so @pendle_fi released its latest weekly update, and the numbers paint a clear picture of where yield farming is headed.

tvl has stabilized around $5.2 billion after hitting peaks of $13 billion in september showing resilience amid broader defi rotation while maintaining genuine user confidence in the ecosystem.

a big highlight this week is the lineup of new pool launches from #90, each targeting different yield strategies:

> sENA (feb 5, 2026) clean access to ethena's synthetic dollar yields with structured risk management built in.

> kHYPE/vkHYPE (mar 19, 2026) dual exposure to hyperliquid's perpetual ecosystem, offering 18-22% fixed yields with $40m tvl backing.

> sthUSD (jan 15, 2026) stable yield farming at 8-10% for users seeking lower-risk exposure with consistent returns.

> lHYPE (may 28, 2026) longer-term perpetual strategies tapping into sustained funding rate opportunities.

the broader story is coverage: pendle now integrates with over 50% of major defi yield sources. instead of chasing opportunities across fragmented protocols, users can centralize their yield strategies in one place.

current standout performers from recent launches show why capital keeps flowing:

> kHYPE (mar 19, 2026) 18% fixed yields with $40m tvl, loopable on felix for enhanced exposure.

> sthUSD (jan 15, 2026) consistent 9% stable yields with $3m daily volume, offering reliable liquidity.

> vkHYPE positions complementary exposure to kHYPE with similar yield profiles but different risk characteristics.

ofc, the pt looping feature continues to be a standout. it lets users scale returns to 30-40% using structured leverage without the usual liquidation pressure that comes with on-chain borrowing.

@almanak ai vaults auto-rebalance alUSD pts here for 25% bonuses, while @SolvProtocol BTC pts add leverage without dumping sats. fav

on the funding-rate side, @boros_fi is refining its educational push around its "magic lamps" and yield units (yus). each yu represents yield generated from perpetual funding rates and settles hourly against platforms such as hyperliquid.

the strategy is simple: go long a yu when you expect funding rates to outperform the fixed apr you locked in. with funding volatility reaching up to 200% deltas creating 10-20% flips during market drops, it's no surprise boros has crossed $500m tvl as users grow more confident in the mechanics.

small improvements are landing well too like the new pnl cards that let users visualize positions without any manual number crunching. quality of life changes like this often make the biggest difference in day to day usability.

pendle's response to the elixir deusd incident also stood out. they deployed a detailed, technically fair compensation plan covering $75m in affected positions.

using ethereum block 23740895 as the snapshot, valuations were done with precision:

> pt/lps valued at usd equivalents
> yts valued at depreciated price plus unclaimed yield
> naked sy paid out at full value

and the execution has been clean so far:

> merkle tree claims to minimize gas
> fair, transparent valuation across all asset types
> usdc payouts with no redemption complexity
> euler and morpho integration to streamline lp recovery

this kind of operational maturity builds real trust people remember when protocols navigate difficult situations calmly and correctly.

In terms of competitive position, the numbers are decisive. Pendle now commands ~$50B in all-time trading volume, $70B in cumulative yield settlements (with ~$49B YTD), and 50-58% of fixed-yield TVL market share (over 80% in tokenized subsectors).

these shifts also mirror broader crypto trends. on chain fixed income grew 35-45% this year, as users increasingly prioritize predictable returns over maximum-risk plays.

pendle has carved out the balance many investors have been waiting for: the innovation of defi paired with the reliability of traditional finance.

the infrastructure is finally mature, capable of supporting serious capital while still empowering everyday users.

pendle szn.

data via pendle print #90, november 17, 2025

NFA