Pendle's LO share of swap volume went from 44% to 71% in two months. That is a result of a change in the incentive structure. Protocols add external rewards and @pendle_fi matches a portion in $PENDLE, directed specifically toward limit order liquidity: → $0.22 in PENDLE per $1 of PENDLE contributed → $0.15 in PENDLE per $1 in other tokens → 9,000 PENDLE weekly cap, pro-rata if demand exceeds budget. The result proved to be amazing → monthly LO volume nearly doubled, and LOs became the primary liquidity engine, not passive pools. Most yield protocols reward TVL because it is easy to measure. Pendle is now rewarding execution depth because that is what actually improves trade quality.