As of today, @pendle_fi has $691.06M in TVL on Ethereum versus $213.37M on Monad.

Ethereum holds roughly 3.2x more capital.
But monthly fees are much further apart:
→ Ethereum: $476,014
→ Monad: $37,206
That’s a 12.8x fee gap from only a 3.2x TVL gap.
This is why TVL alone can be misleading. Two deployments can attract significant capital while producing very different levels of economic activity.
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— What $1 of TVL Actually Produces
Using current TVL as a rough denominator:
→ Ethereum: $689 monthly fees per $1M TVL
→ Monad: $174
That gives Ethereum roughly 4x higher fee intensity.
It’s not a perfect efficiency metric because trailing fees are being compared with point-in-time TVL. But it still shows how differently the capital is being used.
Pendle separates principal from future yield through PT and YT.
So equal amounts of TVL can produce very different economics depending on how actively those positions trade.
———
— Where The Difference Comes From
Imagine two Pendle markets with $100M each.
One is mostly PT buyers holding to maturity.
The other has traders repeatedly rotating between PT and YT as implied yields change.
Both show $100M TVL.
But the second generates more turnover and more fees.
That’s what makes the Ethereum comparison interesting: it has 3.2x more capital, but 12.8x more fees.
Its capital is simply more economically active.
———
— What Drives The Fee Gap
Pendle deployments may share the same interface, but their market structure can be very different.
Underlying assets, maturities, liquidity depth, implied yields and user behavior all affect turnover.
Ethereum can support deeper secondary markets and more frequent repositioning.
Monad can still attract large deposits while more capital remains parked until maturity.
TVL counts both equally.
Fees reveal the difference in activity.
———
— Why Expiry Matters
Pendle markets naturally create recurring activity because PT and YT expire.
At maturity, capital can:
→ Exit
→ Roll into a new maturity
→ Rotate into another yield opportunity
That makes rollover activity important.
A deployment where capital repeatedly rolls can monetize the same capital several times.
A deployment dominated by hold-to-maturity users can maintain strong TVL with much less trading.
Both are real usage. They just create different economics.
———
— Lower Fee Intensity Isn’t Automatically Worse
Lower turnover does not mean Monad’s deployment is inferior.
A user buying PT for fixed yield can hold until maturity without trading again, and Pendle has still done its job.
The narrower conclusion is this:
Monad currently produces much less fee-generating activity per dollar of deposited capital than Ethereum.
That is more informative than simply comparing TVL.
———
— What The Numbers Actually Tell Us
The entire comparison comes down to three numbers:
→ TVL advantage: Ethereum 3.2x
→ Monthly fee advantage: Ethereum 12.8x
→ Fee intensity advantage: Ethereum 4x
Pendle’s Ethereum and Monad deployments differ in more than size.
TVL tells us where the capital sits.
Fee intensity tells us how economically active that capital is.