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$PENDLE is doing something the broader market isn’t. While risk assets digest 5% U.S. yields and another Fed decision, $PENDLE has surged ~12% in 24h on $86M+ turnover. The catalyst has substance: Pendle is now bringing yield markets to tokenized stocks, including NVDA and PFE, while cumulative PENDLE buybacks have passed 2.8M tokens. This isn’t just a DeFi rotation. TradFi yield is becoming tradable on-chain.