My DeFi T2 Holdings - Pendle $Pendle should be my second largest DeFi altcoin holding after $AAVE, $SKY, and $UNI. Here are my thoughts: (1) One point I strongly agree with is that it provides an environment for small funds to engage in DeFi, which is something other projects cannot achieve, without exception. This is my moat. (2) Personally, I have bought PT a few times, but I don't do circular lending when the returns are not high enough, and I rarely buy YT. (3) The interest rate market theoretically has great potential, but before the emergence of points, the returns in the DeFi market were mostly predictable. What Pendle needs is unpredictability and volatility in returns. Points and Pendle are a match made in heaven, which is a significant reason for Pendle's rise, but it also brings corresponding issues. If points exit the historical stage, the returns market may revert to a predictable trend in the future, which could shrink Pendle's market. (4) Of course, without points, other methods to increase return volatility may emerge in the future, which is a market trend. So this issue is more of a gap rather than a fatal flaw. Finally, the Pendle team and their product refinement capabilities are quite outstanding. It's rare to surf through this DeFi dry season.