Nansen: Pendle has become the interest rate infrastructure in the DeFi field, paying $3.86 million to vePENDLE stakers in May alone

According to BlockBeats, on July 7th, 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) of over $4.8 billion, providing real returns. The latest upgrade "Boros" has opened the door to a huge derivatives market for it. Boros has upgraded to enable margin trading and fund rate market functions. Pendle is no longer just a revenue splitting protocol, it is building a complete on chain yield curve. This is equivalent to creating an interest rate market for the token, and its importance is self-evident. Nansen cited data stating that Pendle paid $3.86 million in fees to vePENDLE stakers in May alone, which amounts to $23.65 million annually based on current rates. This is not just a project to hype up tokens, but a DeFi business with real profitability. Arca recently increased its holdings of PENDLE worth $7.67 million, while Binance Labs, Spartan, and Hashkey have also held significant positions. More than 42000 wallets hold PENDLE tokens, and the market liquidity is not only deep but also stable. Nansen concluded that Pendle directly benefits from the boom in stablecoin returns, as more interest bearing stablecoins mean more commission income. It can be regarded as a representative investment target for the "stablecoin yield beta" in the DeFi field. By integrating with Silo and Morpho, as well as expanding to Solana, Hyperliquid, and TON, Pendle is not only pursuing cross chain development, but also continuously introducing innovative features and implementing major strategic layouts. In short, Pendle is positioning itself as the fixed income infrastructure layer of DeFi.