pendle has been on an absolute tear lately.



their total value locked tripled in less than 5 months, which is wild growth for any defi protocol.

the timing makes this even more impressive.

billions in derivative positions were maturing during this period, which typically means money flowing out as contracts end. most protocols would see their tvl drop or stagnate.

instead, @pendle_fi kept attracting new capital.

users kept depositing funds even as old positions closed out. that kind of sustained growth while facing natural outflows shows real product market fit.
PENDLE0.01%
IN-3.47%
WILD-2.67%
DEFI-2.87%
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