Pendle becomes the largest DeFi venue for tokenized stocks with about 18.5% market share

The yield-trading protocol overtook rivals after launching equity yield markets and a one-click leverage product Pendle is now DeFi’s largest single venue for tokenized stocks, holding about 18.5% of the market. That is a notable turn for a protocol best known for slicing up interest rates. It took the top spot by November 9, 2026, roughly a week after it climbed into second place. The rise happened in two quick steps. On November 2, 2026, Pendle held approximately 17% of DeFi’s tokenized-stock market, good enough for second place.