Ethena PTs are serving up 7.5%–8.5% Fixed APY. To put that into TradFi terms, that’s right between bond yields with a B rating (~6.8%) and CCC rating (~12%): B-rated bonds: Speculative, non-investment grade, high credit risk. CCC-rated bonds: Basically junk. Poor quality, default risk very real. Now compare that to Ethena PTs. Instead of relying on “hehe IOU” paper contracts issued by shaky corporations, Ethena PTs are permissionless and enforced by smart contracts. No counterparty risk, no fine print tricks. Yes, DeFi has its own risks - smart contract bugs, depegs... But are they really worse than betting on junk bonds issued by a dying mall chain or overleveraged real estate play? Since launch, over $6.2 BILLION of Ethena TVL has matured, and every single PT has been redeemed without issue. Ethena assets are undergoing battle-tests on a daily basis, especially in these volatile times and are still bravely trudging on, with not a hiccup in sight 🤞 The point is, this is why whales and institutions are circling around PTs: on a risk-adjusted basis, they’re some of the most attractive yield instruments available, onchain or off. If TradFi is still willing to bet on some poor soul issuing debt at CCC just to make payroll next month, then surely it’s time they take a closer look at DeFi’s top-tier bluechips. Pendle works. And that’s why we’re working tirelessly to make “TradFi Citadel” a reality. Because when you show institutions that yield doesn’t have to come from a sinking ship, but from a self-executing vault built on code—they’ll start to see PTs not as a gamble, but as a new standard. It’s not junk. It’s yield, redefined.