What if I told you Pendle Boros will achieve... 👉 Over $40B in TVL, 👉 Consistent annual revenue of at least $246M, 👉 Over $2B in daily trading volume, 👉 and $PENDLE will surpass $40. w/ aid of Ethena's 2025 roadmap, I'm able to tell you EXACTLY my thesis on Boros. 🧵👇

4. How would Ethena's growth directly impact Pendle V2's TVL? Currently, 50% of Pendle's TVL is attributable to Ethena-related assets. ⅓ of Ethena's TVL is on Pendle. Take Ethena's target growth of $25B, and 1/3 of this would be $8.33B. Ethena's target growth would at least push Pendle's TVL over $10B. Meaning Ethena alone would EASILY send $PENDLE to > $10. But with Pendle Boros, we're not stopping at $10.