TN | Pendle
@tn_pendle
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Co-founder, cooking @pendle_fi
Pendlehouse
Joined July 2017
Pendle 2025: Zenith. In this post, I've outlined the highlights for Pendle V2 in 2024, our future roadmap for the 3 pillars of Pendle - V2, Citadels and Boros, as well as The End Game. Job's not done - but it'll be.
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We have an unofficial, internal team rule, that is to never publicly discuss about $PENDLE price action. We put our heads down, continue to buidl and deliver, and let the market speak for itself. Today, I'm breaking that rule to finally celebrate @pendle_fi as a unicorn ๐ฆ
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$5 billion in TVL on @pendle_fi ๐. "War, war never changes". But Pendle certainly does, and we'll continue to do so until we have the same success, dominance of Vault-Tec and even beyond (minus all the evil of course ๐ค๐ป). More exciting developments on the way soon!
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๐ขPSA - We have confirmed that the team has lost access to @pendle_fi Twitter/X account. Team is currently looking into it so please practice caution and ignore any posts or messages from @pendle_fi until you hear otherwise from the official team. No funds are at risk.
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$1 billion TVL for @pendle_fi today! Our second unicorn metric ๐ฆ. ็ฅๅคงๅฎถ้พๅนดๅคงๅ๏ผ
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We've managed to recover @pendle_fi and the account is back in our control. No funds are/were at risk and the Pendle protocol is secure. Post mortem ๐๐ป.
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It's official - @pendle_fi is now a unicorn in volume!. โ Start of 2023 - $5.8M.โ Start of 2024 - $399M.โ Today - $1 billion ๐ฆ. Been an absolute pleasure seeing our goals realized, but in the words of @crypto_linn, job's not done. Here's to many more unicorns for us ๐ฅ
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ETH ETF approved (thank you, Gary ๐๐ป). @pendle_fi broke $6B in TVL (thank you, team and Pendies ๐๐ป). 'Tis been a good week, with plenty more to come next week. JOB'S NOT DONE ๐ซก
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$2 billion TVL ๐ฅณ. @pendle_fi is now officially the largest "Yield" protocol according to @Defillama, and a Top 15 DeFi protocol by TVL!. Thank you again to all the Pendies who helped make this possible ๐ซก. P.S. Triple launch week has been fun, same time next week?
Total value locked on @pendle_fi +50% to $1.5 billion after 2 weeks ๐
. We're now #19 in terms of TVL out of all the DeFi protocols on @Defillama. Team is working to majorly ramp up LRT (+others) listings and integrations very soon ๐ซก
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Hit the rare trifecta in milestones today for @pendle_fi ๐๐ป. > $4 billion TVL.> $10 billion total trading volume.> $500M ATH daily trading volume. All thanks to a recent healthy boost from Ethena Season, which by the way, isn't over yet ๐. JOB'S NOT DONE.
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It's been 1 month since @pendle_fi launched our first BTCfi pool. Since then, we've captured over half a billion of $BTC TVL, driving liquidity and growth across the BTCfi ecosystem. But this is just the tiny peak of the BTC iceberg. Weโre merely tapping into a fraction of whatโs
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$500M TVL ๐. With this, @pendle_fi is now #31 by TVL and the 2nd largest 'Yield' protocol according to @DefiLlama. Our TVL has grown by 114% since the start of 2024, thanks to our propositions in #LRT. This is just the start; more listings and features in the pipeline. Cheers!
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Boros is the next piece of the puzzle for our ambitions. With it, Pendle will be looking toward even more aggressive growth as we target every yield. Funding rate trading is vast and largely untapped, but this is only the very beginning for Boros. JOB'S NOT DONE!.
Introducing Boros by Pendle: Yield Trading with Margin. Based on the ancient Greek word meaning โto eatโ, Boros is Pendleโs newest platform. Developed from scratch in our conquest to consume every yield in the world, both onchain and offchain, starting with funding rates. Of
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We're looking for new analysts to join @pendle_fi!. 1.โ โ Research analyst - 2. Data analyst - If you like crypto and enjoy driving meaningful, data-driven decisions, click on the links to help us shape the future of DeFi ๐ค
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Hit 1 million $ETH for @pendle_fi TVL today ๐ฅณ. We've got a packed schedule this week for some pretty interesting assets, so be sure to keep your eyes out for them soon!
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Another ATH milestone for today - $3 billion TVL for @pendle_fi ๐ฅ. Been an absolute pleasure fellow Pendies but. job's not done ๐ซก
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Pendle goes live on Base ๐.
Pendle is now live on @Base!. We're excited to unlock new yield avenues on Base โ fixed yield, yield trading, LP opportunities, and more. Starting with cbETH, select BTC assets, and plenty more in the Pendle pipeline!
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GM, great start to the week with $20B cumulative trading volume for @pendle_fi ๐
. More to come - launches, volume, TVL. Team is set on delivering some exciting stuff soon ๐ค๐ป. JOB'S NOT DONE
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This time last year, @pendle_fi was just past 1 month old, with $6.9M of cumulative trading volume ๐. Our first $50M milestone came only after ~4 months. Today, we've hit $450M in cumulative volume, with our latest $50M taking 10 days to reach๐
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Christmas came early for @pendle_fi โ๏ธ. 2024 has been a great year and we thank you for being a part of this incredible journey with us!. But the best is yet to come. 2025 is shaping up to be even better, and we canโt wait to share whatโs in store!. JOB'S NOT DONE ๐
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Ending the week with a good milestone for @pendle_fi ๐
. It's ๐ฏ๐ช๐ค๐ฆ to reflect on where we were at the same time last year, with a cumulative trading volume of just $69M. Gearing up for another great week with more exciting launches but for now, GM ๐ซก. JOB'S NOT DONE
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$800M TVL for @pendle_fi right before Chinese New Year ๐งง. ๆญๅๅ่ดข๏ผ่ดขๆบๆปๆป๏ผๅคงๅๅคงๅฉ
Yesterday on @pendle_fi:. โ
3rd LRT listing - ezETH by @RenzoProtocol.โ
Broke $600M TVL (ATH).โ
$62.6M daily trading volume (ATH). More LRT pools to come in the coming weeks. GM ๐ค
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A month later and @pendle_fi's doubled our $BTC TVL beyond the $1 billion mark ๐ฅณ. The BTCfi pie continues to grow in size, with Pendle now owning ~41% of the TVL. With more attention shifting toward the #1 coin, thereโs still massive untapped potential still. JOB'S NOT DONE ๐ซก
It's been 1 month since @pendle_fi launched our first BTCfi pool. Since then, we've captured over half a billion of $BTC TVL, driving liquidity and growth across the BTCfi ecosystem. But this is just the tiny peak of the BTC iceberg. Weโre merely tapping into a fraction of whatโs
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We're kickstarting Ethena season by going #PendleToTheMantle with our friends from @0xMantle and @ethena_labs ๐. For every USDe/YT-USDe in this new pool, users will earn:.โบ 20x Sats/day.โบ 0.0012 @EigenLayer points/day. It's USDe (Mantle) on Pendle ๐๏ธ
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We've just hit $200M trading volume on @pendle_fi ๐. Fixed yield and interest rate swaps are some of the biggest verticals in traditional finance, but remains one of the smallest still in DeFi. There's potential for us to do more and be more ๐ซก
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GM, @pendle_fi just hit $600M in cumulative trading volume today ๐ฅ. This was the fastest that we've been in clocking a $100M mark for trading volume:. First $100M - 7 months.Latest $100M - 5 days. Looking forward to bigger growth down the road ๐ฅ
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2 weeks later and we've added another $1 billion in cumulative trading volume - $2 billion in total ๐ฆ๐ฆ. It feels surreal to see this when the same milestone took us more than 1 year to achieve.
It's official - @pendle_fi is now a unicorn in volume!. โ Start of 2023 - $5.8M.โ Start of 2024 - $399M.โ Today - $1 billion ๐ฆ. Been an absolute pleasure seeing our goals realized, but in the words of @crypto_linn, job's not done. Here's to many more unicorns for us ๐ฅ
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Yesterday, @pendle_fi reached another day of all-time-high in daily trading volume ๐. This was the 5th ATH breakthrough in the past 10 days, thanks in large part to Pendle's LRT pool, eETH by @ether_fi ๐ค
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Back-to-back ATHs for daily trading volume on @pendle_fi . We've just hit a new high, reaching $86.9 million in daily trading volume ๐ฅ
Yesterday on @pendle_fi:. โ
3rd LRT listing - ezETH by @RenzoProtocol.โ
Broke $600M TVL (ATH).โ
$62.6M daily trading volume (ATH). More LRT pools to come in the coming weeks. GM ๐ค
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200,000 ETH TVL @pendle_fi ๐ค .
GM, delivering another dose of ATH for @pendle_fi ๐. โ
150k ETH in TVL. Thanks to all who made this a reality!
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Just to clarify, assets on Pendle were unaffected and safu. The target of the exploit was Penpie, an independent protocol building on top of @pendle_fi. The Pendle team acted quickly to inform and assist, saving $107M in the process.
Post Mortem. Earlier today, a security breach targeting Penpie led to some loss of funds. In response, Pendle promptly paused our contracts, effectively safeguarding ~$105M that could have been further drained from Penpie. Thanks to coordinated efforts from multiple parties,.
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We've just hit the Air Jordan of Trading Volume on @pendle_fi - $23B ๐. Like His Airness, team is still relentless in building and Pendl-ing new, exciting assets, pursuing a dynasty in DeFi yields. JOB'S NOT DONE ๐ซก
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Today, @pendle_fi hit our ATH in TVL (ETH) ๐ฅณ. Yes, market's slowed down in recent times but bear or bull, Pendle will continue to ship and build!
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GM. Daily trading volume on @pendle_fi broke ATH consecutively in the past 3 days ๐
. Majority of this came from Pendle's first LRT integration, eETH by @ether_fi , as apes swarmed in to speculate on the value of @eigenlayer and EtherFi points
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Cumulative trading volume of @pendle_fi just crossed $100m ๐พ. Lots more exciting features lined up for the year, fingers crossed weโll be doubling this soon!
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Back-to-back-to-back-to-back-to-back ATH in daily trading volume for @pendle_fi!. GM, happy Friday, and remember to continue doing your thing over the weekends ๐ซก
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Total value locked on @pendle_fi +50% to $1.5 billion after 2 weeks ๐
. We're now #19 in terms of TVL out of all the DeFi protocols on @Defillama. Team is working to majorly ramp up LRT (+others) listings and integrations very soon ๐ซก
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Back-to-back-to-back ATHs for daily trading volume on @pendle_fi. We've just hit a new high, reaching $97 million in daily trading volume ๐ฅ
Back-to-back ATHs for daily trading volume on @pendle_fi . We've just hit a new high, reaching $86.9 million in daily trading volume ๐ฅ
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Second $300M daily trading volume breakthrough for @pendle_fi and another ATH mark ๐ฅณ. A sizeable chunk of this came through Limit Order, which itself also hit an ATH of ~$39M yesterday as more Pendies warm to the idea of using it to TP and trade with zero price impact ๐
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GM, delivering another dose of ATH for @pendle_fi ๐. โ
150k ETH in TVL. Thanks to all who made this a reality!
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On the very day of our V2 anniversary, @pendle_fi hits $300M in trading volume โ๏ธ. It's been a great year thus far for Pendle thanks to all of you!. May the next year an even better one ๐ค
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GM everyone, 'twas another good day for @pendle_fi as we hit back-to-back-to-back-to-back ATH for daily trading volume ๐. Some observations:.๐น ezETH (25 Apr 2024) has flipped eETH pools to become the most traded.๐น Some big PT-ezETH buy walls thanks to limit orders (48%-50%) ๐
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More than $10 million in liquidity across Pendle markets (Avalanche) in less than 12 hours
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Caps on both USDe pools on @pendle_fi are raised again:. New ๐งข:.USDe Ethereum: $300M.USDe Mantle: $200M
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$500M cumulative trading volume for @pendle_fi๐ฅ. 4 days ago, we hit $450M in cumulative volume and our (previous) fastest $50M mark in 10 days. 4 days later, we're looking at another record-breaking milestone, thanks in large to our first LRT integration, eETH by @ether_fi ๐ฅ
This time last year, @pendle_fi was just past 1 month old, with $6.9M of cumulative trading volume ๐. Our first $50M milestone came only after ~4 months. Today, we've hit $450M in cumulative volume, with our latest $50M taking 10 days to reach๐
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GM. Yesterday was a day of multiple breakthroughs for @pendle_fi!. Our TVL broke past the $300M mark, an all-time-high record ๐
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Pendies took a break on Friday but came back with a vengeance on Saturday to do this ๐ซก. Back-to-back-to-back-to-back-to-back-to-not-to-back ATH and @pendle_fi first $300M daily trading volume milestone ๐ฅณ
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Seems just like yesterday (it was slightly over a month ago) when I shared about our #100plus milestone. Today, @pendle_fi crossed the $150M TVL mark, right alongside our launch of Pendle Earn ๐
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GM, another milestone for @pendle_fi yesterday at $4B total trading volume ๐ฅณ. Not quite the daily $1B feat we hoped for yet so let's keep the manifestation efforts going ๐ค๐ป
$3B cumulative trading volume for @pendle_fi ๐ฆ. Some very exciting new pools on the horizon! ๐. Manifesting $1b daily volume ๐ค๐ป
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Proud of what Pendle achieved ๐คฉ.
GM Pendies, just 2 weeks ago, Pendle reached our largest maturity event on 26 June, with $3 billion in value maturing. Within a week, Pendle successfully facilitated $2.7 billion in redemptions, successfully passing the largest stress test of its mechanism to-date ๐. Some other
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$5 billion cumulative trading volume for @pendle_fi ๐
. LRT (and Ethena USDe) has been the biggest draws for yield trades, and we've enjoyed working alongside our friends to expand LRTs beyond the Mother Chain ๐๐ป e.g. Arbitrum, Zircuit and more to come soon.
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Great start to the @pendle_fi Arbitrum Season - $200M TVL ๐. Finally, we've hit this major milestone that the team has been eyeing for the past few months!. Thank you to everyone who has followed and supported Pendle on our journey ๐๐ป
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Good start to the weekends - an ATH daily trading volume for @pendle_fi ๐พ. Putting this on triple-digit watch now ๐
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$400M trading volume to end the year 2023 ๐. 2023 had been a pretty good year for @pendle_fi, but 2024 is going to be an even more exciting one, filled with new innovations, developments, growth, and even memes ๐. Happy New Year and cheers to a new beginning!
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I am about to walk into the most abundant, balanced, and wealthy period of my life. I give myself permission to prosper. ๐พ $80M TVL @pendle_fi
I am about to walk into the most abundant, balanced, and wealthy period of my life. I give myself permission to prosper.
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GM, a little bit of weekend celebration - @pendle_fi just broke the $150M mark in Total Trading Volume ๐. Going to be some very busy few weeks ahead with some exciting news lined up!
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Pleasant surprise after a busy week at TOKEN2049 as @pendle_fi breaks another ATH in TVL ๐ฅ. Bit of a slow week but it's back to full speed ahead now. Chin up, heads down for the team as we ramp up for another busy month ahead ๐
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Back-to-back ๐ฅ. Another ATH for @pendle_fi yesterday at $225M trading volume, thanks to Pendies hopping aboard the YT-eETH train on the back of $ETHFI airdrop. Some rotations and activities in the Renzo ezETH pool too ๐
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ATH in daily trading volume yesterday for @pendle_fi + broke the $100M mark for the first time + Ethena USDe launch ๐. Been busy with launches and it's about to get busier!
Good start to the weekends - an ATH daily trading volume for @pendle_fi ๐พ. Putting this on triple-digit watch now ๐
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Yesterday on @pendle_fi:. โ
3rd LRT listing - ezETH by @RenzoProtocol.โ
Broke $600M TVL (ATH).โ
$62.6M daily trading volume (ATH). More LRT pools to come in the coming weeks. GM ๐ค
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6 months ago, @pendle_fi cracked the #100plus milestone when we broke past $100M TVL. 6 months later today, we've reached another #100plus milestone for TVL, this time denominated in ETH. I know what I'm getting for drinks after my evening run later ๐ป
$100M๐ฅ. Just 3 weeks ago, I cracked open a can of #7up to celebrate our milestone back then. Fast forward to today, we finally turned the #100plus meme into reality. 100 is cool but there's lots more to do until the vision is complete. That's where the "plus" comes in ๐
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Happy to share that @pendle_fi is now Top 100 by TVL on @DefiLlama!. While we celebrate this accomplishment, we know that there is much more work to be done but for now. GM โ๏ธ
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GM!. Another all-time-high in TVL for @pendle_fi, and this time in both dollar and ETH terms๐ฅ. Market hasn't been the best, so won't take for granted that I've been able to keep sharing these posts. Will keep building, here's to more soon ๐ซก
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Pendle goes Sonic ๐ฅ.
We're about to unleash the full potential of yield on #Sonic ๐. @Pendle_Fi lets you tokenize and trade yield on its AMM, use advanced strategies like yield longing, and earn fixed yield. Pendle brings TradFi's interest derivatives market โ worth over $400 trillion โ to DeFi!
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$3B cumulative trading volume for @pendle_fi ๐ฆ. Some very exciting new pools on the horizon! ๐. Manifesting $1b daily volume ๐ค๐ป
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Rumors circulating about a @pendle_fi exploit are unfounded. Our team has assessed the situation and can confirm there has been no exploit. Your security is our priority.
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Surprise everyone, Ethena season strikes again!. Since y'all like the last one so much, we're gonna run it back again with @ethena_labs ๐ค. USDe on Ethereum, with a renewed, longer maturity + 20 Sats/day per USDe. But hurry up, cap is limited and it's FCFS ๐ซก
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GM โ๏ธ. Celebrating another major milestone right before we end the year - $350M trading volume for @pendle_fi!. Thank you Santa for the early Christmas gift. Now it's still full steam ahead for our big plans in 2024 ๐
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Back-to-back ATH in daily trading volume for @pendle_fi ๐ฅณ. Majority of the this came from our new @ethena_labs USDe pool, which has already amassed $17M TVL and $62M volume in just a day after its launch. They have this other asset called sUSDe right? ๐ค
ATH in daily trading volume yesterday for @pendle_fi + broke the $100M mark for the first time + Ethena USDe launch ๐. Been busy with launches and it's about to get busier!
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Some nice back-to-back milestones. At $2.5 billion trading volume for @pendle_fi a week later ๐
2 weeks later and we've added another $1 billion in cumulative trading volume - $2 billion in total ๐ฆ๐ฆ. It feels surreal to see this when the same milestone took us more than 1 year to achieve.
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@coingecko @GeckoTerminal Job's not done. Thank you to my team and all the Pendies, new and old alike, who have supported us on this journey. Onwards ๐.
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Some Pendies were very hard at work on a Sunday. $223M trading volume on @pendle_fi yesterday for another ATH ๐๏ธ. Over half of this came from the @ether_fi pools, with huge jumps in Implied APY as demand for YT shot up, perhaps in view of $ETHERFI and Season 2 ๐ค
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Thanks to all of our supporters, we've just reached quorum for @pendle_fi Arbitrum STIP Proposal, and we're on track to see this pass on Friday ๐๐ป. The Arbitrum ecosystem and community have been a key driver of our growth, and there's a lot more of what Pendle can do here ๐ซก.
GM and happy Monday!. Pendle just reached quorum for the @Arbitrum STIP Proposal with >96% "For" votes ๐พ. Shoutout to all of our supporters who helped made this happen! Pendle's journey in Arbitrum is just getting started. There remains a large, untapped market for fixed yield
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Hitting a good streak on @pendle_fi lately - hit ATH back-to-back in trading volume ๐๐ป. Day Before: $3,341,434.Yesterday: $4,230,987. Will be swearing off steak for the moment, just to be safe ๐ค๐ป
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USDe cap has been lifted to $200m ๐ท. Only on @pendle_fi.
Same deal as before, 100M USDe minting cap for this pool. This will be a separate cap ๐๐ ๐๐
๐
๐๐๐๐๐ to the USDe (Mantle) pool. Trading between SY <> PT <> YT will still work after cap is reached, and positions can still be exited anytime, even before maturity.
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$60M in trading volume and counting for @pendle_fi!. We've come a long way since our V2 launch just last year, but there's still lots to be done still. Team is still locked in and hungry as we march towards our goal of making Pendle the premier fixed-yield protocol ๐ซก
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We have stuff to ship, scheduled for release in the second half of the year. We are still hiring and have a healthy runway. @pendle_fi is resilient and will emerge stronger.
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The @ethena_labs USDe pool is maturing soon!. On 4 April 2024, 00:00 UTC to be exact. Here's all that you need to know for when that time comes, including steps on what you should do with your YT, PT and LP ๐๐ป
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Proud to present Pendle Earn ๐.
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According to @DefiLlama, @pendle_fi just breached $30M in TVL ๐พ. Since our V2 launch in November 2022, Pendle's TVL has been on an upward trajectory
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Super stoked to welcome Bixin Ventures as our newest investor! We look forward to working closely with Bixin to continue our work on yield markets as we march toward our vision of becoming the premier DeFi yield management tool ๐ฅ.
1/ We recently invested in @Pendle_fi via OTC purchase with the foundation, and we look forward to supporting @tn_pendle and his team. Read on to learn why they are leading the next wave of yield products with $60M in trading volume and counting ๐คฏ
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It's been great fun chatting on the pod. Thanks for having me ๐ฅณ.
E82: @pendle_fi : From a failed Cold Brew Business to a $7 Billion TVL Protocol. @tn_pendle is the CoFounder of Pendle Finance - a DeFi platform that enables users to tokenize and trade future yield. Thank you to our Partners @JupiterExchange , @swissborg , @pudgypenguins ,
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Since our launch on @Arbitrum, daily trading volume on @pendle_fi has been trending upward. Yesterday, we hit an ATH volume of $1.43m ๐ฅ. This additional demand and liquidity are captured by Pendle for our partners, allowing us to grow synergistically. More to come soon!
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It's #ArbitrumSeason on @pendle_fi ๐. Since the beginning of this, total TVL and trading volume are up to $226M and $280M respectively. To date, ~70k of our 2M $ARB allocation have been distributed. Some other interesting numbers/facts since the start of Arbitrum STIP๐๐ป
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Special shoutout to @MikeSilagadze, @zachxbt and @_0xbe1 for their assistance and lightning responsiveness. It was thanks to them that we were able to act swiftly in counteracting the issue.
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Education will be one of the most important growth drivers for @pendle_fi. Hype and narrative may be fleeting, but I believe educating users and helping them realize the merits of yield trading will be the key to nurturing loyal, recurring users.
Education is the passport to the future, and this is even more true for Pendle and yield-trading. Starting today, you'll be able to embark on a journey of self-improvement to master the art of yield-trading, conquering yields like never before. Introducing Pendle Academy ๐
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This marks the first time Pendle's PT is used as a collateral for borrowing on a money market. Excited to see more creative use cases of Pendle soon! ๐ฅ.
We're excited to announce that Pendle's PT-GLP is now supported on Dolomite!. Dolomite users and @pendle_fi fixed yieldors can now borrow against their PT-GLP on Dolomite's borrow page while continuing to earn its yield!. ๐ Try it at ๐ Read more
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We've seen how players obsess over rankings in games like League of Legends, Dota and Overwatch. A badge of honour that attests to your skills and to be worn with pride. Recently, Pendle rolled out something similar that I am excited about - the Pendle Leaderboard ๐ช
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