Pendle quietly became DeFi’s rate infrastructure. $4.8B+ in TVL, real yield, and a new upgrade (Boros) that opens Pendle up to a massive derivatives market. Here's what's next for @pendle_fi 🧵

2/ The Boros upgrade unlocks margin yield trading + funding rate markets. Pendle is no longer just splitting yield — it’s building an onchain yield curve. Think interest rate markets, but for tokens. And yes, that’s as big as it sounds.

3/ Real revenue, not vibes: $3.86M in fees paid to vePENDLE stakers in May alone. Based off current fees, that’s $23.65M. This isn’t a token pump machine. It’s a DeFi business with a PnL.

5/ Pendle benefits from the stablecoin yield boom. More yield-bearing stables = more fees. It can be seen as a proxy “stablecoin yield beta” play in DeFi.

6/ With integrations on Silo, Morpho, and expansion to Solana, Hyperliquid, and TON, Pendle isn’t just expanding across chains — it’s shipping innovative new features and placing large strategic bets.

7/ TL;DR: Pendle is positioning itself as DeFi’s fixed income layer. Which is probably why it’ll outlive most of your favourite meme coins.