While the market has been chopping, @pendle_fi quietly reached a new all time high in TVL (in ETH terms). Pretty impressive considering general interest in points farming has decreased meaningfully since last year. With everything Pendle has in store for 2025, it's easy to imagine TVL continuing to grow. Pendle perhaps the biggest DeFi success story to come out of this this cycle? Maybe alongside Ethena (both of which interestingly enough have benefited greatly from each others existence).