Pendle, a yield-trading platform, has rapidly become one of the top five protocols on Monad, reaching $51.25 million in total value locked (TVL) just ten days after its launch.
This impressive feat was achieved through a combination of generous weekly incentives and the platform's innovative yield tokenization mechanics, which allow users to split yield-bearing assets into separate tokens representing principal and future yield.
Pendle's performance on Monad is notable, especially considering the young age of the ecosystem. The protocol's mainnet was activated in late 2025, and its total DeFi TVL sits near $366 million, with Euler V2 leading the pack at approximately $110 million.