Pendle TVL Surge (2024) event
Overview
Pendle's total value locked grew explosively through the first half of 2024, rising from a few hundred million dollars at the start of the year to a peak above $6 billion in late June 2024. The growth was driven by the restaking 'points meta': EigenLayer and liquid restaking token issuers such as Ether.fi and Renzo awarded points ahead of airdrops, and Pendle's yield tokens (YT) became the standard instrument for taking leveraged exposure to those points. Whales and institutional participants used Pendle to stack exposure across EigenLayer, Ether.fi and Renzo assets, sharply increasing trading volumes.
Within the DeFi Intel graph, Pendle TVL Surge (2024) connects to 5 tracked entities, most strongly to Eigenlayer Points Farming (2024), Ethena Pendle Integration (2024), Eigenlayer Points Farming (2024).
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 5 of 5 total).
| Relation | Connected entity | Confidence |
|---|---|---|
caused_by | Eigenlayer Points Farming (2024) | 95% |
caused_by | Ethena Pendle Integration (2024) | 90% |
occurred_during | Eigenlayer Points Farming (2024) | 90% |
resulted_in | Ethena Pendle Integration (2024) | 85% |
follows | Pendle TVL Decline Q3 (2024) | 85% |
Frequently asked questions
How much did Pendle's TVL grow in 2024?
From a few hundred million dollars at the start of 2024 to a peak above $6 billion in late June 2024 — an increase of roughly an order of magnitude.
What drove the surge?
The restaking points meta: Pendle's YT tokens let traders buy leveraged exposure to EigenLayer and liquid restaking token points ahead of expected airdrops.
Was the growth sustained?
No. TVL fell sharply in Q3 2024 as large restaking markets matured on 27 June 2024 and the airdrop narrative cooled, before partially recovering in Q4.
Sources
Facts on this page were verified against the following sources.