Pendle PTs → Predictive Indicators of DeFi Narrative Rotations PT market has undergone exponential growth ↓ + Market size grew from $600M in early 2024 to over $9B → a 15x increase + Over $5B in PTs are now used as collateral in DeFi lending protocols + Last year, $21B+ in PTs have been settled with $1.5B in cumulative yield has been generated → In 2025, the number will be much more than that But, one of the most powerful things about @pendle_fi PTs → How they can show us where money is moving across DeFi. By watching PT flows, we can spot the big narratives early, before the rest of the market catches on. By looking at where PTs are being added each month, we can build a clear picture of which narratives are rising and which are falling. How the Narrative Changed Over Time ↓ ➢ Q1–Q2 2024: Ethereum re-staking was king. PTs linked to @eigenlayer, @ether_fi and @puffer_finance made up around 95% of the market. ➢ Q3 2024: BTCFi started growing fast. Projects like @Lombard_Finance, @SolvProtocol pulled in more capital with more than 20% PT market share ➢ Q4 2024 to Q2 2025: YBS took over, led by @ethena_labs. YBS-linked PTs now make up 95% of all PTs, with $USDe alone at 80% of Pendle’s TVL. What’s Next? Signs of New Narratives As of the second half of 2025, two new narratives are showing strong early signs of growth: ➢ @HyperliquidX has already passed $1.5B in PT volume and @Plasma is preparing to receive a big wave of capital, more than $3B from Ethena’s maturing PTs on Ethereum Right now, we are witnessing the DeFi product standard called PT Economics