PENDLE INVESTMENT THESIS

Summary from the TLDR Crypto newsletter

Interest derivatives market Pendle has grown exponentially by capturing tokenized yield from LSTs and LRTs, and becoming a go-to protocol for speculating on points. It dominates the yield swap market, which is expected to grow with more integrations and products. Pendle V3, expected to launch later this year, will introduce intents-based execution and a native cross-margin engine – part of the reason Pendle's value is expected to increase by over 10x by the end of 2027.