pendle is approaching the lowest point since jan 24 and looking very undervalued with over 5b tvl and only ~600m fdv. (compare to ethena 8.38b tvl/4.12b fdv, morpho 6.8b tvl/2b fdv) token utility looks healthy with ve mechanics and revenue distributed to vependle holders. product is good (one of the few i use frequently) maybe it just need a few more institutional adoption to take off?
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