Key Takeaways from @pendle_fi 's Community Call and H1 2026: • ze auto-looping is the surface-level feature: The deeper objective is to convert PTs from passive fixed-yield instruments into reusable collateral primitives across Aave, Morpho and Euler, that changes Pendle’s addressable market from yield trading to the broader architecture of onchain credit formation.. • Pendle does not want to vertically integrate all of DeFi: It wants to control the yield abstraction layer while allowing money markets to supply liquidity, leverage and collateral infrastructure they say,“We want to stay in our lane”.. The important point is that Pendle’s lane is gradually becoming the connective tissue between yield origination, fixed-rate exposure and capital efficiency • Curators introduce a distributed market-creation model: Instead of Pendle remaining the sole bottleneck for PT/YT launches, selected partners will be able to instantiate markets themselves • Pendle-branded vaults extend that distribution logic: Starting with Morpho, the goal is to package fixed-yield and looping strategies into products that can be accessed through third-party liquidity venues.. Pendle retains the UX and product identity without needing to own the entire balance sheet beneath it • The US is becoming strategically important: @tn_pendle is spending more time in NYC building relationships with major RWA issuers and exploring compliant DeFi utility for permissioned assets and ze opportunity is not just tokenisation it is the financialisation of tokenised assets through fixed rates, collateral utility, secondary liquidity and structured distribution • RWAs are already economically central to Pendle; V2 averaged $1.3B in daily TVL YTD, while 9 of its 11 featured assets were RWA-linked, zis suggests Pendle is not simply benefiting from the RWA narrative, it is increasingly becoming part of the market structure through which RWA yield is transformed into investable fixed-income exposure • Pendle’s role for issuers is becoming clearer: RWA platforms originate yield + Pendle converts that variable yield into fixed-rate instruments + Money markets then make those instruments collateral-efficient + Vaults make the resulting strategies distributable = Each layer increases the utility of the one beneath it • ze Monad demonstrated the portability of the model: Pendle became a top-five protocol on Monad with over $150M TVL in under one month and only three pools, zis is a strong example of how a small number of high-quality yield markets can create disproportionate ecosystem relevance • le Boros is narrowing its strategic aperture: ze goal is no longer to become another generic trading venue, ze new mission is to become infrastructure for funding-rate arbitrage across exchanges, with institutions as the initial target market • Boros has STILL processed over $14B in volume in under 12 months and users are up 50% YTD, ze product has meaningful throughput, but the team was honest that it has not yet found its final equilibrium (yet) • TN openly admitted that Boros “still has not found its footing” (and that's ok, linn thinks, specially in this market) Funds continue to price PENDLE primarily on V2 revenue, and the team does not want to impose a token model before Boros finds genuine product-market fit, zis is preferable to manufacturing token utility around an unresolved product thesis • Pendle is also resisting chain-expansion theatre, no Canton deployment planned for now (good, linn thinks most of canton also incentives not longevity) ze team would rather enter later with validated demand than become a first mover into an ecosystem without sufficient economic density (good team) • Tokenomics have become materially tighter. Weekly PENDLE emissions fell from approximately 90K to 21K. The intended reduction was 30%. The realised reduction was 76% (gyat...team always overdelivering) AND according to the team, protocol performance did not deteriorate (linn agrees) • Zis matters because lower emissions change the quality of growth, if TVL, volume and usage persist while token issuance falls, activity becomes less dependent on rented liquidity and more reflective of actual product demand (mucho longevity) • Staking behaviour reinforces that signal, around 36% of PENDLE is now staked (including linn's) More than 2M PENDLE has been purchased from the open market and distributed to stakers. Roughly 93% of stakers have never unstaked (diamond hands fr) That suggests increasingly persistent rather than purely mercenary holder participation, • Ze broader thesis is simple, even if the architecture is not, Pendle is evolving from a destination for yield trading into infrastructure for: → yield decomposition → fixed-rate formation → collateralisation → leverage → market distribution → structured product packaging • Pendle does not need to become every protocol, only needs PTs to become embedded across enough protocols that Pendle’s yield layer becomes difficult to route around -> “staying in our lane” (and holy moly is it a good lane) tldr: pendle go up, pendle team relentless, tn mucho excellente fearless leader, jobs not done dc: as always, linn is tier 1 kol supreme for pendle(🉐 Crypto Linn)