➥ $PENDLE has lost 93% of its TVL from ATH for context, @pendle_fi's TVL peaked at $13.39B in Sept 2025 as of October 24, DeFiLlama reports: - $958M TVL, -20% / 30D - $815.6M DEX volume / 30D - $452K protocol revenue / 30D - $129.8M Boros open interest but its new derivatives product has already processed over $7B in trading volume Pendle's official investor dashboard shows: → $94.4B+ cumulative Pendle V2 trading volume → $7.1B cumulative Boros trading volume → $152M Boros volume / 7D @boros_fi has now processed ~7.5% of Pendle V2's lifetime trading volume, despite being a much younger product i think this is where the next part of the $PENDLE thesis gets interesting - Pendle V2 built its business around splitting yield-bearing assets into principal and yield exposure - Boros takes that model into perpetual funding rates instead of simply earning floating funding, traders can hedge or speculate on where those rates are heading and that's a market that exists regardless of which stablecoin or yield-farming strategy is popular there's also an important difference in monetization Pendle's investor dashboard currently shows $15.9M annualized revenue for V2, compared with only $800K for Boros so Boros has meaningful trading activity, but it remains a much smaller revenue contributor its revenue is also retained internally rather than distributed to token holders i'm interested in $PENDLE as an onchain interest-rate infra play the combination of fixed-yield markets and funding-rate derivatives gives Pendle exposure to 2 different sources of demand but I'm not ignoring the declining TVL or the relatively modest revenue coming from Boros i hope Boros growing beyond $130M OI while turning more of its trading activity into sustainable protocol revenue if that happens alongside a recovery in V2 deposits, the investment case becomes much more interesting for now, I'm keeping $PENDLE on my watchlist