Can’t predict the future, but I have unshakable confidence in Pendle. Always have, always will. Not for what Pendle has achieved weathering multiple market cycles, but how it fills a critical gap in DeFi: yield trading with built-in capital efficiency. Skeptics may argue that Pendle’s growth is tied to DeFi’s expansion - DeFi’s TVL has skyrocketed from $600M to over $110B in just five years. As long as assets generate yield, Pendle can unlock deep and liquid yield markets around them. This empowers protocols to build richer user experiences, abstracting away points and floating yields in exchange for best-in-class Fixed Yields, enabling new playbooks for capital efficiency. These Fixed Yields have become essential tools for wealth preservation within the space, and will be key for us to attract more institutional adoption. As boss man @tn_pendle aptly put that DeFi has matured beyond its infancy, but yield trading is still in its early dawn. At present, only ~3% of the DeFi TVL (yield-bearing assets) is being traded – almost entirely on Pendle. In contrast, 100% of all yields (or rates) in TradFi are traded via the $600 trillion derivatives markets. A wise birdy once said, yields you can control are better than the token price you pray for. For those who are mid curving Boros valuation models for Pendle on a regular basis: can't give you an answer as nobody has ever made the same product at scale. How far can Pendle push the limit of DeFi beyond its current state? Personally, my imagination is running wild. Job's not done, moarrrr actions.