Size and money locked
Pendle’s total value locked is around $1.0 billion, more than double Convex’s $485 million. This makes Pendle the larger platform in terms of capital under management.
Convex’s TVL has fallen about 4.8% over the past week, while Pendle’s TVL slipped roughly 2.1% in the same period.
Activity and fees
Pendle processes about $5.3 million in 24‑hour volume and users pay roughly $7,600 in fees each day. Convex records no 24‑hour volume but generates about $94,000 in daily fees, indicating a higher revenue stream per locked dollar.
The fee contrast shows Convex’s fee model captures more revenue despite lower transaction volume.
Networks and reach
Pendle operates on 14 different blockchains, including Ethereum, Arbitrum, BSC and Avalanche, giving it a broad cross‑chain presence. Convex is limited to 4 networks: Ethereum, Fraxtal, Arbitrum and Polygon.
The wider chain coverage gives Pendle more exposure to diverse user bases and liquidity sources.
Who each platform suits
Pendle is suited for users who value a multi‑chain ecosystem and want to trade tokenized future yield, benefiting from its large TVL and extensive network list.
Convex appeals to those focused on maximizing yields from Curve pools and who prefer a platform that generates higher fees, indicating strong incentive structures despite a smaller TVL.