Matthew Potts

Liquid Investor @coinfund_io NFA/DYOR

[Matthew Potts @matttpotts]

@0xnevin why can’t we have both

[Keno @kenodnb]

Pendle is back in the top 10 TVL rankings, with TVL nearing $5B.

Here’s everything you need to know from the week:

1/ @pendle_fi’s TVL is back in the top 10 after $3.8B matured on May 29.

- $3.8B matured on May 29
- TVL dropped from $4.61B → $4.10B on day 1 (-11%)

Within 7 days, TVL fully rebounded – marking the best post-maturity recovery in Pendle history.

Nearly 50% of TVL now comes from sUSDe.

Ethena grows → Pendle grows.

2/ Pendle launching 20+ pools again

New Pools:
- Yearn aGHO-USDf [25-SEP] (Ethereum)
- reUSDe [18-DEC] (Ethereum)

Relaunched Pools across Ethereum, Arbitrum, Base, Berachain, Mantle:
- asdCRV, upUSDC, dWBTC, rsETH, eETH, eBTC, pufETH, weETHs, swETH, xsolvBTC, dUSDC, gUSDC, rETH, wstETH, uniETH
- iBGT (Berachain), cmETH (Mantle), wcgUSD (Base)

Everybody wants a piece of the Pendle pool party.

3/ What’s hot on Pendle now?

Stablecoins:
- USD(Midas) [31-JUL] – 21.35% LP-APY / 11.48% PT-APY

ETH:
- wstETH [25-DEC] – 6.03% LP-APY
- pufETH [26-JUN] – 7.33% PT-APY

Trending Markets:
- csUSDL [31-JUL] – 11.04% PT-APY
- sUSDe [25-SEP] – 7.78% PT-APY

4/ vePENDLE thesis continues to strengthen

- 83% of TVL in stables
- Sustainable 3–12% yields
- $1.8B PTs as collateral across Aave, Morpho, Euler
- $36M+ distributed to vePENDLE holders
- Now includes airdrops from integrated protocols
- YT fee increase from 3% → 5% (more fees to holders)

5/ Pendle is joining @convergeonchain

Pendle Institutional is coming.

Bringing yield rails to tokenized RWAs, fixed income products, and institutional capital flows.

Pendle will be one of the first apps going live on Converge.

Oh, and don’t forget to shout out to @imkenchia for delivering the 70th edition of Pendle Print.

Nobody’s doing it better.

Pendle?

- Highest yields in DeFi
- Best rebound ever
- Top 10 in TVL

Pendle.

[Matthew Potts @matttpotts]

Today was the largest intraday gain in ETHBTC since May 2021.

[Matthew Potts @matttpotts]

This is the definition of a hated rally. Going higher.

[Evan Feng @EvanTheFeng]

This is the actual Liberation Day moment. Super excited for gaming to break out of the local maximum we’ve been stuck in for years and harness new, innovative technologies to make more fun and creative experiences while also growing the pie for devs to monetize their work!

[Emperor Osmo 🎯 @Flowslikeosmo]

.@avax crossed $162M in RWA assets. 🔺

Huge inflection point from Nov 2024 to now
($32M→ $162M in less than a year)

@MorganKrupetsky and @cryptoreine have been doing serious work.

[Blockworks Research @blockworksres]

1/ With over $3B in liquidity, @pendle_fi dominates the vertical in which it operates. Tailwinds are present for growing Pendle’s utilization, distribution, and revenue.

- PTs coming to @aave
- Permissionless listings
- YT take rate from 3% to 5%
- Boros upgrade

🧵

[Matthew Potts @matttpotts]

@0xRickyW @thetalesofweb3 @tn_pendle @pendle_fi two legends.. cant wait to listen

[Matthew Potts @matttpotts]

@mdudas

[Matthew Potts @matttpotts]

"The Yield Cabal"

Pendle x Aave x Ethena

[Ethena @ethena]

The Aave snapshot to add Ethena PT-sUSDe as collateral to the v3 core instance has passed

Following the onchain AIP next week, billions of Ethena PT collateral will have access to Aave for the first time 👻

[Matthew Potts @matttpotts]

@0xMagmar Impressive execution. Launching Eureka with real adoption and a full-stack integration strategy is a rare combo in this space

[CoinFund @coinfund]

The Crypto 15 with Seth Ginns https://t.co/AI5IqRoauk

[Matthew Potts @matttpotts]

@joshua_j_lim Next level post

[Matthew Potts @matttpotts]

It's clear the bears are in control when we are selling off on positive eco data (CPI, PPI, continuing claims) and clarity on the ETH S-1 approvals

[Matthew Potts @matttpotts]

@reservereverse TVL has been recovering nicely though. It will obviously be highly correlated to Eigenlayer + LRT growth until more differentiated pools are launched on Pendle which are undoubtedly coming.

[Austin Barack @AustinBarack]

$PENDLE fud selling getting bought back as quickly as it was sold. What @pendle_fi is bringing to DeFi is a $500T market in tradfi and they are non stop shippers.

Imagine being bearish a protocol that 100x'd its TVL in the last year and is run rating $47MM in protocol revenue

[Matthew Potts @matttpotts]

Despite what many are saying, Pendle users did not get treated differently than anyone else in the Eigen points airdrop.

Pendle deposits were roughly 2% of EigenLayer TVL in Jan and 14% of EL TVL in Feb. Factor in the loyalty pts for longer EL stakers and it makes sense that Pendle was less than 10% of the airdrop for S1.

Obviously, the timing of the snapshot was not ideal since most Pendle users got in during March or later and the wording in the EL docs obviously added to the confusion.

In the end, if you owned YTs on Pendle after March 15th you'll receive tokens in S2 instead of S1. Not the end of the world that many are expressing.

[Matthew Potts @matttpotts]

This is a banger 🔥

[Lil Bubble @lilbubble]

Nah @saylor snapped on this one 🔥

We Call Them Poor - House Remix #bitcoin

[Matthew Potts @matttpotts]

This is why I trade on-chain whenever possible

[Matthew Potts @matttpotts]

ETH price 📈
ETH supply 📉