Crypto is entering a new phase. TradFi is paying closer attention, regulatory frameworks are tightening, and centralized infrastructure is becoming more prominent across the ecosystem. Institutional involvement is no longer some distant milestone. In fact, it’s already happening. People ask us: Do you still believe in DeFi? Dude, of course. Pendle is built in DeFi and for DeFi. But in a space that moves as quickly as this one, you need the flexibility to adapt and evolve. That mindset has been core to how Pendle operates: staying grounded in our principles while remaining open to change to ensure we always maintain PMF. Like what bossman @tn_pendle said, one of our biggest priorities today is "Pendle Permissioned", a dedicated gateway for regulated TradFi institutions to access best-in-class DeFi yields in a compliant and secure way. And in parallel, there's also @boros_fi, designed to support any form of yield, whether it's native to DeFi, from TradFi, onchain, or even offchain sources like mortgage rates or U.S. T-Bills. Our initial focus on funding rates is a perfect example. It's an offchain yield source, yet remains one of the most promising untapped opportunities in the entire space. Arbitrarily limiting ourselves only to so-called DeFi native yields would be missing the bigger picture, and it would constrain Pendle’s long-term potential, especially considering how much bigger the yield sector is beyond our niche space. To put things into perspective, the traditional interest rate swap (IRS) market alone holds over $300 trillion in outstanding notional. That’s roughly 100 times larger than the entire crypto sector. Pendle’s foundation will always be in DeFi. But that doesn’t mean our offerings need to remain confined to the onchain world. The future lies in building hybrid infrastructure that connects DeFi and TradFi, unlocking new capital, new users, and entirely new possibilities for the ecosystem. The DeFi Mullet as explained by @Morpho_Intern - a simple, easy interface stripped of all the complexities, "secretly" powered by DeFi in the back. This is how we scale DeFi to the next level.