Biggest takeaways from ze Insider Pendle call: 1. PENDLE now directly captures protocol growth: since January, ~80% of protocol revenue has gone to open-market PENDLE buybacks ~$3.7M / 2.68M PENDLE bought back YTD if V2 and Boros revenue scale, buybacks scale with them 2. Pendle expanding from yield trading into the broader rates layer of DeFi: V2 covers yield, fixed rates and collateral, increasingly focused on RWAs and institutions Boros covers funding rates and eventually broader interest-rate markets the addressable market is becoming much larger than crypto yield alone 3. V2 is already generating meaningful revenue $9M+ revenue YTD, currently annualising around $13M upcoming products add new revenue streams rather than replacing the existing business 4. V2's next major growth leg is insti and RWA adoption permissioned PT/YT markets are targeted for the next ~2 months direction is tokenised credit, treasuries and other RWAs opens Pendle to assets and capital that cannot use fully permissionless markets 5. ze curator module could materially accelerate V2 market creation: targeted for Q4 curators like Armitage, Steakhouse and Gauntlet will be able to launch their own PT/YT markets on Pendle those PTs can then become collateral inside the curator's own Morpho/Euler vaults Pendle no longer needs to manually bootstrap every new market itself 6. le Boros has already reached meaningful scale $355M OI as of 28 Aug, up ~55% from 22 Jul $20B+ cumulative nominal volume in under a year ~$65M average daily volume ~$800K revenue so far despite still being early 7. Arbitrage by Boros is the tasty near-term Boros growth product: launched 26 Aug compresses a complex 4-leg cross-exchange funding arb into a 2-click trade current opportunities are around 20-30% fixed APY already at ~$58M notional OI 8. Boros can expand way way beyond BTC & ETH funding: next targets include crude, gold, silver and equity perps growth is tied to the broader rollout of RWA perpetual markets if this works, Boros becomes a rates venue across multiple asset classes rather than just crypto funding 9. PT looping is turning Pendle assets into productive collateral: live across Aave, Euler and Morpho $25M+ volume in 6 weeks around 5% of total PT volume over that period service + swap fees can exceed standard PT fees, improving revenue per user 10. Pendle PT collateral adoption is becoming tasty: ~$220M of Pendle PTs are now collateral on Morpho ~95% is RWA-backed Pendle's role is moving beyond trading into core lending infrastructure 11. vanilla looping opens the opportunity beyond Pendle-native assets: Pendle plans to extend its looping infrastructure to non-Pendle assets both permissioned and permissionless assets can potentially use the same rails this turns the product itself into infrastructure rather than just a PT feature 12. chain expansion is adding additional distribution Monad: ~$230M TVL X Layer: ~$42M TVL, with PT-USDG accepted as Aave collateral and a $100M-$150M TVL target Robinhood Chain launched 4 Sep with sNET, with more markets expected 13. le Boros is deliberately making it retail friendly: priorities are faster opportunity-to-position, automated multi-leg strategies and expansion into new asset classes the strategy is fewer clicks and less complexity rather than adding features for the sake of it dc: linn is a tier 1 (award winning) kol supreme for pendle(🉐 Crypto Linn)