Pendle has emerged as a dominant force in DeFi, demonstrating remarkable influence in driving the growth of underlying assets’ TVL. These case studies highlight Pendle’s unique approach to yield tokenization. The market's appetite for yields on Pendle has fueled this rapid TVL expansion, often accounting for substantial portions of its protocol partners' pools’ TVL increases and demonstrating resilience during market downturns, significantly outpacing many peers in the DeFi space.

Listing Impact Metrics

• day30_tvl_impact_pct: Measures the percentage change in Protocol TVL 30 days after the issuer gets listed on Pendle, compared to the day before listing. This metric helps identify cases with high growth.
• day30_tvl_pendle_impact_pct: Tracks the percentage change in TVL within Pendle 30 days after the issuer's listing, compared to the Protocol's TVL the day before listing.
• day30_tvl_pendle_impact_pct/day30_tvl_impact_pct: This ratio shows how much of the Protocol's TVL growth can be attributed to Pendle's contribution.

Using day30_tvl_impact_pct and the ratio day30_tvl_pendle_impact_pct/day30_tvl_impact_pct, we identified several cases and ranked them based on the impact size:

• Ether.fi
• Renzo
• PumpBTC
• Kelp
• Resolv
• Level
• Usual

Note that OpenEden could also be a strong case. It showed significant growth after being listed on Pendle. Since it hasn’t been listed for over 30 days yet, it wasn’t included in the list above.

Case Studies

We created charts for each case covering 30 days before and 90 days after the listing to analyze the impacts of Pendle’s listings.

I. EtherFi

• The total Ether.fi TVL grew ~15× in six months, driven by the EigenLayer LRT narrative.
• Pendle’s dominance increases steadily, from 0 to almost half of the protocol TVL.