BlockBeats News, August 4th, Pendle Co-founder TN posted on social media that last week Pendle saw one of its largest expiration events to date, with over $1.5 billion in total value locked (TVL) expiring. However, Pendle Finance's TVL still reached a new all-time high. Notably, $1.3 billion (87%) of the expiring TVL came from Ethena Labs' assets. Over the weekend, amidst a market downturn, Pendle and Ethena were the only projects in the top ten protocols to achieve a positive 7-day TVL growth. Currently, Pendle holds and contributes around 48% of Ethena's TVL.

Even at this scale, the TVL retracement from peak to trough was minimal and lasted only one day—falling from $6.827 billion to $6.638 billion, a decrease of just $189 million (-2.8%). Furthermore, in July 2025, vePENDLE's fee revenue surged by 80% compared to the previous month, reaching $2.85 million. Even without airdrops, July fee revenue remained at a healthy level of $2.28 million.

Over the past year, despite larger and more frequent expiration events, TVL's resilience has significantly strengthened. This shift reflects a deeper market trust in Pendle's assets and the elevated status of Pendle PT (Principal Tokens) as the preferred DeFi yield instrument. The key driver behind this trend is the increasingly synergistic relationship between Pendle, Ethena Labs, and Aave, creating a flywheel effect that is unlocking new levels of "yield utility" for Pendle PT.