Post by panteo about Pendle ($PENDLE)

$PENDLE splits yield-bearing assets into principal and yield stream, both tradable. Boring to explain, undeniable once you see the flows. The interest-rate layer for on-chain yield - not narrative, plumbing.

vePENDLE routes real fees to lockers, scaling with TVL not hype. Emissions still outrun fees in weak markets. That tension is where the mispricing lives.