Pendle Surges to Second-Largest XLayer Protocol by TVL
Pendle (PENDLE)
Editor:
Eugene Serbin
Cryptobriefing.com reports that Pendle has become the second-largest DeFi protocol on OKX’s XLayer network by total value locked in under a month. The yield tokenization platform amassed $37.5 million in TVL, representing a substantial portion of the chain’s roughly $150 million DeFi total. This capital concentration is driven primarily by a single market centered on USDG, a Paxos-issued stablecoin.
Pendle launched natively on XLayer around August 11, 2026, and its TVL surged by 268% over a seven-day period. The growth was fueled by LP rewards and a critical integration with Aave V3. Between August 31 and September 1, Aave V3 began accepting Pendle’s PT-USDG as collateral with a 93.59% loan-to-value ratio.
Aave also provided a $150,000 incentive pool to accelerate adoption. This setup created a composability loop where users could deposit into Pendle, receive PT-USDG, and borrow against it on Aave. USDG accounts for over 92% of XLayer’s $1.7 billion stablecoin market cap, providing a direct pipeline to ecosystem capital. Pendle now operates across 14 networks with over $1.2 billion in cumulative TVL.
How the market reacted
Whalio's own Binance spot order flow for PENDLE, measured when this story was written up on 7 September 2026. Not the outlet's figures.
Whalio’s spot data for Pendle shows a buy ratio of 65.8% over the last hour and 64.0% over four hours, indicating strong short-term buying pressure. This contrasts with the 24-hour buy ratio of 47.9%, suggesting that recent buying intensity is higher than the daily average. Volume delta reflects this shift, showing positive inflows of +$36,870 in the last hour and +$154,061 over four hours. However, the 24-hour volume delta remains negative at -$322,979, with a cumulative volume delta of -$161,901 by close. The buy ratio measures the proportion of buy volume to total volume, while volume delta tracks the net difference between buy and sell volume. These figures indicate that while daily net flow has been negative, recent hourly flows are aggressively bullish.
The latest daily buy ratio of 49.1% sits at the 43rd percentile of the last 324 days, against a median of 49.6% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for PENDLE, averaged over the days leading up to the story.
Over the preceding week, Pendle averaged a 51.9% buy ratio, making the current 1-hour reading of 65.8% notably higher than the weekly norm. Trading volume over the last 24 hours was $7,558,389, which is 2.08 times the weekly average, signaling an unusual spike in activity. The coin experienced net buying on all seven days of the preceding week, contributing to an 8-day price change of +22.7%. Total volume delta over that eight-day period was +$644,311, confirming sustained accumulation prior to the recent hourly surge. This day is unusual due to the combination of elevated volume and a buy ratio significantly above the weekly average of 51.9%.