Pendle becomes second-largest DeFi venue for tokenized stocks with 17% share

The yield-trading protocol climbed from seventh to second place in roughly a month as tokenized equity deposits in DeFi surged Pendle now holds about 17% of the DeFi market for tokenized stocks. That makes it the second-largest decentralized venue for on-chain equities. A month earlier, the protocol ranked seventh. Jumping five spots in thirty days is the DeFi version of a midseason trade that suddenly makes a team a contender. The climb was measured as of November 2, 2026. It came after a month of rapid deposit growth into Pendle’s tokenized-stock markets. Over the month ending October 31, 2026, Pendle’s tokenized-stock total value locked (TVL) rose by $16 million. That brought its total in the category to $33.8 million.

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