币界网报道：Pendle: Dominating the yield market, TVL hits a new high of $5.29 billion Pendle's dominance in the yield space continues to grow. Since the beginning of 2025, Pendle's total locked value (TVL) has increased by 23%, reaching a new high of $5.29 billion. TVL share has also increased significantly, and now accounts for 58% of the market share. In the first half of 2025, the total TVL maturing amount was $7.8 billion, an increase of 25% compared to the peak of the points frenzy in the first half of 2024. Despite Pendle's large-scale vault maturities, the total locked value (TVL) continues to grow as users continue to roll over. This is equivalent to rolling over more than $7.8 billion worth of bonds on the chain, while Pendle plays the role of a crypto fixed income exchange. During this period, every PT and LP exchange was completed smoothly. Pendle: Providing Core Yield Infrastructure for the Stablecoin DeFi WavePendle’s TVL continues to be dominated by a large number of stablecoins, with over 87% currently denominated in stablecoins. Pendle is a narrative enabler that stays at the forefront of the strongest trends in DeFi, similar to what Pendle did for LST, LRT, BTCfi, and now stablecoins. With the GENIUS Act on the horizon and giants like Amazon, Walmart, and Revolut exploring their own stablecoin initiatives, this vertical is quickly becoming the next gold rush in cryptocurrency, and Pendle is well positioned to meet this surge in demand, providing core yield infrastructure for the upcoming institutional-grade, stablecoin-driven DeFi wave.Pendle: The Main Liquidity Engine for Yield ProtocolsMost notably, 50% of Ethena’s TVL is attributed to Pendle. OpenEden launched its first pool on Pendle in early April, and its TVL has since grown nearly 4x. As of today, Pendle holds over 70% of the total USDO supply. Meanwhile, the Pendle Financial System has seen tremendous growth over the past two quarters. The total value of PT deployed as collateral since the Zenith update has doubled from $1.2 billion to $2.5 billion in just four months, with the share of collateral across all lending platforms rising from 3.3% to 5%. Recently Pendle laid the foundation to support Pendle LP tokens as collateral, with Silo Finance being the first platform to deploy this integration. LP collateral has a different risk profile than PT collateral, enabling users to take advantage of yield while retaining the potential upside of the pip. One of Pendle’s main priorities for the remainder of the year is to accelerate the adoption of LP as collateral across more platforms and ecosystems. Yield trading as a vertical continues to gain traction, with Pendle growing to over 70,000 users and over $16 billion in trading volume in the last 6 months. The launch of the self-deployment portal further supports this momentum, enabling community-led deployments to play a key role in scaling Pendle more efficiently. Pendle has deployed 150 pools in the same period: a 114% increase from the same period last year. As Pendle gradually expands the use of this feature, it is expected to accelerate Pendle's organic growth. Meanwhile, vePENDLE holders continue to benefit directly from Pendle's momentum, earning $13.1 million in fees over the past 6 months, up 66% from the first half of 2024. This figure includes protocol fees and airdrops provided by the Pendle team. With the upcoming launch of Citadels and Boros, these revenue streams to the vePENDLE ecosystem will grow further. Pendle: Future Outlook As retail giants enter the stablecoin track with the support of the GENIUS Act, new opportunities may drive more development in the stablecoin market. The Federal Reserve's upcoming dovish policy may stimulate more investor interest in DeFi as investors flock to higher-yielding on-chain investment areas. This trend may also drive demand for stablecoin PT, as stablecoin PT is a way for investors to lock in attractive fixed income before interest rate cuts. Pendle is about to enter the final stage of Boros stress testing, which will open up a new source of speculation in funding rate yields. The first batch of Citadels are online, including but not limited to Pendle PT, which can be used by non-EVM chains. This article comes from a contribution and does not represent the views of Coin World. [Pendle]