Lewis Wheatley

Un proyecto que me gustaba y que desde que cambio los tokenomics se esta yendo a la mierda literal es @pendle_fi , te sigue gustando @deLarg0 ? , justo hace unos meses lo comente por privado con @lordjorx si no afectaría los nuevos cambios y Jordy ya me comento que lo veía bearish

RWA has grown fast, but focusing only on the numbers misses the real shift Yes, moving from $5B to $20B+ in a little over a year is meaningful But growth alone isn’t the story, crypto has seen bigger percentage moves on weaker foundations What’s different here is where the yield is coming from For most of DeFi’s cycle, returns were largely internal due to incentives, leverage loops and volatility. That model worked in expansion phases, but it was always fragile. The moment conditions tightened, yields compressed because there was no external source feeding them RWA changes that dynamic It introduces cash flows that don’t depend on crypto native activity, like Treasuries, credit, structured products and makes them accessible onchain And that’s why the type of players entering matters When @BlackRock,@OndoFinance, and @centrifuge show up, it wasnt for experimentation or narrative exposure It’s because tokenization improves distribution for faster settlement, broader access, and more flexible usage of familiar instruments But tokenization on its own is not that transformative Because, putting a treasury onchain and calling it a token doesn’t suddenly unlock new value. It just makes the asset easier to move. The real shift happens when DeFi starts to do something with that asset This is where I think @pendle_fi is more important than most people give it credit for Pendle doesn’t create yield, it reframes it. By splitting principal and future yield into separate components, it turns a passive position into something you can actively structure. You can fix returns, take directional views on rates, or combine both depending on what you’re trying to achieve Although it may sound as a small abstraction, but it fundamentally changes how capital behaves You move from holding yield to positioning around yield And once that layer exists, the rest of DeFi starts to make more sense Protocols like @aave and @Morpho can use these positions as collateral, which means predictable cash flows can now support borrowing, leverage, and more complex strategies. At the same time, credit protocols continue expanding the supply side, feeding more real world assets into the system What you get is a system that is slowly becoming more capital efficient, not because of higher risk, but because of better structuring That’s the part I think is underappreciated In other words, the edge isn’t in accessing the yield, it’s in how you use it. Zooming out, this is where the TradFi → DeFi bridge starts to feel more interesting Not because everything is moving onchain, but because the most useful parts like liquid, yield generating asset are being integrated into a system that can recombine them more flexibly IMO, DeFi doesn’t need to replace traditional finance, it just needs to make its components more efficient and composable And if that trend holds, RWA starts to look more like core infrastructure layered on top of DeFi