Nansen: Pendle has become the interest rate infrastructure in the Decentralized Finance space, paying out $3.86 million in fees to vePENDLE stakers just in May.

BlockBeats news, on July 7, Nansen released the latest Pendle project report on social media, stating that Pendle has quietly become the interest rate infrastructure in the DeFi field, with a total locked value (TVL) exceeding $4.8 billion, providing real yields. The latest upgrade "Boros" has opened the doors to a vast derivation market. The Boros upgrade has implemented margin yield trading and funding rate market functions. Pendle is no longer just a yield splitting protocol; it is building a complete on-chain yield curve. This is equivalent to creating an interest rate market for tokens, the importance of which is self-evident. Nansen cited data saying that Pendle paid out $3.86 million in fees to vePENDLE stakers in May alone, which annualizes to $23.65 million at the current rate. This is not a project that simply speculates on tokens, but a DeFi business with real profitability. Arca recently increased its holdings of PENDLE worth $7.67 million, and Binance Labs, Spartan, and Hashkey also hold large positions. More than 42,000 wallets hold PENDLE tokens, and market liquidity is not only deep but also stable. Nansen summarized that Pendle directly benefits from the stablecoin yield boom, with more interest-bearing stablecoins meaning more fee income. It can be seen as a representative investment target for "stablecoin yield beta" in the DeFi space. Through integrations with Silo and Morpho, as well as expansions to Solana, Hyperliquid, and TON, Pendle is not only engaging in cross-chain development but also continuously launching innovative features and implementing significant strategic layouts. In short, Pendle is positioning itself as the fixed income infrastructure layer of DeFi.