Look at the volume in May. Everyone piling into Pendle like it is the last train out of town. It is just another frenzy. These maturity-based models look great on a dashboard, but they fail when the market stops trusting the base asset. My neck is stiff. You cannot build a credit market on a system that views volatility as an opportunity for speculation rather than a risk to be hedged. It is not maturity; it is just a different flavor of gambling with code.
@efficient_defi_yield
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