Pendle Tops $111M TVL on Monad, Ranks as the Chain's Fifth-Largest Protocol

Pendle, a yield-tokenization protocol that allows users to split and trade future yield, has surpassed $111 million in total value locked (TVL) on the Monad blockchain. The milestone puts Pendle in the No. 5 spot among Monad protocols, achieved less than a month after its June 19 launch on the network. Much of the momentum has been driven by AUSD, the Agora Dollar stablecoin backed 1:1 by cash, U.S. Treasury bills, and repos. AUSD supply on Monad has surged to about $115 million, making it the chain's second-largest stablecoin behind USDC. Pendle's TVL ramped quickly, reaching roughly $51 million within its first 10 days on Monad before more than doubling to the current level. The protocol currently supports at least three active markets on Monad, centered on AUSD and its yield-bearing counterpart, earnAUSD. These markets have maturities clustered around October 8, 2026, offering traders a defined timeframe to lock in yields or take directional views. Over the past 30 days, Pendle's Monad deployment has processed more than $52 million in trading volume. Pendle's model splits yield-bearing assets into two tokens: one representing principal and the other representing future yield, enabling users to sell future interest today or buy future yield at a discount. Growth has also been fueled by liquidity incentives. Pendle has offered weekly rewards of up to $75,000 to support AUSD liquidity, equating to roughly $300,000 per month in direct subsidies to liquidity providers. Separately, Pendle's recent Aave v3 integration attracted more than $75 million in deposits within 24 hours. Across all chains, Pendle now holds over $1.14 billion in TVL, with Monad's $111 million accounting for about 10% of the total. PENDLE tokens trade around $1.64, implying a market capitalization of approximately $281.55 million.