Pendle Q3 Report: Revenue per Dollar of TVL Rose 76% Year Over Year, Buybacks Reached 3.2 Times Emissions

Pendle shared key figures from Alea Research’s third-quarter report on the protocol in a post on X. According to Odaily, real-world assets accounted for 82% of total value locked (TVL), while TVL rose 43% and incentives were cut by more than 50%. Revenue per dollar of TVL increased about 76% year over year, and token buybacks reached 3.2 times token emissions. PT collateral across Morpho, Aave and Euler doubled to $497 million.