⚡️ The continuous buzz from V2 to Boros: the path of all on-chain DeFi ultimately leads to Pendle! Recently, I've had a very intuitive feeling: @pendle_fi is being mentioned more frequently across various DeFi communities. This is because many stablecoin PTs are maturing and rolling over, and the current market conditions are very suitable for speculating on funding rates, making its presence felt immensely— Some are sharing their PNL, others are asking me how to open a position on Boros, and even my university professor started inquiring a few days ago about whether it's necessary to allocate some PT. This actually reflects a deeper change: the market has begun to shift from pure price speculation to a focus on interest rates and yields. I think this is a good phenomenon, marking that our DeFi is maturing. Twenty years ago, many people couldn't understand why Amazon could evolve from selling books to selling everything; Today, some still can't understand Pendle, why it can grow into the world's largest yield trading market just by "breaking down yields." It's important to know that in the traditional financial world, the interest rate swap market (IRS) has a size of $350 trillion, several times larger than the global GDP, and its essence is to make the "language of time"—interest rates—tradable. What Pendle is doing is bringing this interest rate swap mechanism that dominates TradFi into the crypto world, allowing everyone to trade "yields themselves" like institutions. This is precisely the opportunity that the current market lacks the most and can accommodate large funds— 1⃣ All markets are inseparable from the term "interest rates" In TradFi, the reason why IRS can grow into the largest super market is that it solves the most fundamental problem in finance: all asset pricing ultimately revolves around interest rates. Some need to determine interest rates to lock in costs; Some want floating rates to capture flexibility; Banks, funds, and enterprises all use it to manage risks. And DeFi is experiencing the same turning point— As the interest from stablecoins, ETH staking yields, re-staking, and funding fees grow larger, the market naturally needs a "benchmark interest rate" to accommodate, allowing funds to truly settle. Pendle is that most natural point of accommodation: It standardizes and terms cash flow assets, making interest rates clear and visible, allowing users to directly engage at the front end; when TradFi funds come in, they don't need to relearn a set of rules and can directly connect. Moreover, Pendle is not stopping at V2. The recently launched @boros_fi has made IRS even more straightforward—turning interest rate swaps into faster funding fee trades. This means: 📍 CeFi funds can hedge and protect on Boros; 📍 TradFi institutions can manage risks on-chain in familiar ways; 📍 DeFi players gain more arbitrage and hedging tools. In short: if V2 laid the foundation for long-term interest rates, then Boros has opened up the flow of short-term interest rates, together pushing the DeFi interest rate market towards a more complete form. 2⃣ The success of Pendle reflects the next phase of DeFi Pendle has emerged because it has done four things right— 📍 Simple enough: allowing users not to have to understand too many obscure terms, directly simplifying the process, where PT is a time deposit, and YT is future yield. 📍 Accurate selection: first targeting the areas with the most money—ETH, stablecoins, re-staking (LSD/Restake). The cash flow from the most lucrative assets is prioritized for structuring. 📍 Liquidity: maturity convergence, rolling renewals, avoiding liquidity traps. 📍 Industry recognition: Aave and Morpho have already included PT as collateral; yields on sUSDe, ETH, and RWA are all priced on Pendle. Pendle's various metrics have seen exponential growth this year, and the real reason is: the demand structure in DeFi has changed. It is filling the most lacking infrastructure in DeFi over the past five years, and the consensus of "go to Pendle for yields" is forming. 3⃣ Pendle still has enormous value waiting to be discovered! If you want to evaluate any DeFi project, first ask three questions: 1) Where does the cash flow come from? 2) How is the timing matched? 3) Am I buying certainty or future yields? These three questions will ultimately lead you to Pendle—because it is the platform that standardizes and markets these issues. As Sun Tzu said: "The skilled fighter puts himself in a position that makes defeat impossible, and does not miss the moment for the enemy's defeat." Investing is the same: first establish a stable interest rate foundation, then pursue future flexibility. Pendle provides DeFi with such a foundation. Excellent tools do not change human nature, but they do change the distribution of outcomes: Bringing occasional big profits from volatility back to consistently earning stable money, then gradually growing, ultimately allowing for entry and exit, standing undefeated. And the greater space lies in the future: Today, Pendle has already accommodated stablecoins, ETH, and re-staking cash flows on-chain, but the real incremental growth lies in RWA, government bonds, and institutional funds—these much larger markets. When they begin to migrate on-chain, Pendle will be the most seamless interest rate bridge. I believe that $PENDLE still has significant value waiting to be discovered because it has hit upon an evolutionary path that finance must take: Interest rates are the foundation → Standardization is the entry → TradFi funds will naturally flow to places that speak the same language. When a mechanism meets the most fundamental needs, its growth curve no longer depends on imagination but on inevitability! #pendle @tn_pendle