$PENDLE released the latest updates yesterday. Several changes are worth noting:
1. PendleLoop officially launched, supporting looping borrow-and-lend strategies with yield-bearing assets, as well as leveraged trading of tokenized stocks.
2. It added RWA assets, including Janus Henderson’s AAA CLO, Franklin Templeton’s high-yield bond fund, and Bitwise credit products.
3. Boros launched Spread Markets, beginning to support trading funding-rate differentials across different platforms.
Taken together, these developments show that Pendle is no longer content to be a DeFi yield-splitting tool. It is evolving into **on-chain interest rate and yield trading infrastructure**.
More importantly, 80% of Pendle V2’s yield and swap fees are used to buy back PENDLE and distributed through a mechanism to eligible sPENDLE holders.
However, the market has yet to be fully convinced.
PENDLE is currently around $1.95, down about 24% over the past 30 days. Protocol TVL is around $1.07 billion, down about 16% over the same period.
My take: the product direction is becoming increasingly clear, but capital and revenue have yet to provide strong enough confirmation.
I’ll continue to keep an eye on it long term, but there’s no need to chase it for now. The key is to watch whether the new RWA pools can generate sustained trading volume and protocol revenue.
#据报韩国考虑第四次推迟加密税 $PENDLE
1. PendleLoop officially launched, supporting looping borrow-and-lend strategies with yield-bearing assets, as well as leveraged trading of tokenized stocks.
2. It added RWA assets, including Janus Henderson’s AAA CLO, Franklin Templeton’s high-yield bond fund, and Bitwise credit products.
3. Boros launched Spread Markets, beginning to support trading funding-rate differentials across different platforms.
Taken together, these developments show that Pendle is no longer content to be a DeFi yield-splitting tool. It is evolving into **on-chain interest rate and yield trading infrastructure**.
More importantly, 80% of Pendle V2’s yield and swap fees are used to buy back PENDLE and distributed through a mechanism to eligible sPENDLE holders.
However, the market has yet to be fully convinced.
PENDLE is currently around $1.95, down about 24% over the past 30 days. Protocol TVL is around $1.07 billion, down about 16% over the same period.
My take: the product direction is becoming increasingly clear, but capital and revenue have yet to provide strong enough confirmation.
I’ll continue to keep an eye on it long term, but there’s no need to chase it for now. The key is to watch whether the new RWA pools can generate sustained trading volume and protocol revenue.
#据报韩国考虑第四次推迟加密税 $PENDLE
