’s RWA transformation is no longer just a slogan—of 11 major markets, 9 use RWA as collateral, with daily average TVL of $1.3 billion, and institutional capital continuing to flow in. In less than a year since Boros launched, trading volume broke $14 billion, user count grew 50%, and the on-chain interest rate derivatives market has been preliminarily running.
But the token-side signals are worth a closer look: 36% of PENDLE is staked, with 93% still not unlocked; the protocol’s weekly liquidity incentives were cut from 90k to 21k tokens, while it also repurchased 2 million tokens. The team is using revenue to buy back and reduce inflation, but the high staking ratio means the circulating supply is tighter, so price volatility may be amplified.
What to watch in the second half: curated infrastructure enables external teams to create PT/YT markets; PT assets are integrated with lending protocols, and it partners with Morpho on branded vaults. On the institutional side, it collaborates with New York RWA issuers to introduce tokenized ETFs.
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