Pendle

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

DeFiLlama publishes the exact rules used to aggregate on-chain balances into the headline TVL figure shown on this page. The methodology below is the team's own source-of-truth description.

V1 TVL counts the collateral backing the yield tokens and USDC in the pendle markets, plus staked OT liquidity, and SLP/JLP staked in masterchef. Staking TVL is just staked PENDLE on 0x07282F2CEEbD7a65451Fcd268b364300D9e6D7f5. Pool2 refers to the Pe,P pool on mainnet, and Pa,P pool on avax.

If a contract or vault isn't in this list, its balance does not contribute to the TVL displayed on Mantapex or DeFiLlama.

Pendle's governance or utility token carries a market capitalisation of 217,4 Mio. $ based on circulating supply at the latest DeFiLlama snapshot. The token's market cap (217,4 Mio. $) is small relative to deposits secured by the protocol (2,3 Mrd. $); a mcap/TVL multiple of 0.10× is sometimes read as a discount, though it can also reflect minimal fee accrual to the token. A further 132,7 Mio. $ sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Pendle operates in the Yield category of DeFi. It is deployed across 11 chains, including Ethereum, Plasma, Arbitrum, Hyperliquid L1 and 7 other chains. The codebase has been independently audited (1 report on file).

Pendle runs a multi-chain deployment, with smart contracts live on 11 networks. TVL is comparatively balanced across networks: even the largest deployment (Ethereum) holds only 47% of the protocol's value. Price feeds come from a single oracle provider (RedStone); an outage or manipulation of that feed would propagate into every market the protocol prices. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap (217,4 Mio. $) is small relative to TVL (2,3 Mrd. $) — a mcap/TVL ratio of 0.10 is often read as the token being structurally undervalued versus the activity it secures.

Verified external resources for Pendle — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Pendle is one of 7 Yield protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Spark Savings, Convex Finance, Multipli.fi, and 3 more. These peer protocols collectively secure 3,1 Mrd. $ in deposits, giving you a frame of reference for whether Pendle's own TVL is at the top, middle, or tail of the category.

Spark Savings

TVL 1,4 Mrd. $ · 24h +0.35%

Convex Finance

TVL 722,7 Mio. $ · 24h +0.66%

Multipli.fi

TVL 342,7 Mio. $ · 24h -0.01%

Strata Markets

TVL 259,5 Mio. $ · 24h +0.70%

infiniFi

TVL 177 Mio. $ · 24h +1.74%

Aster asBNB

TVL 171,2 Mio. $ · 24h -0.10%