Pendle becomes second-largest DeFi venue for tokenized stocks with 17% share

The yield-trading protocol climbed from seventh to second place in roughly a month as tokenized equity deposits in DeFi surged Pendle now holds about 17% of the DeFi market for tokenized stocks. That makes it the second-largest decentralized venue for on-chain equities. A month earlier, the protocol ranked seventh. Jumping five spots in thirty days is the DeFi version of a midseason trade that suddenly makes a team a contender. How Pendle climbed the rankings The climb was measured as of November 2, 2026. It came after a month of rapid deposit growth into Pendle’s tokenized-stock markets. Over the month ending October 31, 2026, Pendle’s tokenized-stock total value locked (TVL) rose by $16 million. That brought its total in the category to $33.8 million. TVL is simply the dollar value of assets users have parked in a protocol. For comparison, Aave V4 added $9.2 million over the same stretch. Pendle’s gain was meaningfully larger, which helped it leapfrog several rivals. The competitive field includes Uniswap and Kamino, alongside Pendle. The products behind the push Pendle’s core design is the reason it can play in this market at all. The protocol takes a yield-bearing asset and spl...