While Pendle is a yield-trading platform, it plays a much bigger role in making the broader DeFi ecosystem efficient. Not sure what I mean? Let's see what Pendle x @aave x @ethena_labs can do on @Plasma. Firstly, let's take a look at USDe on Aave. Notably, this bad boy only generates 2.28% APR. This means lenders must be willing to support below risk-free yields when depositing which can be detrimental to total deposits. sUSDe yields are highly reflexive to sUSDe's staking rates since yield from the whole (USDe backing) is distributed to a minority (USDe staked as sUSDe) Having multiple external liquidity sinks for USDe is highly beneficial to Ethena: 1. Higher sUSDe yields 2. More attractive looping 3. Greater USDe supply To make Aave a better sink, we need to grow USDe supply rates - similar to how they've done for USDe on mainnet. The best way to do this is executing the same playbook we've ALREADY done. What's that? Getting PT-USDe/sUSDe listed as collateral on Aave Plasma! Due to the amplified collateral yields of PTs, they're more accepting borrowers against higher rates. We've seen native rates climb to upwards of 5-8% which is extremely competitive for USDe lending. It should go without saying that the good lads at Aave are ALREADY in the process of getting PT-USDe and PT-sUSDe listed on Plasma. With 3 (you read that right) layers of incentives to YT holders, expect PT rates to be EXTREMELY attractive. That means: 1. More yield for USDe on Aave 2. More yield for sUSDe and USDe supply for Ethena 3. More opportunities for Pendle enjoyooors Pendle Aave Ethena Plasma