有趣的是，$1.3B（87%）的成熟 TVL 來自 @ethena_labs 的資產。 在市場受到衝擊的周末，Pendle 和 Ethena 是唯一兩個在前十名協議中實現正增長的 7D TVL。 截至目前，Pendle 持有並貢獻了 Ethena 總 TVL 的約 48%（$4.6B）

Pendle recently hit $6.76B in TVL. That number matters, but what’s more important is understanding why it happened, and where it’s going. Fixed Yield is no longer a niche. It’s becoming foundational infrastructure in DeFi. - $4.88B sits in Principal Tokens - $3.87B deployed as collateral across @aave, @MorphoLabs , @eulerfinance, and @SiloFinance My thoughts? A big piece of the recent acceleration comes from Ethena's recent growth too. For one, @ethena_labs TVL now stands at ~$8B, up 40% since early July > $USDe alone accounts for $1.1B > @pendle_fi is Ethena’s largest DeFi amplifier with over $600M in $sUSDe TVL Through Pendle, users mint PT/YT, lock in yields, and earn Ethena shards with a 5× multiplier This isn't hype; it’s structural demand for stablecoin yields and predictable outcomes. Exactly what institutions and large allocators need to see. And now Pendle is live on HyperEVM, expanding fixed yield infrastructure to a new environment and user base. It’s another step toward broader adoption. Pendle isn’t just scaling; it’s becoming the underlying layer for fixed income in DeFi. No fireworks. Just "simple" product-market fit. 🔥