We just published a deep-dive into what we're calling the "Pendle Effect", the demand surge a token experiences when @pendle_fi launches PT/YT markets for it. The headline finding: holder counts are stickier than supply or deposits. By a lot. For small assets (USR, USDai): 2,300x holders for USR from pre-Pendle base. Capital is transient, but the addresses persist. For already-distributed assets (USDG): Pendle's SY contract became the single largest holder of USDG on Ethereum within 7 weeks — ~1 in every 4 tokens. Supply grew concurrently. That's net new demand. For established assets (sUSDe): PT-sUSDe deposits on Aave and Morpho peaked at $2.81B — more than 50% of total supply at the time. Pendle isn't one tool. It's three different tools depending on where you are in your distribution journey. All built on @Dune's stablecoins dataset — 200+ stablecoins, every major chain.