$PENDLE is one of those bets that looks big now… then you zoom out and realize it is still early. today it touches billions in crypto yield. Already real. But that is not the part I care about most. the bigger idea is cash-flowing assets moving onchain and getting split into principal and future yield… - dividend stock, equity exposure and dividend rights - bond, principal and coupon stream - rental property, asset ownership and rental yield - private credit, principal and interest payments - tokenized fund, NAV exposure and distribution rights that is when $PENDLE gets stupid interesting. Billions today. Trillions if RWAs actually scale. market still treats it like a DeFi yield trade. I think it is one of the cleaner bets on future cash flows becoming programmable.