Pendle Ripped in Early 2024, But Usage Has Slowed Down. Can It Recover?

Pendle Finance saw massive growth earlier this year but has recently faced a significant drop in TVL. How will it bounce back?

Listen or watch all the new CoinDesk podcast episodes wherever you want.

ABOUT

Pendle Finance, an innovative protocol that lets users trade yield, surged in popularity earlier this year but is now grappling with a downturn in usage.

In this episode, founder TN Lee shares insights into Pendle's approach, the factors behind its recent success, and the challenges it faces in recovering user engagement and TVL. Plus, since Pendle’s rise was driven by the points narrative, TN talks about how the protocol can keep growing.

Show highlights:

What Pendle is, how the idea for it was born, and how it works
Why Pendle has exploded this year, even though it launched years ago
Whether Pendle is an app for sophisticated traders and the most common strategies in the protocol
How users are able to leverage their earned points in several protocols
Besides market risks, what the risks are of trading in Pendle and how they try to mitigate them
Pendle’s recent significant drop in TVL and plans to recover
If the points narrative ends, will Pendle remain relevant?

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest:

TN Lee, Founder of Pendle Finance

Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk.

HOST

Laura Shin

Laura Shin is a crypto journalist, host of the Unchained podcast, and author of “The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze” (Public Affairs, 2022). Formerly a senior editor at Forbes, she was the first mainstream journalist to cover crypto full-time, and her podcasts and videos have had more than 15 million downloads and views. Shin has spoken about cryptocurrency at places such as TEDx San Francisco, the International Monetary Fund, Singularity University and the Oslo Freedom Forum.

She graduated Phi Beta Kappa with Honors from Stanford University and has a master of arts from Columbia University’s School of Journalism. She lives in New York City.

EPISODES

CoinDesk Podcast Network

1192 EPISODES

RSS

BITCOIN SEASON 2: Not Just Coinbase, Everyone’s Leaking Crypto User Data

We explore the Coinbase customer data breach, vulnerabilities in KYC systems, and the increasing risk of physical att...

May 17, 2025

THE MINING POD: American Bitcoin is Going Public, IREN’s $100M Tariff Bill, Bitdeer Deploys Sealminers

American Bitcoin is gunning to go public via a merger with Gryphon Digital.

May 16, 2025

BITCOIN SEASON 2: What the Samourai Case Means for the Future of BTC Privacy

Seth for Privacy breaks down the Samurai Wallet legal case, Bitcoin's current privacy limitations, and solutions like...

May 14, 2025

Bitcoin to Replace U.S. Dollar in '10 Years': CoinDesk Spotlight with Tim Draper

Insights into the past, present and future of the crypto industry with Tim Draper.

May 13, 2025

Page

298

COINDESK SERIES

0 EPISODE

The Mining Pod

Feb 10, 2025

1192 EPISODES

CoinDesk Podcast Network

The top stories and best shows in the blockchain world, delivered daily from the team at CoinDesk.

Dec 20, 2023

1333 EPISODES

Markets Daily Crypto Roundup

Tune in as CoinDesk runs down daily action in bitcoin markets and some of the most important recent industry development.

Dec 19, 2023

0 EPISODE

Unchained

Unchained, your no hype resource for all things crypto by former Forbes senior editor Laura Shin, author of The Cryptopians.

Dec 18, 2023