In the midst of market turmoil, it’s honestly one of the best times to zoom out and re-visit a protocol’s fundamentals & see whether its market fit actually sustains. @pendle_fi’s voting-escrow penconomy continues to trend ATHs across every major metric: 🔸 New ATH 66.46M $PENDLE ve-locked with ~47.63M vePENDLE supply 🔸 Record-high 1.43 years avg. lock duration (max 2 years) & still climbing 🔸 >50% of locks coming from individuals (not LLs) → signalling healthier distribution + ecosystem maturity These point toward structurally long-term growth and utility-driven capital inflows across both V2 & @boros_fi on @arbitrum as Pendle doubles down on product expansion. With recent traction on the institutional front, Pendle’s value positioning is slowly transitioning into a go-to institutional yield & rate layer as its value distributes beyond DeFi. On the other side, Boros is still early, but the market opportunity it sits on is massive. As the perp markets expand and TradFi <> crypto derivatives converge, demand for funding-rate exposure only grows as it cur. stands ~0.045% of TAM. Whichever stream you look at (yield, rates, perps etc.) everything ultimately leads back to $PENDLE as the core value layer. I won’t be surprised if these metrics keep climbing, and will be worth revisiting again soon as 2025 comes to an end. Pendle 🫡