Pendle on Monad hits $50M TVL in 10 days with $22M volume

Pendle’s yield-trading app has rapidly scaled on the Monad network, launching around June 19 and reaching about $51.25M in TVL within 10 days—making Pendle the fifth-largest protocol on Monad. Pendle also recorded roughly $22M in trading volume over the same period, indicating active use rather than passive deposits. Monad’s broader DeFi TVL is near $366M. Euler V2 leads with around $110M and K3 Capital follows with about $108M; Pendle sits at roughly half their scale, but at a growth pace that may narrow the gap. Because Monad mainnet only launched in late 2025, the ecosystem is still early. Pendle is drawing users with weekly incentives of up to $100,000 for participants in its AUSD and earnAUSD yield pools. Mechanically, Pendle tokenizes yield by splitting yield-bearing assets into principal and future-yield tokens. Traders can lock in fixed yield or take directional bets on yield movements (via buying the yield token, potentially with leverage). Pendle’s broader ecosystem TVL across chains is about $933M; the Monad deployment accounts for roughly 5.5%. The incentive model matters for trading expectations: TVL often spikes during reward periods and may stabilize or drop once incentives end. Still, Pendle’s yield-direction trading structure adds new positioning tools beyond standard lending on Monad, and the early $22M volume suggests traders are already engaging with this strategy.