watching @pendle_fi evolution has been wild tbh. they have adapted to every major narrative shift in defi faster than most protocols even realize what is happening started heavy on eth restaking when that was the meta. then btcfi heated up and they pivoted hard - suddenly bitcoin assets were a major chunk of tvl. now? stablecoins are dominating and pendle is leading that charge this chart shows the speed of change: • august: diverse mix of btc/eth assets • september: hit 13b tvl peak • october: stables now 78% of composition ngl it is not just about chasing narratives - it is about being where the yield actually is. when eigenlayer was printing, pendle was there. btc l2s started offering real returns? they adapted. usde and stable yields became the thing? they are already the biggest player the 7.47b tvl rn is solid but what matters more is how they keep growing while others are losing steam. "wherever there is yield, it can be pendled" is not marketing speak - it is literally how they operate stables eating up 78% of tvl tells you exactly where this cycle is heading