A picture is worth a thousand words! The image vividly explains how Pendle operates, how to make money with Pendle, and what the logic is. It's clear to see that it's about betting on interest rate fluctuations, and it also fits very well with trading logic! In the future, CEX/DEX will definitely have this new sector of interest rates, and with Pendle currently being the absolute leader in the Web3 interest rate derivatives track, Pendle will definitely have a place in the future! Moreover, in the traditional financial sector, the interest rate derivatives track where Pendle is located is already very mature. Last time, when I thought interest rate trading would give rise to new exchange products, I didn't know Pendle was already planning to launch a product similar to DEX: Boros. Once formed, leveraging Pendle's existing advantages, it will definitely be a leading product (even if Boros doesn't succeed in the end, other products will need to use the infrastructure provided by Pendle as a supplement). However, I expect more, that is, in the future, Pendle's split PT/YT tokens can be directly listed on CEX, connecting on-chain and off-chain, forming a new TradFi of DeFi + CeFi + DEX + CEX. Unlike the hedging mining or stablecoin mining that has been adopted during this period, I have moved many DeFi positions to $PENDLE, I'm betting it can succeed! ______________________ Pendle's core goal is to achieve principal and interest separation, packaging yield-generating assets into SY tokens to standardize these yield-bearing tokens. Then, SY tokens can be split into two parts: principal token PT and yield token YT. Through Pendle's automated market maker (AMM) mechanism, users can easily trade these tokens, engaging in interest rate speculation. Principal token PT is like a stable investment tool that helps users withstand market fluctuations and lock in fixed returns. The price of PT tokens is usually lower than the price of the original asset, and this difference is the fixed return that users can obtain. Users who purchase PT tokens are usually cautious about future returns and hope to lock in the current yield through PT. Yield token YT, on the other hand, is a leveraged tool full of opportunities and risks. Users don't need to invest a lot of funds to purchase the complete yield-bearing asset; they only need to hold YT to enjoy the yield rights generated by the principal. If future yields decline, users may face losses; but if yields rise, users will receive higher returns. Therefore, users can flexibly choose to increase or decrease their holdings of YT tokens based on their predictions of future yields, seizing market opportunities.