On July 7, Nansen released the latest project report on Pendle on social media, stating that Pendle has quietly become the interest rate infrastructure in the DeFi field, with a total locked value (TVL) exceeding $4.8 billion, providing real yield. The latest upgrade "Boros" has opened the door to a vast derivatives market. The Boros upgrade achieved margin yield trading and funding rate market functions. Pendle is no longer just a yield splitting protocol; it is building a complete on-chain yield curve. This is equivalent to creating an interest rate market for tokens, and its importance is self-evident.
Nansen cited data showing that Pendle paid $3.86 million in fees to vePENDLE stakers in May alone, with an annualized rate of $23.65 million at current rates. This is not a project purely hyping tokens, but a DeFi business with real profitability. Arca recently increased its position in PENDLE by $7.67 million, and Binance Labs, Spartan, and Hashkey have also held large positions. Over 42,000 wallets hold PENDLE tokens, and market liquidity is not only deep but also stable.
Nansen concluded that Pendle directly benefits from the stablecoin yield boom, with more interest-bearing stablecoins meaning more fee income. It can be viewed as a representative investment target for the "stablecoin yield beta" in the DeFi field. Through integration with Silo and Morpho, and expansion to Solana, Hyperliquid, and TON, Pendle is not only developing cross-chain but also continuously launching innovative features and implementing major strategic layouts. In short, Pendle is positioning itself as the fixed income infrastructure layer of DeFi.
