Introduction
The Pendle team was established in mid-2020 during the peak of "DeFi Summer," exploring ways to introduce fixed-rate products to volatile high-yield markets. Five years in crypto is an eternity, yet the journey has flown by.
I'm proud of what the team has achieved and overcome, positioning us uniquely to capture new opportunities as the industry evolves. This article outlines:
- Pendle’s 2024 milestones
- Three core pillars of growth
- V2 upgrades
- Citadel expansion strategy
- Boros: A groundbreaking new project
- Long-term vision
Pendle V2 2024 Highlights
Establishing the Fixed-Income Market
2024 marked Pendle’s breakout year, validating strong demand for fixed-yield products and scaling from millions to billions:
- TVL: Grew 20x from $230M in early 2023 to $4.4B by December 2024.
- Daily Volume: Surged 100x from $1.1M (2023) to $96.4M (2024).
- Key Milestone: Smoothly settled $3.8B in expiring positions on June 26, 2024.
Pendle now ranks among top DeFi blue-chips, capturing over 50% of the "yield-aggregator" category on DefiLlama.
The DeFi Growth Engine
- Launched nearly 200 liquidity pools across 5 chains, averaging 4 new markets weekly.
- Peak activity: 121 live markets (2.5x YoY growth).
Became a liquidity hub for emerging protocols:
- 48% of Ethena’s TVL sourced via Pendle.
- 42% of restaked BTC in BTCfi ecosystem flowed through Pendle.
- Fueled 30% of Usual’s growth ($3B → $12B).
👉 Discover Pendle’s latest yield opportunities
Three Pillars of Global Expansion
1. V2 Upgrades
With only 4.97% of DeFi’s $17.7B annual yield market "Pendled," V2 focuses on:
- Permissionless Ecosystem: Enable third-party protocols to create yield markets via UI.
- Dynamic Fees: Optimize fee structures for LPs, users, and protocol sustainability.
- vePENDLE Enhancements: Streamline governance participation for all holders.
2. Citadels: Scaling to Trillions
Goal: Make Pendle the core interface for all yield interactions, beyond EVM:
- Non-EVM Expansion: Target Solana, TON, and HYPE ecosystems.
- TradFi Integration: Launch compliant SPVs for institutional fixed-yield access.
- Shariah-Compliant Products: Tap into the $3.9T Islamic finance market.
3. Boros: Revolutionizing Yield Derivatives
A next-gen platform to trade any yield source, starting with crypto’s largest revenue stream—funding rates:
- Case Use: Ethena could lock fixed funding rates for stability at scale.
- TRUMP/USDT Example: Hedge 20,000% APY funding costs via Boros.
PENDLE’s Role in the Ecosystem
vePENDLE holders reaped 40% average APY in 2024, plus a $6.1M airdrop in December. As Pendle expands, value accrues to vePENDLE through:
- V2’s DeFi dominance.
- Citadel’s cross-chain/TradFi bridges.
- Boros’ derivative innovations.
👉 Explore vePENDLE staking benefits
The Endgame Vision
Pendle’s mission remains unchanged: Unify the yield layer. 2025’s roadmap includes bold bets like Citadels and Boros, but we’ll stay adaptable—just as we’ve done for five years.
"Job is not done—but it will be."
— TN, Pendle CEO & Co-Founder
FAQ
Q: How does Pendle ensure fixed-rate security?
A: Through audited smart contracts and over-collateralized liquidity pools.
Q: Can non-EVM users access Pendle?
A: Yes! Citadels will soon deploy PTs on Solana, TON, and more.
Q: What’s Boros’ advantage over traditional swaps?
A: It supports any yield source (e.g., TradFi rates) with blockchain efficiency.
Q: How do I start with Pendle?
A: Deposit assets into V2 pools or stake PENDLE for governance rewards.