Pendle (PENDLE)

Wow, amazing.
Of course, it wasn't even mentioned at all on TL 😇

One of the best ways to measure the effect of sPENDLE is by looking at weekly net sPENDLE flow.

The goal is simple: to understand not just how much $PENDLE is being staked each week, but also the history and quality of the users behind that staking activity.

From the chart, the first few weeks after launch were largely dominated by new users, especially wallets that were not previously holding vePENDLE.

Now, the picture is more nuanced. Some weeks are still driven by new stakers, while others are led by returning vePENDLE holders migrating into sPENDLE.

But the bigger signal is that unstaking has reduced massively.

So instead of only looking at total sPENDLE staked, weekly net flow helps show whether users are simply testing the product or actually staying with it.

More details below ↓