We asked @Defi_Maestro to choose his top project in the Ethereum ecosystem (it's @pendle_fi)

Over $2B @pendle_fi assets on Aave. Higher.

One of the underlooked side effect of $ETH bidding is the likely sharp bounce of sUSDe yield. Stablecoins borrow rates in Aave are still cheap considering market conditions. Loading up Aavethena powered by @pendle_fi season 3. Just Use Aave.

while 99% of projects are desperately chasing after whatever the latest 15min narrative is pendle is playing 4D chess looking at the trillions that haven’t even entered the market can’t play short term games and expect long term rewards

Terminal has hit $100M in pre-deposits in 2 weeks. With @ethena_labs, @ether_fi and @pendle_fi already onboard, new protocols are joining soon.

On Lending Market Forces (DeFi 2.0 Credit Frontier): Credit remains the most foundational primitive of productive composability in DeFi. The entire idea of 'Money Legos' was born from the ability to reuse, collateralise & iterate on the same asset across protocols. This is what fuelled DeFi 1.0’s explosive growth. With DeFi 2.0, we’ve moved from simply replicating core primitives to building enhanced, modular layers on top eg. @pendle_fi with yield tokenisation or LSPs offering restaking opportunities. We’re now in a mature DeFi phase where: 🔸The primary layer (DEXs, lending etc.) is cemented 🔸DeFi 2.0 protocols are highly composable but often under-integrated, esp. for more complex or niche assets This is where @SiloFinance plays a crucial role with its core strengths in: 1. Swift support for exotic DeFi assets 2. Risk-isolated vaults that contain protocol-specific risk, preventing contagion This unique architecture makes Silo a composability enabler to unlock credit markets for tailored or yield-bearing assets that don’t easily fit in monolithic lending markets. The results are alr demonstrating: Since launching V2 <5 months ago, Silo has grown to ~$0.5B TVL. Silo has arguably become the go-to lending layer for Pendle assets discovery with 30+ PT token & 3 LP vaults already live. tbh there's still lots of potential for credit expansion on Pendle give: 🔹 PT tokens → time-appreciating assets = low-risk yield-bearing collateral) 🔹 LP tokens → emerging yield primitives with high future potential) imo Silo will be the avenue for formalising standards in DeFi-native credit market moving forward as innovation exponentiates. As integrations grow + more DeFi 2.0 assets seek lending utility, expect other lending protocols to follow this playbook. Super Silo

Over 87% of Pendle TVL is in stablecoins. Pendle is currently the best place for earning stablecoin yield and I don't see this changing anytime soon. Projects like Pendle directly benefit from the stablecoin boom.

Pendle : the new institutional playbook in DeFi Thriving through different market cycles into its 4th year, @pendle_fi has been quietly evolving from a savvy yield-layer platform into a multi-pronged institutional powerhouse, here’s why you should be ultra bullish. For any DeFi protocol, graduating into institutional-grade infrastructure signals a deeper, more mature phase of growth. With a unique fixed yield primitive and a rapidly growing ecosystem, Pendle is poised to become the foundation for institutional access to DeFi yield. ⛩️Pendle V2: Better, Faster, Stronger As we step into a new growth phase, the revamped V2 with sleeker mechanisms is opening up for all the most popular protocols in DeFi, especially yield bearing stablecoins as the strongest asset, offering more sustainable and competitive yields. With over 100 active pools, Pendle is now the indispensable yield market for all. ⛩️Pendle PT dominance Pendle PTs are reshaping the role of collateral in DeFi. Today, over $2.67B worth of PTs are actively used as collateral—and that number’s growing fast. As of today, @aave alone holds over $2.1B in PTs, a staggering endorsement of the model. The protocol has raised supply caps multiple times to keep up with demand. These assets now represent a core yield-bearing layer for lending protocols, enabling capital efficiency while introducing fixed income concepts familiar to TradFi. With cross-chain PTs on the horizon, PT is set to unlock a new wave of adoption across broader lending markets. ⛩️Boros: the ultimate yield trading monster Unlocking funding rates as a robust new yield source, we are taking bold steps to unleash this new beast as its power will be unparalleled. The very first fully on-chain order book of @boros_fi with unprecedented capital efficiency will offer a wide variety of trading strategies. ⛩️The Ethena Squad :Institutional Synergy in Motion Pendle’s deep integration with @ethena_labs is more than a partnership—it’s a strategic alliance. With over 60% of Ethena’s TVL empowered by Pendle, this partnership is growing stronger by day. As a launch partner, Pendle’s unique yield-trading mechanisms will continue to play a crucial role in the growth of @convergeonchain , designed for institutional plays. This Ethereum-compatible chain blends permissionless DeFi with KYC-compliant tokenized RWAs, such as BlackRock’s BUIDL. With strong liquidity flowing into @etherealdex , @Terminal_fi is also gaining traction, attracting over $60 million in liquidity in the blink of an eye. In a nutshell, Pendle is doing what ETFs, swap desks, and structured product desks do in TradFi—but on-chain, composable, and 24/7. Pendle will keep proactively building the infrastructure to lead the way, as Institutional adoption becomes the next step for DeFi. Job's not done, more actions. Pendle

SPOTTED 📸 New Ethena-type Pendlemon in the @Aave region

Among defi projects, $PENDLE @pendle_fi and $EUL @eulerfinance are the most undervalued based on their mindshare to fdv ratio.