Pendle Q3 2025 Performance Report: TVL exceeds 8.7 billion, volume rises 236%

BlockBeats news, on November 18, the crypto assets yield trading platform Pendle, in collaboration with Token Terminal, released the Q3 2025 report: 1. Total Locked Value (TVL) reached 8.75 billion USD, a quarter-on-quarter rise of 118.8%, with stablecoins accounting for over 80%, becoming the core support. 2. Nominal volume exceeded 23.39 billion USD, a quarter-on-quarter rise of 236.1%, reaching a historical peak of 11 billion USD in September for a single month. 3. Protocol revenue was 9.14 million USD and transaction fees were 9.53 million USD, with quarter-on-quarter increases of 54.1% and 58.0%, respectively. The average APR for vePendle holders reached 35%-40%. 4. Monthly active users grew to 29,200, covering 8 public chains, with Ethereum and HyperEVM becoming major user hubs. Currently, Pendle has become the second largest protocol on the Plasma chain, with TVL approaching 1 billion USD, accounting for 30% of the total locked value on this chain. Mainstream protocols such as USDai and Ethena have built liquidity through it, with over 45% of PT tokens used for collateral in the money market. Pendle will promote cross-chain expansion to Solana and other non-EVM ecosystems in Q4, expand Boros-supported assets to HYPE, and optimize limit order functions, while advancing the protocol to be completely permissionless and compliant.