This is even more true today than before. Ethena PTs are now up to 10%-15% Fixed APY, even better than what the ultra junk CCC-rated bonds are offering at ~12%. If you can stomach junk-rated cruise lines still floating on pre-pandemic hopium, or ghetto REITs with tenants like zombie startups and ghost kitchens, then surely Ethena PTs (over $6B redeemed without hiccups) are worth your freaking attention. There's estimated to be $200-$300 Billion of money sitting in CCC-rated or lower bonds. $200-$300 Billion of money that could be enjoying a much better risk-adjusted return if they would just turn their sights to @pendle_fi. In a perfectly rational world, Pendle should be sitting on at least $100B TVL now. Wake up your idea, idiots.