Pendle Q3 Report: Revenue per Dollar of TVL Up 76% YoY, Token Buybacks Reach 3.2x Emissions

Pendle officially cited Alea Research's Q3 performance report on the protocol via X and summarized the following key data points:

1. The RWA (real-world asset) market has moved from the periphery to the mainstream, accounting for 82% of TVL;

2. TVL grew 43% in Q3 while incentives were cut by more than half (over 50%);

3. Revenue generated per dollar of TVL increased by approximately 76% compared to the same period last year;

4. Buyback volume reached 3.2x token emissions;

5. PT collateral across Morpho, Aave, and Euler doubled to $497 million.