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Decentralized finance today is still largely an ouroboros, as Vitalik once pointed out.

Protocol revenues and fees are real, and they prove the tech works. That is important! But these revenue flows are still largely the downstream result of speculative capital passing between traders in a circular, self-consuming cycle.

Protocols like Pendle observed these state of affairs, declined to pass judgment, then simply built the best possible product to capitalize on this ouroboros-like economy.

Want a fixed yield? Buy Pendle Principal Tokens (PT). Prefer to farm points with expectation of…

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