Pendle’s current structure is market-price agnostic thanks to its outsized stablecoin composition. It’s been running non-stop toward $9.43B TVL, now carrying the entire yield sector w/ 65.2% dominance ($14.52B). *FYI: $7B TVL stems across $sUSDe / $USDe / $tUSDe from @ethena_labs (74.3% of TVL) That’s ~61.4% of Pendle utilisation at current supply ($11.4B). And this is only the beginning. Pendle’s moat as the value discovery platform in YBS is cementing, setting up for virtuous spillover effects: Parabolic expansion in market sizing → stronger justification + demand for externalised composability Just look at the current demand: 🔸$4.2B on @aave (6.64% of $63.2B TVL while being capped) 🔸$643M on @MorphoLabs (6.7% of $9.5B TVL) And the actual floodgates to broader inflows for further extensibility have yet to be opened. Pay attention to @convergeonchain's progress where the next stage for @ethena_labs's significant growth would occur imo. When $iUSDe (TradFi-friendly wrapped $sUSDe) goes live, it unlocks a structurally superior yield primitive for a completely untapped audience. Context on the market opportunity out there: 1⃣Fixed-Yield Products → $190T market 2⃣Interest Rate Swaps → $563T market $10B TVL will look like a mere pit stop when Pendle scales into this institutional + TradFi convergence.