Pendle’s total value locked rose 43% in Q3 2026 to $1.16 billion as of September 30, despite an approximately 58% cut in PENDLE token incentives. Real-world asset markets accounted for 82% of TVL, while RWA-backed tokenized dollars grew by $395 million during the quarter to reach $949 million. Pendle also bought back 3.2 tokens for every token distributed through incentives, up from 1.6 in the previous quarter, even as V2 revenue fell to $2 million. Approximately 91% of TVL, or $1.06 billion, was set to mature by December 17, including $236 million from re.xyz.
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