Pendle, a yield tokenization protocol, has become the second-largest DeFi protocol on XLayer, OKX’s EVM-compatible Layer 2 network, in less than 30 days. The protocol has amassed 37.5 million dollars in total value locked on the chain, representing roughly a quarter of XLayer’s total DeFi TVL of approximately 150 million dollars. This rapid growth was driven by Aave V3 integration, which now accepts Pendle’s PT-USDG as collateral with a loan-to-value ratio of 93.59% and a 150,000 dollar incentive pool. The USDG stablecoin, issued by Paxos and backed by USD reserves and Treasuries, accounts for over 92% of XLayer’s approximately 1.7 billion dollar stablecoin market cap. Pendle now operates across 14 different blockchain networks with a cumulative TVL exceeding 1.2 billion dollars.
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