Post by linnorm about GMX ($GMX), Pendle ($PENDLE), and Maker ($MKR)

Maker's $MKR is up 16.68% this month, with its market cap at $156.4M. The community recently voted on a $500M allocation for US Treasuries, which would put more stablecoin assets to work. This move continues a pattern of directing liquidity into real-world assets, offering a potential source of external yield for the protocol.

$GMX is up 14.88% over the month, but its price has bled 0.52% today, with its market cap at $90.0M. Recent discussions around fee sharing changes and a move to V2 continue to pull liquidity, making its current trajectory uncertain. The concentration of capital on the platform requires close monitoring for any sudden shifts.

Pendle's $PENDLE token has seen a 2.82% gain today, though it is down 7.84% over the month, with a market cap of $381.3M. The protocol's model of separating yield from principal continues to attract capital, particularly with its integration into Mantle and various LRTs providing new liquidity venues.