$PENDLE is now +90% off the lows It's quite obvious that the structural thesis from my prior finding is accelerating, and the market is pricing in the fee engine rather than TVL. This is important for a few reasons: - @boros_fi is contributing to the growth story, having launched into a cycle where rates have been volatile, exactly the environment it was designed for. - @Plasma is now generating 25.6% of all Pendle fees ($212K/30d) and growing faster than any other chain (highest fee efficiency of any Pendle chain) - sPENDLE is yielding 12–17% APY from actual fees and buybacks - $STRC yield via @apyx_fi and @saturn_credit has put ~$100M in active Pendle TVL Pendle is no longer just a yield protocol. It's becoming the pricing layer for every yield primitive that matters. DeFi-native, RWAs, funding rates, and now Bitcoin treasury dividends.