Pendle Finance Transforms from Failed Business to $7B DeFi Giant

Pendle Finance, founded by TN Lee, has experienced a remarkable transformation from a failed Cold Brew business to becoming a major player in the decentralized finance (DeFi) space with a total value locked (TVL) of $7 billion. In a recent interview with Kevin – WSH, Lee discussed Pendle’s journey and the growing interest from high-profile traders, including Tron founder Justin Sun. The platform’s TVL has grown rapidly from $250 million to $7 billion in just a few months, showcasing its dominance in the DeFi ecosystem. However, the path to success was not without its challenges. Pendle initially faced operational difficulties and a lack of adoption due to pump expenses and an unsustainable user interface during the launch of its first version (V1) in June 2021. TN Lee’s previous experiences in the Cold Brew business and exploring NFT marketplaces laid the foundation for his success with Pendle. The launch of V2 in December 2022 marked a defining moment for the platform, resulting in significant improvements in technical aspects and user experience. Since then, Pendle’s TVL has surged from $5 million to $7 billion, demonstrating the market demand for the platform. The daily trading volume has also seen a significant increase from $200-300K to $182 million. With the participation of high-profile users and strategic partnerships with other protocols, Pendle is set to continue its growth and make a greater impact in the DeFi space in the next 12 months. The platform plans to utilize its TVL to offer optimized yield options that surpass current yields.