PENDLE: THE MOST UNDERPRICED DEFI PRIMITIVE IN CRYPTO

Summary from the TLDR Crypto newsletter

Pendle transformed from a yield platform into a foundational DeFi layer, growing TVL from $230M to $4.4B in 2024 and daily trading volume to nearly $100M. With rising institutional adoption and protocol integrations, Pendle is expanding to non-EVM chains via “Citadels” and developing new products like Boros to tokenize perpetual funding rates. Despite strong momentum, its $577M market cap remains well below its $1B FDV, signaling potential upside as V2 initiatives gain traction.