Pendle Reports Record 2025 Growth with $40M Revenue and Launches Boros for On-Chain Funding Rates

Pendle, a leading DeFi protocol for on-chain yield and interest-rate markets, has unveiled its 2025 performance results, showcasing record growth across all key metrics and a strategic expansion into funding-rate derivatives with the launch of Boros. The protocol reported an average Total Value Locked (TVL) of $5.8 billion, a 79% year-over-year increase, and a peak TVL of $13.4 billion.

Trading volume for the year reached $47.8 billion, up 36.5% YoY, while the platform attracted 155,553 new participants, marking 48% user growth. A significant highlight was the $58 billion in fixed yield settled, representing a 161% increase from the previous year. These figures underscore accelerating institutional adoption of on-chain yield instruments by funds, treasuries, and professional traders.

Financially, Pendle generated approximately $40 million in annualized protocol revenue in 2025, positioning it among the top revenue-producing DeFi protocols. Analysts note that based on current revenue and market valuation, Pendle's forward price-to-earnings (P/E) ratio sits below 20, which is considered low relative to its growth trajectory, suggesting potentially undervalued fundamentals.

The protocol's major strategic move for the year was the introduction of Boros, described as the first on-chain platform for trading tokenized perpetual funding-rate exposure. This product aims to bring a key derivatives market instrument into a transparent, decentralized format. Early traction for Boros includes $80 million in open interest, $5.5 billion in notional volume, and approximately $730,000 in annualized revenue.

With the addition of Boros, Pendle now offers a comprehensive suite covering both fixed-yield markets and funding-rate derivatives, targeting perpetual funding—a major source of structural volatility in crypto. The protocol also strengthened its ecosystem position through expanded integrations across Layer 2 networks and trading venues, with plans for cross-chain expansion into non-EVM ecosystems like Solana. Analysts view Pendle as evolving into foundational infrastructure for crypto's emerging on-chain yield curve.