According to ChainCatcher, Pendle co-founder TN stated that last week Pendle experienced an event with a total locked value (TVL) exceeding $1.5 billion, of which $1.3 billion came from assets of Ethena Labs. However, Pendle Finance's TVL continues to rise to an all-time high. Pendle and Ethena are the only projects among the top ten protocols to achieve a 7-day positive growth in TVL after the market fall.

Even at this scale, the TVL's drawdown from peak to trough was minimal, lasting only one day, dropping from $6.827 billion to $6.638 billion. Additionally, in July 2025, the fee revenue from vePENDLE surged by 80% month-on-month, reaching $2.85 million.
In the past year, the retention ability of TVL has significantly strengthened, reflecting the market's deepening trust in Pendle assets. The synergy between Pendle, Ethena Labs, and Aave has propelled Pendle PT's status as the preferred yield tool in DeFi.