⚡ Pendle × HyperEVM: Is the deepwater area of interest rate derivatives starting to roll up the chain? In the past week, if you ignored the movements in the DeFi area, you may have missed an important move from @ pendle_fi - on July 30th, Pendle officially joined HyperEVM and launched four profit pools at once. Within 72 hours of its launch, TVL reached over 65 million US dollars, directly propelling HyperEVM into Pendle's "third largest TVL chain", second only to Ethereum and BNB Chain. The signal released behind this is more important than the surface: Pendle's expansion logic is not just about multi chain deployment, but about efficiently capturing the location of interest rate spread generation and starting reverse selection - whoever has real profits, clear structure, and can be split or sold, it will go there. And HyperEVM, with its integration this time, has begun to demonstrate its real potential as a "revenue layer". one ⃣ Four types of assets, corresponding to Defi's complete income structure The four pools that Pendle launched this time are hbUSDT, kHYPE, beHYPE, and Ultra Hype. Four types of assets, covering representative forms of almost all mainstream participation strategies for DeFi users at present—— 📍 hbUSDT， Anchoring US dollar wealth management with a safety margin: HbUSDT, also known as @ 0xHyperBeat USDT, is the main product of Hyperbeat Earn. Its main source of income comes from Hyperliquid trading fees (accounting for over 60%), which are theoretically close to risk-free. The rest is LP market making income. Both YT and LP can receive point rewards for 7 projects (such as Hyperbeat, Hyperswap, Ethena, Resolv, etc.), which is almost a collection of expected airdrops. 📍 beHYPE ， Time limited high-yield+points mapping: By Hyperbeat and http://Ether.fi Jointly launched, it is a liquidity pledge asset, backed by a 6-week points release activity (HEART+PENDLE). Its YT is actually an on chain version of the "points option", and the exit timing needs to be evaluated before the points activity ends. 📍 kHYPE， High leverage growth strategy: PT kHYPE supports lending HYPE on HyperLend as collateral, and then repurchasing PT to build a revolving warehouse. It can leverage up to 5 times, making it suitable for strategic players who are good at controlling positions. 📍 Ultra Hype， Lightweight incentive pool: Although the scale is small, the yield is outstanding, the participation threshold is low, and the combination of point incentives is rich, suitable for small-scale boutique operations. Each of the four pools has its own unique points plan. I tend to prefer stablecoin wealth management myself, so I chose PT hbUSDT. If you have any better return strategies, you can share them in the comment section! two ⃣ Why did Pendle choose to support HyperEVM? The HyperEVM on Pendle this time is actually a continuation of its structured expansion logic: HyperEVM is one of the few chains with "real revenue sources+high-frequency trading volume+on chain structural incentives", which precisely meets Pendle's ideal three core conditions: 1) Stable income assets (hbUSDT, real income comes from Hyperliquid transaction fees) 2) There are structured assets (kHYPE, beHYPE can both earn points, be collateralized, and leveraged) 3) Flywheel design with on chain interoperability (ETH implemented through LayerZero) ↔️ Hyper Asset Cross Chain And it also has positive implications for HyperEVM—— With Pendle, not only does it attract traffic, but HyperEVM also has an "interest rate operating system" that integrates the previously fragmented points, income, collateral, and lending into a complete Defi structure. three ⃣ An ongoing change: structural protocols are beginning to dominate the chain, and the chain is being reverse integrated by financial structures Pendle × HyperEVM is not just a protocol deploying a new chain, but more like a rehearsal for a new power structure. In the traditional model, the chain is the stage, defining the ecological boundary, and the protocol is the actor, making a living on the chain; But Pendle began to guide the "profit building" towards a healthier and more sustainable direction - the profit logic of the chain itself and related assets began to recombine around it, generating market-oriented spreads through structural disassembly. From the perspective of participating roles, this change is reshaping power relations: 1) The project party is no longer the incentive leader, but the expected debt issuer; 2) Users are not just participants, but speculators and arbitrageurs of profit structures; 3) The agreement is not just a strategic platform, but a structured clearing center for interest rates and expectations. Pendle is more like a structured general contractor on the chain, using its own interest rate mechanism to package the scattered profits, liquidity, incentives, and expectations among various projects into a valuable market. This is the core significance of this wave—— Pendle is shifting from building tools to architectural power, becoming a 'financial intermediary structure for chains', by providing a complete set of financial language to describe and trade all of this! Still the same suggestion, starting learning Pendle now will definitely give you a head start in the DeFi market. You can start with their Chinese teaching guide: https://pendle.notion.site/Pendle-1b2567a21d3780168a83dc0028731413 Those interested can join Pendle's Chinese community, where there are many strategies for current financial management to refer to: https://t.me/PendleFinance_CN @tn_pendle