"Pendle Market Overview [25#30]"【Includes Calculation & Alpha】 This week, the secondary market experienced a rise and then a pullback, while the interest rate market also showed significant volatility due to factors such as the secondary market's coin prices and funding rates. Pendle's TVL has also returned to the 6B USD mark, and Pendle, standing on the ridge, is in an even newer state. What are the market highlights this week? Labrin will take you along to catch frogs.

3. Ethena System: Positive news keeps coming, low fee orders for YT In the past 7 days, the market has surged and then retreated, with the funding rate returns and the rise in ENA's price significantly boosting the Implied APY of the Ethena system. On July 21, Ethena announced that its subsidiary StablecoinX has reached a merger agreement with TLGY Acquisition Corp, planning to list on NASDAQ under the stock code USDE. StablecoinX will purchase $5 million worth of ENA daily over the next six weeks, totaling approximately $260 million, which accounts for 8% of the circulating supply. Additionally, the Ethena Foundation holds veto rights over the sale of ENA, ensuring long-term token lock-up. This strategy is seen as the ENA version of MSTR.