🚀 How Pendle Thinks About Growth I know Pendle has been glazed to death here but there is really a lot to learn, not just in terms of the protocol, but how Pendle approaches growth I collect over 4-6 hours of interviews on Youtube, dumped them into AIStudio and NotebookLM to extract: 1) Problems 2) Aspirationals 3) Other general commentary Here are some comments: 🟢 The Pull (Strengths): - Vision: Aims to be the "Uniswap of Yield" for crypto. - Demand: Tapping into institutional need for fixed-rate products. - Ecosystem: Encouraging other protocols to build on top of its yield tokens (PTs). - Future: Positioning itself for Real World Asset (RWA) narratives. 🟡 The Push (Challenges): - Complexity: UX is challenging for new users, requiring simplified interfaces. - Reactive: Growth is tied to market narratives (LSTs, points), making it reactive rather than proactive. - Permissioned: The team curates markets, which contrasts with a fully permissionless "Uniswap" model. 🔴 The Worries (Risks): - Dependency: Performance is tied to the underlying assets. When a popular asset's yield pool expires (e.g., USDe), TVL can drop sharply. - Security: Inherits the risk of every underlying token it supports. - Regulation: A constant threat requiring measures like geo-fencing. - Constant Churn: Faces a continuous need to find new yield sources to retain capital after pools mature. 🤔 So what are some open questions? (This is just me thinking out loud) - Are people here for yield or fixed yield ? This is an important distinction because the lack of "retention" implies that people are chasing yield and not really having a use case for fixed yield. What do fixed yield investors do with PT before and after investing? - Segment Segment Segment. Who are the users here. Stablecoin farmers? Lending-wrapper token farming? Points? Which is better? Which scales better? - What are some more enduring assets that can be onboarded instead of relying on the whims of the YBS tokens of the day - If fees scale with volume, then having yields that are stable = no trading = lower revenue? How can pendle cater for more volatile needs? Via assets? etc etc. 🎬 End I'm pretty new to Pendle and would say that the interviews are insightful to understand what growing pains they are facing. Hopefully, this gives context to whomever is trying to understand them