Pendle Daily Volume Reaches $159M, Ethereum Leads With $121.5M

The gap between heavy volume and only a modest rise in locked value is the real signal here: activity is coming from existing capital rotating through Pendle's yield markets rather than fresh deposits. That distinction matters for how durable the volume is — trading-driven turnover can fade quickly if rate expectations shift, while TVL growth tends to be stickier. Ethereum's dominance also concentrates the protocol's exposure to a single chain's yield landscape. Whether the volume holds without corresponding TVL growth is the open question.