Most collateral never expires. $67M on Aave Monad does, next Thursday. It’s PT-AUSD from @pendle_fi, which turns into 1 AUSD on Oct 8. Today, around $67M of it is sitting on @aave as collateral. And before that maturity even arrives, the December PT in Matthew’s quote is already being lined up for Aave Monad. That’s the part I like. Pendle keeps creating the next yield market, while Aave turns those positions into productive collateral. Users don’t just reach maturity and stop, they get another place to roll capital and keep it working. A pretty clean flywheel between @pendle_fi and @aave. Fixed yield becomes collateral. Collateral creates credit. Then the next maturity keeps the cycle moving.