My DeFi T2 Position - Pendle Pendle should be the DeFi knockoff with the largest holdings by me, apart from AAVE SKY UNI. Let me share my understanding: (1) One of the things I most recognize is that it provides an environment for small funds to play DeFi, which other projects cannot achieve. It is like a moat in my heart. (2) I have personally bought PT several times, but I do not do revolving loans when the returns are not high enough, and I rarely buy YT. (3) The interest rate market is theoretically large, but before the emergence of integration, DeFi market returns were mostly predictable, while Pendle required unpredictable and volatile returns. Integration and Pendle are a perfect match, which is an important reason for Pendle's rise. However, it also brings corresponding problems, that is, if integration exits the historical stage, the return market may return to a predictable trend in the future, and Pendle's market may shrink. (4) Of course, without points, there may be other ways to increase income volatility in the future, which is a market trend, so this issue can be considered a loophole rather than a fatal flaw. Finally, Pendle's team and product polishing ability are both outstanding, making it very rare to surf during this DeFi drought season.