Pendle appears increasingly undervalued || @pendle_fi $PENDLE's fundamentals have never been stronger, yet the market continues to misprice it. While the S&P 500 and Nasdaq-100's price-to-earnings ratios have surpassed 30, $PENDLE trades at around 16. Meanwhile, its total assets locked (TVL) has grown by over 160% year-to-date, and revenue is accelerating, on track to reach approximately $4 million per month and approximately $50 million annualized. Despite this, its market capitalization remains near $800 million, while total assets locked (TVL) has climbed to over $12 billion. This translates to a price-to-earnings ratio of just 6.7%, one of the lowest, if not the lowest, in DeFi. Revenue has consistently lagged behind total assets locked (TVL), but is steadily catching up and will ultimately flow back to vePENDLE holders. We believe a P/E ratio of 16 is unjustified for one of the most innovative protocols in DeFi, backed by one of the most ethical and executive-focused teams in the industry. Pendle's moat is growing stronger by the day. The protocol's complexity, coupled with years of user education, makes it unlikely that competitors will enter the market and seize market share. Furthermore, @boros_fi's launch has been a resounding success. In just one month, even with limited growth, it has already achieved $700,000 in annualized revenue, surpassing the team's initial first-year target of $2 million. In an interview with @bidclubio (@MapleLeafCap), @tn_pendle mentioned that their first-year target for Boros was to achieve approximately $2 million in annualized revenue, and just one month later, they had already achieved more than a third of that goal. Pendle's adoption is clearly accelerating faster than expected. Pendle is also one of the most powerful user acquisition engines in DeFi. The $AAVE, $ENA, and $PENDLE flywheel is a perfect example, as evidenced by its early development via the HyperEVM and @kinetiq_xyz. With most YBS markets integrated into Pendle, it also provides one of the best testing grounds for stablecoins. Click here to view our full thesis: 🔗 In short, the market continues to underestimate $PENDLE's potential. Through flawless execution, relentless innovation, and partnerships with leading DeFi protocols, while directly returning the majority of its value to investors, $PENDLE stands out in the Web3 space. With a market cap of $800 million, a 16x P/E ratio, and 160% YTD growth in total assets locked, and multiple catalysts ahead, we believe there is significant room for re-pricing as long as Pendle maintains its dominant position. Given the barriers to entry, $PENDLE's potential is significant.