On deep institutional penetration: It's a fact that @pendle_fi has quietly built DeFi's strongest moat around narrative-driven yield discovery. Now, it’s entering a stage 99% of protocols never reach: Institutional Infrastructure. IMO this is the real unlock, where it cements a second-layer moat through strategic CeFi/TradFi partnerships with accredited entities: 🔸Edge Capital: Market-neutral hedge fund (mEDGE tokenised strategy vault → access to insti-grade strategies) 🔸 @k3_capital (Institutional LP): Utilise PT for fixed-yield strategies 🔸 @TheSpartanGroup ($500M+ crypto liquid fund): Dynamic yield strategies 🔸Republic Digital (Insti asset manager): Fixed yield investments 🔸@ambergroup_io (Digital asset leader): Pendle as core component of on-chain treasury 🔸@caladanxyz (DeFi market maker): Yield products as treasury management strategy 🔸@FasanaraDigital (Quantitative investment fund): Fixed yield strategies via PT 🔸@august_digital (DeFi prime brokerage): Democratise PT yield access to institutional client base w/ @upshift_fi vaults integration for retail 🔸 @Re7Capital (Liquid fund & alpha strategy firm): Leverage on PTs for enhanced delta-neutral strategies 🔸@DeFianceCapital (Crypto investment firm): $PENDLE position + stablecoin yield farming Notably, Pendle is formally recognised on the institutional front with its core debut on @convergeonchain for yield trading on RWA-Fi assets. This is huge given how @ethena_labs @Securitize is behind this initiative. In case you can't see, Pendle is no longer just a protocol. It’s becoming THE standard for yield as a product. Pendle.