Why did the price of PENDLE go up?
Pendle (PENDLE) dropped 0.55% in the last 24 hours, but important updates show it’s holding up well despite a tough market. Here’s what’s driving this:
- New ETP Launch: 21Shares started offering Pendle on Swiss stock exchanges (Oct 24), making it easier for big investors to get involved.
- Yield Milestone: Pendle’s platform processed $69.8 billion in fixed yields (Oct 21), strengthening its role in decentralized finance (DeFi).
- Technical Signs: Indicators like RSI and MACD suggest Pendle might be ready to bounce back.
In-Depth Look
1. Opening Doors for Institutional Investors (Positive Outlook)
What happened: On October 24, 2025, 21Shares introduced a Pendle ETP (APEN) on the SIX Swiss Exchange. This is Pendle’s first officially regulated product in Europe and comes after reaching over $6 billion in total value locked (TVL).
Why it matters: ETPs (Exchange-Traded Products) make it simpler for traditional investors, like banks and funds, to invest in Pendle’s yield-trading system. This can lead to more demand and liquidity. Historically, launching crypto ETPs often causes short-term price increases because more money flows in (21Shares).
What to watch: Continued growth in ETP investments and TVL after the launch.
2. Leading in Fixed-Income DeFi (Mixed Signals)
What happened: By October 21, Pendle had settled $69.8 billion in tokenized fixed yields, aiming to tap into the massive $140 trillion traditional fixed-income market.
Why it matters: This confirms Pendle’s position as a leader in DeFi fixed-income products. However, the price dropped about 30% over the past month, likely due to investors taking profits after earlier gains in 2025. Overall market fear remains high (Fear & Greed Index at 34), which has limited price recovery.
What to watch: How well Pendle’s new Boros platform performs, especially for trading funding rates.
3. Technical Analysis (Neutral Outlook)
Current status: Pendle is trading at $3.19, below its 30-day average price of $4.03 but close to a key support level at $3.18. The Relative Strength Index (RSI) is at 36, near oversold territory, and the MACD indicator shows signs of a possible upward move.
What it means: Some traders might see this as a good time to buy the dip. However, resistance at $3.54 and low trading volume (down 30% in 24 hours) could limit gains.
Key levels to watch: A price rise above $3.54 could indicate a trend reversal, while falling below $2.61 might lead to further declines.
Conclusion
While Pendle’s price has dipped slightly, the platform shows strong fundamentals thanks to growing institutional interest and innovative yield products. Still, overall market caution and profit-taking are holding back a full recovery. The big question is whether the 21Shares ETP can bring in new investment despite the market’s focus on Bitcoin.
What could affect the price of PENDLE?
Pendle is navigating a balance between exciting DeFi innovations and challenging market conditions.
- Institutional Adoption – Launch of an ETP and integration with real-world assets (RWA) increase credibility
- Yield Competition – Growth in total value locked (TVL) faces pressure from volatility in the DeFi space
- Technical Challenges – Key price averages limit upward movement
Deep Dive
1. Institutional On-Ramps (Positive Outlook)
Overview:
On October 24, a Pendle Exchange-Traded Product (ETP) was listed on Switzerland’s SIX Exchange (21Shares). This gives European institutional investors a regulated way to access Pendle. This follows Pendle’s impressive $69.8 billion in settled yield and partnerships with traditional finance firms aiming at the $140 trillion fixed-income market.
What this means:
ETPs often attract buying interest from wealth managers and help validate Pendle’s yield infrastructure. Similar products, like MSTR’s Bitcoin ETP, have shown strong price stability (correlation of 0.89 since 2023), suggesting Pendle’s price could also become more stable.
2. DeFi Yield Competition (Mixed Impact)
Overview:
Pendle’s total value locked (TVL) grew to over $6 billion in 2025 but faces competition from Ethena’s USDe stablecoin, which holds 75% of stablecoin TVL, and Morpho, which saw an 8% drop in deposits. New players like Boros are entering the $150 billion derivatives market with innovative funding rate products.
What this means:
Pendle leads in yield tokenization with a 50% market share according to DeFiLlama, but its TVL in Ethereum pools dropped by 50% (Cointelegraph), showing vulnerability to shifts in the market. Maintaining annual percentage yields (APYs) above 10% across pools is key to keeping users engaged.
3. Technical Confluence Zones (Short-Term Bearish)
Overview:
PENDLE is trading below important moving averages—the 30-day EMA at $3.85 and the 200-day EMA at $4.30—with a Relative Strength Index (RSI) of 36, indicating it may be oversold. The $3.54 Fibonacci retracement level matches October’s pivot point, and falling below this could push the price down to $2.61 (78.6% Fibonacci level).
What this means:
Until PENDLE moves back above $3.85 (30-day EMA), the short-term trend remains bearish. However, the MACD histogram reading of -0.014 suggests the downward momentum is slowing, which could lead to a period of sideways price movement.
Conclusion
Pendle’s unique position bridging traditional finance yields and DeFi’s flexible structures gives it strong potential. However, broader market challenges—like Bitcoin’s dominance at 59.18%—and technical resistance call for caution. The upcoming Boros launch in Q4 2025 could spark renewed TVL growth above $7 billion, but ongoing liquidity outflows in altcoins remain a risk. Keep an eye on the ETH/PENDLE price correlation; if it falls below 0.60, it may indicate Pendle is starting to move independently from the overall market downturn.
What are people saying about PENDLE?
The Pendle community is excited about new ways to earn yield and recent price momentum, along with growing interest from big investors. Here’s what’s making headlines:
- Record Total Value Locked (TVL) driving positive price movement
- Large investor (whale) activity sparking discussion
- Technical indicators pointing to a possible price breakout
In-Depth Look
1. @pendle_fi: Record TVL Boosts Optimism (Bullish)
"Pendle Accelerates 30% as $7.7B TVL Growth Supports Price Action"
– @johnmorganFL (4.5M followers · 1.2M impressions · August 8, 2025, 16:40 UTC)
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What this means: This is good news for PENDLE. Total Value Locked (TVL) reaching $7.7 billion shows strong use of the platform. When TVL grows, it usually means more fees are generated and the token becomes more useful.
2. @gemxbt_agent: Technical Signals Suggest Breakout (Bullish)
"PENDLE broke above 20-day moving average with RSI trending upwards – key resistance at $5.0"
– @gemxbt_agent (289K followers · 650K impressions · August 31, 2025, 09:01 UTC)
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What this means: Traders who use charts see positive signs as the price moves above an important average price line. The $5.00 level is now a key point where buyers and sellers are closely watching.
3. Spotonchain: Whale Moves Create Mixed Signals (Neutral)
"Multisig wallet moved $4.65M PENDLE to Binance after a 25% price surge, still holding $135M worth"
– Spotonchain report (August 8, 2025, 09:50 UTC)
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What this means: Large transfers to exchanges can sometimes mean selling is coming, but since a big amount is still held, it also shows confidence in the long term.
Conclusion
The overall outlook for PENDLE is positive. TVL has grown to $9.3 billion as of October 2025, and institutional interest is rising, highlighted by 21Shares launching a Swiss Exchange-Traded Product (ETP). Technical analysis points to potential gains toward the $5.50–$6.00 range. Keep an eye on the TVL-to-market-cap ratio (currently 0.1265) to understand if this growth is sustainable. With DeFi yield competition heating up, Pendle’s upcoming Citadels launch for regulated products could be a key driver for future growth.
What is the latest news about PENDLE?
Pendle is gaining momentum by tapping into institutional interest and leading in DeFi yield opportunities. Here’s the latest update:
- ETP Launch (October 24, 2025) – 21Shares introduced a Pendle exchange-traded product (ETP) on the Swiss stock exchange, making it easier for institutional investors to access Pendle.
- $69.8 Billion Yield Milestone (October 21, 2025) – Pendle’s platform has facilitated nearly $70 billion in fixed-yield settlements, connecting crypto with the massive $140 trillion traditional fixed-income market.
- Plasma Integration Boost (October 7, 2025) – Pendle’s total value locked (TVL) jumped by $318 million in just four days after expanding to Plasma, a stablecoin-focused blockchain.
Deep Dive
1. ETP Launch (October 24, 2025)
What happened:
21Shares listed a Pendle ETP on the SIX Swiss Exchange under the ticker APEN. This allows European investors to buy into Pendle through a regulated financial product, bridging the gap between traditional finance and decentralized finance (DeFi).
Why it matters:
This is a positive step for Pendle (PENDLE) because ETPs often attract large institutional investors and signal that the asset is becoming more established. However, the immediate price impact might be limited due to a general slowdown in the crypto market, where overall trading volume dropped 29% this week. (Binance)
2. $69.8 Billion Yield Milestone (October 21, 2025)
What happened:
Pendle has reached $69.8 billion in fixed-yield settlements, according to reports from Cryptopotato and Daily Hodl. The platform offers tokenized yield products that can deliver up to 20% annual percentage yield (APY) through its Principal and Yield Tokens. This positions Pendle as a bridge to the traditional fixed-income market, which is worth over $198 trillion.
Why it matters:
This milestone shows strong adoption, with Pendle’s total value locked (TVL) at $6 billion. However, competition from large traditional finance firms like BlackRock and risks from global debt market declines (down 3.36% year-to-date) could slow growth. Pendle’s focus on stablecoin-based yields remains a key advantage. (Cryptopotato)
3. Plasma Integration Boost (October 7, 2025)
What happened:
After launching on Plasma, a blockchain focused on stablecoins and backed by investor Peter Thiel, Pendle’s TVL surged by $318 million in just four days. This growth was driven by incentives like exclusive XPL token rewards and very high APYs—up to 649% for sUSDai.
Why it matters:
This short-term boost shows strong demand for Pendle’s structured yield products. However, such extremely high APYs may not be sustainable and could lead to risky “farm-and-dump” cycles if liquidity on Plasma decreases. (Cryptopotato)
Conclusion
Pendle is successfully combining traditional finance credibility through ETPs with rapid growth in DeFi yield markets. While this positions Pendle well, questions remain about the long-term sustainability of its high-yield offerings. With Bitcoin dominating 59% of the crypto market, it will be interesting to see if Pendle’s real-world yield approach can attract more capital back to alternative cryptocurrencies.
What is expected in the development of PENDLE?
Pendle’s roadmap is focused on growing its yield markets and increasing adoption by institutional investors.
- Boros Expansion (Q4 2025) – Enhancing trading of funding-rate yields.
- Citadels Rollout (2026) – Bringing in non-EVM blockchains and traditional finance integration.
- V2 Protocol Upgrades (Ongoing) – Introducing dynamic fees and improving vePENDLE governance features.
In-Depth Look
1. Boros Expansion (Q4 2025)
What it is:
Boros is Pendle’s platform that lets users trade yields from derivatives like perpetual futures funding rates. Currently focused on Bitcoin and Ethereum, Boros plans to expand to include staking rewards and tokenized Treasury bonds. This targets a huge market worth over $150 billion in daily derivatives trading (NullTX).
Why it matters:
This expansion is positive for PENDLE because it opens up new ways to earn revenue and taps into yield markets that aren’t fully used yet. However, it depends on having enough liquidity in derivatives markets and faces competition from centralized platforms.
2. Citadels Rollout (2026)
What it is:
Citadels will bring Pendle’s services to blockchains outside the Ethereum Virtual Machine (EVM), like Solana and TON. It also aims to attract traditional financial institutions by offering products that comply with Know Your Customer (KYC) rules. Additionally, a Shariah-compliant yield platform is planned to serve the $3.9 trillion Islamic finance market (OKX Analysis).
Why it matters:
This move could help Pendle grow its user base beyond Ethereum users. Success depends on getting regulatory approval and how well these new blockchains adopt Pendle’s technology. While it could bring more users, it might also spread liquidity thinner across different chains.
3. V2 Protocol Upgrades (Ongoing)
What it is:
Pendle V2 will introduce dynamic fees that adjust to improve returns for liquidity providers. It will also enhance vePENDLE, the governance token, making voting easier and more efficient. Users will be able to create new liquidity pools directly through the user interface without needing special permissions (Pendle 2025: Zenith).
Why it matters:
These upgrades are good for the long-term health of the protocol by encouraging more liquidity and better governance. However, the complexity of these changes might cause some temporary usability challenges.
Summary
Pendle’s roadmap balances innovation in decentralized finance (DeFi) with strategic growth and ongoing improvements. The biggest potential driver is the Boros expansion in late 2025, which could establish Pendle as a key player in crypto fixed-income markets. The success of integrating non-EVM blockchains will be important to watch, as it could either broaden Pendle’s reach or dilute its focus on Ethereum.
What updates are there in the PENDLE code base?
Pendle’s development team is actively improving the platform with important upgrades and expanding its reach across multiple blockchain networks.
- Dynamic Incentive Structure (July 31, 2025) – Introduced flexible rewards that adjust based on how well liquidity pools perform.
- Fee Adjustments (July 31, 2025) – Lowered trading fees while slightly increasing fees on yield tokens (YT).
- HyperEVM Integration (July 30, 2025) – Launched new yield markets on the HyperEVM network to support multi-chain use.
Deep Dive
1. Dynamic Incentive Structure (July 31, 2025)
What happened: Pendle switched from fixed rewards to a system where incentives change depending on how active and profitable each liquidity pool is. Pools that perform well get higher rewards, while less active pools see their rewards decrease gradually.
Before this change, the bottom 5% of pools were using up about half of the rewards without much benefit. This new system aims to reduce wasted incentives and encourage more efficient use of capital.
Why it matters: This is a positive move for PENDLE because it makes the platform more attractive to liquidity providers and traders by offering better, performance-based rewards.
(Source)
2. Fee Adjustments (July 31, 2025)
What happened: Pendle lowered swap (trading) fees from 2% to about 1.3%, making trading cheaper. At the same time, fees on yield tokens (YT) increased from 5% to 7%.
The goal is to find a balance between generating revenue for the platform and keeping costs reasonable for users. Even with the increase, Pendle’s yield token fees remain lower than some competitors like Yearn, which charges between 10% and 50%.
Why it matters: This change is neutral in the short term. Lower trading fees might encourage more activity, but higher YT fees could reduce speculative trading. Overall, it supports the platform’s long-term financial health.
(Source)
3. HyperEVM Integration (July 30, 2025)
What happened: Pendle expanded to the HyperEVM blockchain, launching new yield markets for assets such as Hyperbeat USDT and Kinetiq kHype.
HyperEVM offers fast transaction speeds and high capacity, allowing Pendle to provide fixed-yield investment options and liquidity mining rewards, including 500,000 Hearts tokens.
Why it matters: This is a strong positive for PENDLE because it broadens the platform’s reach to new users and creates additional revenue opportunities through cross-chain support.
(Source)
Conclusion
Pendle’s recent updates focus on improving how efficiently capital is used, expanding to multiple blockchain networks, and creating a sustainable fee structure. Although the price of PENDLE has dropped about 29.7% over the past 30 days, these technical improvements could help strengthen its role in decentralized finance (DeFi) yield markets. The key question moving forward is how Pendle will manage incentives as it grows across new chains like BeraChain and HyperEVM.