Two observations on Pendle! #PENDLE #大的要来啦 #美联储何时降息？

1: $PENDLE The correlation between price and TVL is very strong, and we need to wait for Pendle V3 or other incremental benefits to reverse expectations;

2: Pendle's lock-up rate has slowed down, and the incremental lock-up has been limited since May;

Trading volume and transaction fees have also dropped significantly since the bubble of Restaking burst. Pendle is essentially an amplifier of liquidity in Crypto. If the market liquidity is good, people will take the pie drawn by each project party, and people will take the points attached to YT, which will further increase the yield of the project party's PT assets, making the project data more eye-catching, and the market will have a higher psychological valuation, thus forming a positive feedback loop.

The next breakthrough point may be one of the following:

Restaking obtains real PMF, which is less likely in the short and medium term

RWA narrative explodes, a hundred flowers bloom, and Pendle takes over the traffic

Pendle V3 is completed, and the second point is combined with Tradefi to obtain real Mass Adoption

As one of the biggest innovations in this round of DeFi, wait and see.