Pendle's 2025 annual review reveals a significant growth in its average total value locked (TVL), reaching $5.8 billion, marking a 79% increase from the previous year. The platform's TVL peaked at $13.4 billion, while total trading volume surged to $47.8 billion, a 36.5% rise year-on-year. Pendle also expanded its user base by 48%, adding 155,553 new users in 2025. The platform's investment portfolio is heavily weighted towards stablecoins, comprising 85%, with Bitcoin and Ethereum making up 3% and 5% respectively. Pendle's fixed income offerings grew by 161%, totaling $58 billion. Additionally, its new product, Boros, launched in 2025, recorded $5.5 billion in trading volume within four months, with open interest at $80 million, indicating potential in the $2 trillion investment market.