My DeFi T2 Holdings - Pendle

$Pendle should be the DeFi altcoin I hold the most after $AAVE $SKY $UNI. Let me share my understanding:

(1) One point I agree with the most is that it provides an environment for small funds to participate in DeFi, which is something other projects cannot achieve, no exceptions. This is the moat in my mind.

(2) I have personally bought PT a few times, but I don't do circular lending unless the returns are high enough, and I rarely buy YT.

(3) The interest rate market theoretically has great potential, but before the points appeared, the returns in the DeFi market were mostly predictable. What Pendle needs is the unpredictability and volatility of returns. Points and Pendle are simply a match made in heaven, which is an important reason for Pendle's rise, but it also brings corresponding issues. If points exit the historical stage, the returns market may revert to a predictable trend in the future, which could shrink Pendle's market.

(4) Of course, without points, there may still be other ways to increase return volatility in the future. This is a market trend, so this issue is considered a missing piece but not a fatal flaw.

Finally, Pendle's team and product development capabilities are outstanding, and it's quite rare to surf during this DeFi drought.