Still sleeping on $PENDLE?
Profitable, with incentives slashed in half.
New fee streams from Boros + cross-chain growth on Berachain & HyperEVM.
Scaling beyond yield into broader markets, and still early.
$PENDLE just crossed $10.5B in TVL, a 1400× jump in only three years 📈
Impressive milestone, but there's more to the story.
@pendle_fi has turned from a protocol that spent heavily on incentives to one that generates significant earnings.
August 2023, Pendle recorded just $19.8K in revenue. Barely noticeable.
August 2025, revenue now stands at $6.1M. That’s a 307× increase in two years.
The full-year financials paint an even more compelling picture.
In 2024, the protocol earned $18.6M in fees but distributed $40.6M in incentives, leaving a net of –$22M.
In 2025 YTD, fees total $29.5M with incentives down to $19.3M, producing $10.2M in net earnings.
Pendle has moved from subsidized growth to sustainable cash flow at scale.
It currently trades at 16× FDV/annualized revenue.
This combination of hyper growth, profitability, and a sustainable model makes it look undervalued compared to top-tier DeFi peers.
The question isn’t if this gap closes, but when.
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