I analyzed @pendle_fi business model and identified five reasons for its success. 1. Unique Product: Pendle has carved out a niche by creating a product with no market analogs. They were the first to separate principal and yield assets. 2. Right Place, Right Time: Launched in 2021 during a bull market, Pendle capitalized on the growing interest in yield protocols. This timely entry allowed them to capture a significant market share. 3. Partnerships and Scaling: Strategic partnerships with popular projects significantly boost Pendle's visibility. Want to know the most profitable way to farm Ethena or EigenLayer? The answer is Pendle. 4. Path to Mass Adoption: The project's complexity poses a challenge, especially for beginners. To address this, they launched an Education section offering various ways to learn about Pendle. 5. Cult on X: This is the key differentiator for Pendle. They build loyalty and recognition by supporting social media content from creators. You haven't finished this post yet, but you already know to reply with "Pendle" and you'll likely see project-related people like Linn, RightSide, Yoko, Nguyen, TN, and Cropsharer, and others engaging there.