- Pendle’s recent Token Upgrade launches sPENDLE, which will offer flexible liquidity and new rewards for DeFi yield traders and holders.
- Boros integration will let Pendle users trade perpetual funding rates, while unlocking new on-chain yield opportunities in DeFi markets.
- Algorithmic emissions will reduce PENDLE supply by 20–30%, in order to improve allocation efficiency and long-term incentives for token holders.
Pendle Token Upgrade shows real‑time strength as key metrics reflect ongoing growth in DeFi yield markets.
Pendle’s price trades around $1.95 with recent daily volume exceeding 600 K, indicating consistent market activity.
Total Value Locked remains elevated after averaging roughly $5.7 billion in 2025, with a peak above $13 billion. Monthly notional volume stayed near $54 billion, showing deep liquidity engagement across principal and yield markets.
sPENDLE launches alongside algorithmic emissions and flexible withdrawal options. Boros, Pendle’s funding‑rate trading venue, reported around $6.9 billion in open interest and growing deposit figures.
These updated figures support Pendle’s ongoing expansion into yield, rates, and fixed income trading on‑chain, reinforcing its platform relevance in evolving DeFi sectors.
Pendle’s Record Performance in 2025
Pendle led crypto yield trading platforms in 2025. Average Total Value Locked (TVL) recorded a 76% year-over-year peak, and hit $13.4 billion, from $5.7 billion.
This positions Pendle alongside the largest DeFi platforms. The platform generated $44.6 million in total fees, a 134% increase from the prior year.
Holders earned $34.9 million in revenue, reflecting strong engagement and market activity. Monthly notional trading volume averaged $54 billion, with frequent daily nine-figure trades,
A clear demonstration of high liquidity and consistent user demand. In addition, Pendle’s trading activity in tokenized yield markets continues to exceed other comparable protocols.
By splitting yield-bearing assets into principal and yield tokens, the platform enables hedging, directional trading, and yield curve creation.
These achievements confirm Pendle’s dominance in the fixed income segment on-chain and the efficiency of its AMM and limit orderbook structure.
sPENDLE Token Enhancements
The Pendle token upgrade introduces sPENDLE, a composable and fungible token designed to improve liquidity and reward distribution. Protocol revenue will now support PENDLE buybacks and payouts to active sPENDLE holders.
So as to create continuous incentives for participation. SPENDLE holders have access to a 14-day withdrawal period or instant redemption with a 5% fee.
This will balance flexibility with protocol stability. In addition, the token’s composable nature allows integration with any decentralized application.
It enables this by removing traditional trade-offs between participation and liquidity. Pendle also shifts from manual voting to an algorithmic emission model.
This aims to reduce PENDLE issuance by 20–30% while optimizing allocation efficiency. Notably, existing vePENDLE holders will receive virtual sPENDLE multipliers up to 4x during the transition period.
To enable rewards based on their remaining lock durations. This approach ensures continued long-term engagement while introducing new liquidity options.
Boros and Expanding Yield Markets
Boros, Pendle’s on-chain venue for perpetual funding rates, represents a new frontier in yield trading. Within four months of launch, Boros reached $6.9 billion in open interest and $6.8 million in deposits.
Such figures indicate early adoption in a previously untapped DeFi segment. By the end of 2025, Boros generated approximately $301,000 in fees and listed NVDAUSDC-Hyperliquid, allowing traders to speculate on NVIDIA perpetual markets.
Additional listings for major equity perps, including S&P500, NASDAQ, AMZN, and TSLA, are planned. They will be providing a broader array of instruments for yield-seeking participants.
The Boros integration allows Pendle to diversify revenue streams beyond TVL-driven yield fees. Funding rate markets address a $63 billion opportunity.
Expanding protocol earnings potential and strengthening Pendle’s position as a comprehensive infrastructure for DeFi fixed income markets.