WHY PENDLE IS ABOUT TO EXPLODE

Summary from the TLDR Crypto newsletter

Pendle has completed all VC token unlocks as of 2021, eliminating future selling pressure, while 35% of its supply remains locked in vePENDLE staking that generates $2M monthly in protocol fees for holders from its $8.7B TVL and $56.85M yearly revenue. The protocol recently launched Boros, the first onchain funding rate trading platform that allows leveraged exposure to funding rates without holding underlying assets, targeting the $80B Bitcoin futures market currently dominated by centralized exchanges. Boros is scaling gradually from $20M to planned $25M+ market caps, with revenue projections suggesting $32M annually if capturing just 1% of the total crypto derivatives market through its 0.2% closing fees. The thesis positions Pendle as infrastructure poised to disrupt centralized derivatives trading, similar to how Uniswap captured spot trading volume from traditional exchanges, with current fundamentals showing genuine revenue generation rather than typical DeFi ponzinomics.