Sharing our @pendle_fi thesis co-authored with @TheSpartanGr | jamesjho_ on Binance Square

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Sharing our @pendle_fi thesis co-authored with @TheSpartanGroup @tumilett
Stables are a huge growth area for crypto
Pendle has vacuumed up >$3B of stables and we believe the # 1 stablecoin play across equities + liquid tokens
https://t.co/6hX8ApvoCb
Stablecoin Expansion ↔️

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Yield bearing stables have grown 7X in the past 18 months from $1.5B to $11 B - from 1% to 4% market penetration This segment is experiencing hyper growth Over this same period, one player has consistently capture ~30% of issuance across entire market Stablecoin Expansion ↔️

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Maple is approaching $1.7 B TVL, $650 M loan book. Metrics up 15-20x YoY $500K revs in last 2 weeks =$12 M annualized. New record One of the more challenging aspects investing in crypto is spotting non-linearity. Many of these products do not grow in a straight line. Markets are cyclical. Growth happens in spurts But when that inflection is hit - the growth flywheel rapidly spins itself Maple is going after a $50 B loan TAM - and is still just getting started Accelerate

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Stablecoin is one of the most obvious growth areas of crypto Issuance up 2X in past 18 months. Up 10X in last 5 years There is a liquid token that is the clear indexed-way to play this secular trend w/o having to pick winners and losers. Category leader with no competitor. Top tier team. Fully vested. Fair valuation. Built and endured through many cycles Bc it’s biz model has evolved so much in the last 2 yrs - we believe it is poorly understood by the mkt and mispriced for the opportunity ahead Memo coming in the next 1-2 weeks Stablecoin Expansion ↔️

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From this week 1) @tryramp issuing stablecoin backed cards 2) @stripe offering stablecoin accounts in 100+ countries 3) @superstatefunds launching tokenized equities 4) Coinbase acquires Deribit for $3 B Modern, instant 24/7 financial infrastructure is fintech’s next evolution

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