Pendle hits $111M TVL on Monad, becoming the chain’s fifth-largest protocol

Pendle, the yield tokenization protocol that lets traders split and trade future yield, has crossed $111M in total value locked on the Monad blockchain. That makes it the fifth-largest protocol on the chain, less than a month after launching there on June 19.

The growth engine behind the numbers is AUSD, the Agora Dollar stablecoin backed 1:1 by cash, US Treasury bills, and repos. AUSD supply on Monad has ballooned to roughly $115M, making it the second-largest stablecoin on the chain behind USDC.

From zero to $111M in under a month

Pendle hit approximately $51M in TVL within its first 10 days on Monad, then more than doubled. Pendle currently runs at least three active markets on Monad, all built around AUSD and its yield-bearing cousin, earnAUSD. The maturities on these markets cluster around October 8, 2026, giving traders a defined window to speculate on or lock in yields.

Pendle’s Monad deployment has processed over $52M in trading volume over the past 30 days.

Pendle works by taking yield-bearing assets and splitting them into two tokens. One represents the principal, the other represents the future yield. Traders can sell their future interest payments to someone else today, or buy someone else’s future yield at a discount.

The incentive machine behind the growth

Pendle’s Monad expansion has been turbocharged by weekly liquidity incentives of up to $75,000 for AUSD liquidity on the platform, roughly $300K per month in direct subsidies flowing to liquidity providers.

Pendle’s recent integration with Aave v3 pulled in more than $75M in deposits within the first 24 hours.

Across all chains, Pendle’s ecosystem now holds more than $1.14B in total value locked. The Monad deployment, at $111M, represents roughly 10% of that total.

The PENDLE token itself trades around $1.64, giving it a market cap of approximately $281.55M.