Dialogue with Pendle, TN LEE: V2 stabilizes, Boros sets sail, creating the "Apple" of DeFi market From locking in interest rates to restructuring returns: @ pendle_fi is becoming the 'apple' of the DeFi world. Co founder TN LEE @ tn_pendle stated in an interview with PANews that Pendle does not touch spot or perpetual contracts, but focuses on one thing - making interest rates tradable, manageable, and ultimately the underlying financial logic of the entire DeFi ecosystem. Since the high-yield era of DeFi Summer in 2020, TN LEE has recognized the long-term value of "locked in rates". Pendle has launched version V2 with "interest rate market" as its core, implementing a revenue tokenization (PT/YT) mechanism that allows users to participate in the market with fixed or floating interest rates. In 2024, with the rise of LRT (Refinanced Liquidity Token) and stablecoin markets, Pendle's TVL once surpassed $13.5 billion, becoming the absolute leader in the interest rate derivatives track. Now, Pendle is embarking on its second phase of expansion: the launch of the new product Boros. TN LEE refers to it as a "leveraged interest rate trading engine" - it does not rely on speculation, but amplifies small fluctuations in interest rates, allowing users to find yield differentials in stable funding rates. This means that Boros can make interest rates a tradable asset class, from ETH staking profits to BTC perpetual funding rates. In terms of architecture, Pendle chooses the Apple style logic of "main brand+product matrix": V2 focuses on scale and ecological distribution, while Boros undertakes innovation and experimental tasks. The former is like the iPhone, supporting system growth; The latter is like the Apple Watch, exploring new scenarios. All income ultimately belongs to PENDLE token, forming a closed value loop. TN LEE emphasizes that Pendle's ambition is not a short-term speculative platform, but to build DeFi's interest rate infrastructure. In the future, they will focus on two directions—— One is to put the returns of real-world assets (RWA) on chain, allowing corporate bonds and credit rates to be traded in DeFi as well; The second is to explore the Bitcoin revenue market and evolve BTC from a "stored value asset" to a "interest bearing asset". If sustainable profits can be created on Bitcoin, it will be the holy grail of the entire crypto world In this long-term game about interest rates, Pendle is no longer just a protocol, but more like DeFi's "Apple" - redefining the entire ecosystem's financial experience with product philosophy.