According to Milk Road (@MilkRoadDaily), Pendle protocol earns approximately $20 million annually through two main revenue streams: swap fees collected whenever users exchange tokens, and a share of the yield generated by Yield Tokens on its platform. This robust fee model provides Pendle with a consistent income base, which can enhance its long-term sustainability and attract further liquidity. For traders, the protocol’s growing revenue signals increased platform adoption and potentially greater token value stability, factors that are closely monitored in the DeFi and broader crypto markets (source: Milk Road, May 22, 2025).