Happy 10th Anniversary, @etherscan 🎉 Huge props to this amazing team for going the extra mile in tagging our contracts, facilitating a way for us to flag Pendle's canonical PT/YT/SY tokens so they could be updated and tagged properly. You da real MVP for shepherding Pendies through the wild world of smart contracts 🫡 #10YearsofEtherscan

One of the most important themes in the next 12 months will be widening crypto credit spreads to falling risk free rates, discussed 45min in the link below. DeFi in the last cycle lived in a vacuum with no real connective tissue to legacy fixed income markets. Now as rates fall and crypto native spreads widen there are a variety of vehicles through which dollars will effortlessly enter DeFi on a scale that dwarfs 2021. I expect to see several ETPs on the underlying and DATs focused on raising accretive debt financing to deploy into DeFi in order to monetize the spread. This will be a $50-100b TradFi to DeFi carry trade. Some tokens are mechanically levered to this trade: $AAVE $PENDLE $SPK $SYRUP being the most obvious

5 days ago, @pendle_fi crossed $7 billion in TVL for the first time. Today, Pendle crossed $8 billion in TVL for the first time, clocking another new ATH. Higher 🫡

The @kinetiq_xyz kHYPE market has become the 6th largest pool on the entirety of @pendle_fi, and the 2nd highest by volume traded, just behind @ethena_labs With only 1 market. This is just over 1 week live on Pendle Hyperliquid

Pendle PT-tUSDe (13.33% APY) & LP-tUSDe (10.27% APY) are now live on @MorphoLabs With $138M tUSDe TVL on Pendle, that liquidity can now be used as collateral on Morpho to borrow stablecoins, loop positions and optimize yield //

Initial caps filled before this announcement. Strata is built on Ethena and is the institutional-grade risk tranching protocol for USDe. New caps for its Pendle PT are now live.

You can learn a lot from @pendle_fi They brute forced their success. Now it looks easy but they had to deal with a lot of issues in the past. - TVL halved after points meta ended - $PENDLE dropping from $1,7 to $0,05 - Constant outflows of TVL They always found a way to attract new capital, new partners and create new products. This was only possible because they are close to the community. Yield Trading is one of the biggest things in TradFi but when Pendle started in 2021 it was not clear if that model would work in crypto. Many people overlooked the opportunity back then since it is difficult to fully grasp the concept of PT/YT and why it’s useful. Explain your Product Pendle did a great job creating educational resources which is key if you want to onboard users to a rather complex product. Once someone is onboarded they stick. Solve rich people's problems: They pay better Average User Net Worth > User Numbers Pendle achieved $7,7 Billion in TVL with 22k monthly active users. Theory: The average Pendle User deploys $350k. Reality: 20% of Wallets account for $6,1 Billion TVL Go where the puck is going Pendle always had a great sense for what will drive the next liquidity wave. From early partnerships with @LidoFinance and @ether_fi to now @ethena_labs and @kinetiq_xyz. Always think ahead and be prepared. This is the reason why Pendle has 90% Marketshare in their Niche. The distribution of Pendles TVL changed a lot over the years. From being 50% in stETH to now being 80% Stablecoins, mostly forms of USDE. This is big since it reduces the volatility of the TVL. Don't just focus on TVL growth but find ways to make that TVL stick and less volatile. One of the reasons why I also like @maplefinance so much. Pendle Token Design Pendle has a vePENDLE Token design. While this is not ideal for most projects it was crucial for Pendle. The average vePENDLE holder locks their tokens for 1,37 years to earn fees which are paid in $ETH. Since the $Pendle Token itself is rather useless people are motivated to lock their Pendle for vePendle. Having Token Holders that can't panic sell when the token is down is crucial for any project. It also led to : The Pendle Wars of liquid Wrappers. If you create a situation where people lock vePendle they will find a way to make it more liquid. @Penpiexyz_io and @Equilibriafi hold about 20 Million vePendle. Both of their liquid Wrappers depegged so be careful with those. While I am not the biggest fan of the 2 Token Design it was important for Pendle's success. Influencers & KOLs Accounts like @crypto_linn and @defi_mochi played a big role in pushing Pendle and the community. It is important to do partnerships the right way. Look for accounts that align with your vision and focus on the long term outcome. If your token price goes up you will gain way more attention from real accounts that want to support instead of trying to do a KOL campaign. Conclusion > Brute force your way to the top > Adapt to new circumstances > Focus on building with and for the community > Think in years > months Pendle Chads @Rightsideonly @crypto_linn @tn_pendle @defi_mochi @poopmandefi

How to Trade Funding Rates on Boros Read this and discover: - How to place trades/positions on Boros depending on your directional bias - How to hedge your margin positions - How to check your margin/profitability on trades Thread:

you gotta be crazy to work in defi and not hold $AAVE $ENA and $PENDLE literally the most innovative products in the entire space and you’re not long

Ethena is now live on HyperEVM 🫡 💚 sUSDe (25 Sep '25) with 30x Sats Earn fixed yield on @ethena_labs assets directly within your favourite chain, with deeper Pencosystem integration just around the corner.