Pendle has become the second-largest protocol on XLayer by total value locked, a climb that took less than a month. The yield-trading protocol now ranks ahead of every other project on the network except the one in first place.
A fast climb up the TVL ladder
Total value locked is the standard yardstick for how much money users have parked in a DeFi protocol. Hitting second place on XLayer in under a month points to quick adoption on a network that has been courting DeFi activity.
The ranking is based on assets deposited across Pendle's markets on XLayer. The protocol's model lets users trade future yield on their holdings, a niche that has drawn deposits on other chains where it operates.
What the ranking doesn't say
The available figures don't break down where the deposits came from or how much of the total is active trading versus idle liquidity. Nor do they say which single protocol sits at No. 1, only that Pendle is now second.
What's clear is the speed. Reaching the No. 2 slot in weeks rather than months puts Pendle in a position that most protocols on the network haven't managed.
The open question
The next test is whether Pendle can hold the spot as XLayer's ecosystem expands and more protocols compete for the same deposits. There's no announced timeline for the network's next major integration, so the ranking could shift again quickly.
