Pendle generated $33 million in year-to-date revenue in 2025, ranking third in the DeFi money market sector behind Aave and Spark, according to Token Terminal data cited in a Dec. 18, 2025 report.
The positioning signals resilient, usage-led monetization at a time when many protocols lean on incentives instead of organic demand. The report attributes revenue generation to multiple product lines, including yield tokenization, limit orders with AMM functionality, vePendle, and Boros, enabling users to separate and trade principal and yield exposure via PT and YT structures.
Next, market participants will be watching whether yield narratives continue to pull liquidity toward Pendle and whether value accrual remains aligned, with the report stating that 80% of protocol revenue flows to vePENDLE holders, while 10% goes to the treasury and 10% to operations.
Source: Token Terminal.
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