Pendle 2025: Zenith
Pendle experienced massive growth in 2024, with TVL increasing 20x to $4.4B and daily trading volume surging 100x to nearly $100M, establishing itself as a dominant player in DeFi yield trading. The protocol is now expanding through three strategic initiatives: enhancing V2 with permissionless listings and dynamic fees, launching Citadels to target non-EVM ecosystems and institutional markets, and introducing Boros as a new product to capture the $150B perpetual futures funding rate market. Pendle aims to become a comprehensive yield layer for both crypto-native and traditional finance users.