Pendle V2’s measured total value locked (TVL) rose 43% in the third quarter while revenue fell to about half its prior-quarter level, showing the two measures moved in different directions.
Pendle V2 closed Sept. 30 with $1.16 billion in TVL, up from $809 million at June 30. It was the first quarterly increase in the measure in a year. TVL translates assets counted by a protocol into a dollar value at a given moment. Because prices can move that valuation, an increase alone does not establish that token balances or net deposits grew.
At the Sept. 30 UTC day-end, RWA-backed dollar markets made up 82% of total TVL, and their measured value increased by $395 million in the quarter. Earlier EconoTimes coverage of Pendle’s real-world asset markets reported that RWA assets had exceeded 80% of TVL and that the market tally was above 100. That earlier report described products including stock tokens and Treasury-linked offerings.
Quarterly revenue was $2 million, roughly half the second-quarter figure. The measures cover different dimensions: TVL is a point-in-time valuation, while revenue is reported across a period.
On Pendle, users can trade the principal and yield interests of yield-bearing assets separately. Each market has an assigned maturity date, when the relevant position comes due. Examples from the quarter included financing for hardware operators via USD.ai, reinsurance exposure through re.xyz, and Treasury-linked holdings from Global Dollar and Agora.
The quarter-end maturity schedule put $1.06 billion, or 91% of TVL, due on or before Dec. 17.
