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Nansen: Pendle has become the interest rate infrastructure of the DeFi space, paying out $3.86M in fees to vePENDLE stakers in May alone
BlockBeats News, July 7th, Nansen released the latest Pendle project report on social media, stating that Pendle has quietly become the interest rate infrastructure of the DeFi field, with a total value locked (TVL) exceeding $4.8 billion, providing real yield. The recent upgrade, "Boros," has opened the door to a vast derivatives market. The Boros upgrade has enabled margin yield trading and funding rate market functionality. 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, the importance of which is self-evident.
Nansen cited data stating that in May alone, Pendle paid out $3.86 million in fees to vePENDLE stakers, with an annualized rate reaching $23.65 million at current rates. This is not merely a project hyping a token; it is a DeFi business with real profit potential. Arca recently increased its PENDLE holdings by $7.67 million, and Binance Labs, Spartan, and Hashkey also hold significant positions. Over 42,000 wallets hold the PENDLE token, making the market liquidity both deep and stable.
Nansen concluded that Pendle is directly benefiting from the stablecoin yield craze, where more interest-bearing stablecoins mean more fee income. It can be seen as a representative investment target in the DeFi field's "Stablecoin Yield Beta." Through integrations with Silo, Morpho, and expansions to Solana, Hyperliquid, and TON, Pendle is not only advancing cross-chain development but also continuously introducing innovative features and implementing significant strategic initiatives. In short, Pendle is positioning itself as the fixed income infrastructure layer of DeFi.
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