Pendle rebounded over 65%, with its market cap dropping to $367m, but there's an interesting power imbalance hidden behind this. Penpie, a small player, controls 25% of Pendle's entire governance with just a $14m market cap——in other words, 3.9% of valuation weight but holds a quarter of the protocol's decision-making power. This concentration is not an isolated case. Just look at the development trajectory of Curve and Convex, and you'll see that Convex leveraged the entire ecosystem with a far smaller market cap than Curve, with CVX's market cap reaching 30% of CRV at its peak. Penpie's $34k revenue data further reflects the real returns of this governance leverage. When small protocols aggregate through governance tokens, they often possess stronger execution power than the main protocol itself——this has become a common pattern in the DeFi ecosystem.