The CaptainAltcoin Research team on X has highlighted Pendle ($PENDLE) as one of the most promising assets in today’s DeFi market. The thread argues that Pendle has the numbers, the adoption, and the upcoming catalysts that could make it the backbone of DeFi yield.
At under $10, they suggest it may be one of the best buys on the market.
What you'll learn 👉
TVL Growth and Market Position
Pendle’s total value locked (TVL) has surged past $11 billion, climbing more than 51% in the past 30 days. This growth puts Pendle in the #6 spot among all DeFi protocols by TVL, yet its token still sits around #30 by market capitalization. The gap between TVL rank and market cap rank is one of the key arguments for undervaluation.
This kind of growth shows strong adoption of Pendle’s platform, especially in a sector where yield-bearing strategies are becoming central to DeFi.
🧵 $PENDLE is shaping up as the DeFi yield backbone. Numbers don’t lie and $PENDLE under $10 feels like a gift.
— CaptainAltcoin Research (@CaptainAltcoin) September 8, 2025
Let’s break it down:
1/
Pendle’s TVL just ripped past $11B (📈 +51% in 30 days).
That makes it #6 in all of DeFi by TVL, yet it still sits around #30 by market cap.…
Fees, Valuation, and Sustainability
Pendle’s annualized fees now stand at $72 million. Based on circulating supply, this results in a price-to-fees (P/F) ratio of around 10x. According to the research, that makes Pendle cheaper than comparable names such as $ENA or $HYPE, while achieving similar or stronger numbers.
This suggests that the market has not fully priced in Pendle’s revenue potential, giving investors what could be a favorable entry point.
Stress-Tested by Maturity Events
One of Pendle’s strengths is how it handled a recent $1.5 billion maturity event. Instead of triggering panic, the system absorbed the flows without disruption. The team argues that this stress-test built market confidence, proving Pendle can scale and handle billion-dollar volume without breakdowns.
Resilience during these events is a rare quality among DeFi protocols, making Pendle stand out in terms of reliability.
Trading Activity and Revenue Flow
Pendle is also benefitting from rising trading activity. Decentralized exchange (DEX) volume hit $300 million in daily all-time highs, with every transaction generating revenue for vePENDLE holders.
This model ensures that as adoption grows, token holders share in the protocol’s revenue streams, creating stronger alignment between platform growth and token value.
Catalysts for Q4 2025
The CaptainAltcoin Research team outlined several upcoming developments that could act as tailwinds for Pendle:
- Citadels: KYC yield products and fiat ramps, designed to open the door for institutional investors.
- Boros: Funding-rate arbitrage already live, boosting capital efficiency.
- Chain Expansions: Launches on Solana, TON, and Hyperliquid expected to bring new users and liquidity.
- Stablecoin Yield Dominance: Pendle already owns about 75% of the top low-impermanent-loss yields in DeFi.
Together, these catalysts could expand Pendle’s ecosystem and reinforce its position as the leader in DeFi yield strategies.
In the view of the CaptainAltcoin Research team, Pendle is part of DeFi’s “three-horse carriage” alongside $ENA and $HYPE. Yet Pendle’s edge comes from its 20x year-over-year TVL growth and its ability to capture dominance in stablecoin yield markets.
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