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Raja-King
$PENDLE
Yield markets become particularly interesting when investors disagree about future interest rates, incentives, and the sustainability of DeFi returns. Pendle separates yield-bearing assets into principal and yield components, creating markets for different risk preferences. That design is distinctive, but demand can fluctuate as incentives change and yields compress. Protocol revenue, liquidity quality, and activity beyond temporary reward campaigns are useful measures of its underlying
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