$PENDLE + $GMX
@arbitrum DeFi’s engine and PMF backbone 🧵
Arbitrum’s total DeFi TVL sits around $3.4B according to @DefiLlama
In the 24h snapshot, chain level fees are almost $25k
But how much of that gets funneled through a handful of dApps? That’s what we’ll unpack.
@pendle_fi
> Pendle gives @arbitrum a yield trading primitive: tokenizing future yield (PT / YT).
> Pendle holds over 70% of the total TVL and in just 7 days, pendle reports over $100k in revenue (which is 80%), among other impressive metrics in yield derivatives usage.
> Plays a unique role anchoring the LSD + yield curve side of the stack.
Concentration and risk
If $GMX or $PENDLE face a shock (exploit, liquidity crunch, user flight), a big slug of Arbitrum’s fee engine is vulnerable.
That said, this “risk” is also a feature: these apps are deeply integrated, composable, and almost proprietary infrastructure.
The question: is it fragility or defensibility?
3 Possible Thoughts:
➤ @arbitrum reliance on GMX and Pendle reflects depth over breadth, i.e fewer hubs with stronger traction.
➤ but could this be a risk? because overdependence could cause system risk if the hubs falter.
➤ also what matters is whether new apps can emerge to tilt the balance, or if @GMX_IO and @pendle_fi will continue improving and leading the way.
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