pendle: the $65k daily revenue story everyone is celebrating "emerging" chains doing tiny daily revenue meanwhile @pendle_fi just casually generated $43.68m in annual revenue with a $1.53b fdv while l1s with 3-5x higher valuations do less real business thread on why this makes zero sense 🧵

Just 3 weeks ago, @pendle_fi cleared a $1.5B maturity and bounced back to a new ATH of $7B TVL. Last week, another $898M matured, and once again Pendle snapped back, this time to a fresh ATH of $9.2B 🥂

The @pendle_fi Print #79 is out: - New pools: vkHYPE-13NOV, Looped LHYPE 13-NOV, Hyperlend wHLP & HYPE 18DEC2025, USDe 27-NOV... and more - Highlights: Pendle TVL ATH @ >$9B, top 3 on HyperEVM @ >$500M - Pencosystem: PT-kHYPE collateral on @hyperlendx - Boros highlights

Just 2.5 weeks in, Pendle is already the #3 DeFi protocol by TVL on HyperEVM 🔥 More pools are on the way as we continue growing the yield ecosystem here! Job's not done.

Boros has been live for just a week, and the market signal is already loud. Here's what I've noticed 🔥 This isn’t another DeFi farm. It’s the first on-chain market for perpetual funding rates, a $150–200B/day flow between longs and shorts that, until now, nobody could trade or hedge directly. In its first 24h: → ETH funding exposure repeatedly hit its cap, forcing multiple increases → Vault cap now $180K, open interest up to $30M →Demand led by institutions & protocols using Boros to hedge, not speculate Case in point: @ethena_labs. With $9.7B running a delta-neutral strategy, they’ve historically relied on favorable funding rates to boost yield. @boros_fi now lets them lock fixed APRs on shorts during negative periods, smoothing revenue, reducing redemption risk, and keeping yields stable for partners. From @caladanxyz’s view, this is the start of crypto’s fixed-income market. No scalable funding hedge exists in TradFi or DeFi, Boros is first-mover. The fact that caps were smashed in days shows the demand was always there; it just needed the infrastructure. Week one proved the market exists. The next phase is scaling it. I'm betting Boros becomes the standard for funding rate trading across crypto. Higher. 🔥

Strong first week for @boros_fi. Chaos Labs designed and deployed the complete risk infrastructure for Boros, the first large-scale onchain funding rate market. Our work covers rate swap mechanisms, liquidation and auto-deleverage logic, AMM architecture, and risk monitoring systems. Full breakdown:

GM, new milestone for @pendle_fi ☀️ Out of this, $6.4B is in PTs, a strong sign that fixed yield demand keeps growing. It’s been a week of back-to-back ATHs, but there’s still more work ahead. Job's not done. Higher!

A $70K ETH basis trade only needs 0.1 ETH of margin on @pendle_fi's @boros_fi to hedge against bad funding rates. Watch me explain Boros and why it's the future of France: 01:22 Indicators 03:28 What is a YU 08:42 I built a calculator 11:10 Boros Vaults 12:59 Hedging Funding

Sometime yesterday, @Aave quietly raised the cap for PT-USDe (Sep 2025) by $600M, and the entire increase was somehow filled within an hour. Thanks to this, Pendle PT-as-collateral TVL surged to an ATH of $4.6B 🫡 Stablecoin supply is at an ATH of $264B. Demand and conviction for fixed yield products are stronger than ever, especially with purpose-built stablecoin chains and products on the rise. We’re standing at the edge of the TradFi → DeFi liquidity floodgates. Pendaavethena. Higher 🤝

The @pendle_fi Print #78 is out: - New pools: [ETH] HyperWave hwHLP 18DEC, csUSDL 30OCT, sdPENDLE 25SEP, wOUSD 17DEC, sigmaSP 25SEP; [HEVM] sUSDe 25SEP - Highlights: Pendle TVL ATH > $8.5B, top 10 TVL on HyperEVM - Pencosystem: PT & LP tUSDe on @MorphoLabs - Boros highlights