$PENDLE is looking increasingly good here. > Pendle price is +16.9% in the last 30 days > sPENDLE buybacks passed 2 million tokens six months > Fees over the trailing year are down 18% while TVL over the same year is down 79%. Fees fell roughly 4x slower than TVL did. > PENDLE emissions down 76% since January Considering fee generation has held up far better than the TVL collapse implies, Pendle is extracting more fee per dollar of TVL than it was a year ago, exactly the kind of capital efficiency you'd want to see from a business with a moat.
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