Pendle released its 2025 Q3 report, showing a total value locked (TVL) of $8.75 billion, a quarter-over-quarter increase of 118.8%, with stablecoins accounting for over 80%. Nominal trading volume reached $23.39 billion, a quarter-over-quarter increase of 236.1%, with September's monthly trading volume hitting a record high of $11 billion. Protocol revenue was $9.14 million, and fees totaled $9.53 million, representing quarter-over-quarter growth of 54.1% and 58.0%, respectively. The average APR for vePendle holders ranged between 35%-40%. Monthly active users increased to 29,200, spanning 8 blockchains, with Ethereum and HyperEVM being the primary hubs for users. Pendle is now the second-largest protocol on the Plasma chain, with a TVL nearing $1 billion, accounting for 30% of the chain's total locked value. Pendle plans to expand to non-EVM ecosystems like Solana in Q4, add support for Boros assets, optimize limit order functionality, and advance the implementation of permissionless and compliant versions of the protocol.