Compare Pendle and WBTC on TVL, fees, revenue and activity to understand how these projects stack up.
$1.103B
Pendle splits yield‑bearing tokens into Principal (PT) and Yield (YT) tokens, enabling users to lock in fixed rates or speculate on future yield. A permissionless AMM with a custom logit bonding curve lets YT premiums track forward‑looking yield expectations. Pendle TVL grew 10× in 2024 on the back of LST and RWA integrations, and PENDLE governance now controls a large veToken bribe market.
Wrapped BTC (WBTC) is a Bitcoin‑backed ERC‑20 minted by BitGo under a multi‑sig controlled by merchants and custodians. Each token is 1:1 redeemable for BTC, with reserves published every 24 hours and verifiable on chain. WBTC accounts for more than 70 % of tokenised bitcoin on Ethereum and serves as core collateral for Aave, Maker and Compound.