Ideas don't need a pulse.

Publish Date: May 21, 2025

Authors: James Ho (Modular Capital), Jose Sanchez (Spartan Group)

TL;DR Summary

• Ethena TVL CatalystEthena’s USDe stablecoin makes up ~ 50 – 60 % of Pendle’s TVL and plans a regulated iUSDe product targeting > $10 B – $20 B of new institutional inflows.
• Rising Fee Revenue (Core)Pendle just raised its yield take-rate from 3 % to 5 %, lifting annual protocol revenue toward ~ $30 M run-rate. Further fee optimization could expand core revenue to $50 M – $60 M without adding new TVL.
• New Product Upside (Boros)Boros opens up the ~$150 B perpetual-swap funding market for fixed-rate trading. In the near term Boros could add $ 2 M – $20 M in revenue, with institutional clients (e.g. Ethena) anchoring volume.