Nansen: Pendle has become the interest rate infrastructure in the DeFi space, paying out $3.86 million in fees to vePENDLE stakers in just May
ChainCatcher news, according to the latest Pendle project report released by Nansen on social media, Pendle has quietly become the interest rate infrastructure in the DeFi space, with a total locked value (TVL) exceeding $4.8 billion, providing real yields. The latest upgrade "Boros" has opened the door to a massive derivatives 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 cites data indicating that Pendle paid $3.86 million in fees to vePENDLE stakers in May alone, which translates to an annualized rate of $23.65 million at current rates. This is not merely a project for speculating 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 have also held large positions. Over 42,000 wallets hold PENDLE tokens, and market liquidity is not only deep but also stable.Nansen summarizes that Pendle directly benefits from the stablecoin yield boom, with more yield-bearing stablecoins meaning more fee income. It can be seen as a representative investment target for "stablecoin yield beta" in the DeFi space. Through integration with Silo and Morpho, as well as expansion to Solana, Hyperliquid, and TON, Pendle is not only developing cross-chain 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.