$ENA price doesn't directly impact Pendle metrics. Only USDe TVL does (which depends on global OI). But since more TVL = more volume = more fees = more $ENA airdrops for vePENDLE holders. So $ENA pump = juicier airdrops = $PENDLE pump.
If you're afraid of longing $ENA because of unlocks (even though buybacks >>> unlocks for the next 6 weeks), $PENDLE is the best beta play: 70% of their TVL is USDe denominated, revenue & airdrops go to vePENDLE holders and there is no unlock.
This was $ENA last season's airdrop ($2,300,000) to vePENDLE holders. Wouldn't be surprised if the next one is $3,500,000.
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