Pendle cut what it pays to keep liquidity by more than half in Q3, and TVL grew 43% to about $1.16B by Sep 30. The sharpest test came on Sep 18, when @pendle_fi started paying each pool's PENDLE rewards mainly based on the fees it earns. The seven pools that lost more than half their rewards kept 97% of their liquidity a week later. Q3 revenue had no issuer airdrops to lean on, but buybacks still ran at ~3.2x incentives in PENDLE, so Pendle bought more ethereum:0x808507121b80c02388fad14726482e061b8da827 for stakers than it paid out in incentives. The cheapest TVL is the kind you don't have to pay to keep.