Pendle Joint Creation: After over 1.5 billion US dollars of locked in assets expired, TVL still reached a new high of 7 billion US dollars. The enhanced retention ability of TVL reflects the deepening market trust in Pendle assets

According to BlockBeats, on August 4th, Pendle TN announced on social media that last week Pendle experienced one of the largest maturity events to date, with a total locked up value (TVL) of over $1.5 billion expiring. However, Pendle Finance's TVL still climbed to a historic high. It is worth noting that $1.3 billion (87%) of the maturing TVL comes from Ethena Labs' assets. During the weekend when the market had just experienced a downturn, Pendle and Ethena were the only projects among the top ten protocols to achieve a 7-day positive growth in TVL. As of now, Pendle holds and contributes approximately 48% of Ethena's TVL. Even at this scale, the drawdown of TVL from peak to trough was minimal and lasted only one day - dropping from $6.827 billion to $6.638 billion, a decrease of only $189 million (-2.8%). In addition, in July 2025, vePENDLE's expense income surged by 80% month on month, reaching $2.85 million. Even without considering airdrops, the fee income in July remained at a healthy level of 2.28 million US dollars. In the past year, even with larger and more frequent maturity events, TVL's retention capacity has significantly increased. This shift reflects the deepening trust of the market in Pendle assets and the elevated status of Pendle PT (Principal Token) as the preferred return tool for DeFi. The key driving force behind this trend is the increasing synergy between Pendle, Ethena Labs, and Aave, and this flywheel effect is unlocking new levels of 'revenue utility' for Pendle PT.