Pendle's TVL Momentum Accelerates: Quarterly Metrics Paint Picture of Explosive Growth

GasFeeVictim · 2026-01-05T13:42:33+00:00

Pendle has shown significant growth in Q3, with a TVL of $8.75 billion, up 118.8%. The platform primarily attracts users with stablecoins, dominating the Plasma network. It also generated $9.14 million in net revenue and had 292,000 monthly active users, reflecting strong user engagement.

GasFeeVictim

2026-01-05 13:42:33

Abstract generation in progress

According to ChainCatcher, Pendle has reported robust expansion across all major performance indicators in its latest quarterly filing. The platform’s quarterly average TVL reached $8.75 billion, representing a dramatic surge of 118.8% compared to the previous quarter’s $3.99 billion.

Breaking Down the TVL Composition

The composition of locked value reveals a heavily stablecoin-focused ecosystem, with digital stablecoins representing approximately 80% of total TVL. This concentration underscores the platform’s primary appeal to users seeking yield strategies on less volatile assets.

On the Plasma network specifically, Pendle has emerged as a dominant player, securing the second-largest position with TVL approaching the $10 billion mark. This represents roughly 30% of all capital locked across the entire Plasma ecosystem, highlighting Pendle’s outsized influence in the chain’s DeFi landscape.

User Adoption and Revenue Growth

The Q3 performance extended beyond pure TVL metrics. The platform processed $23.39 billion in nominal trading volume during the quarter, while simultaneously generating $9.53 million in fees. Net revenue for the period reached $9.14 million, indicating healthy monetization of platform activity.

User engagement metrics also reflect the platform’s expanding reach, with 292,000 monthly active users recorded in Q3. This combination of growing TVL, trading volume, and user base signals sustained momentum across Pendle’s core business drivers.

PENDLE-1,65%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.