Over $1.6B of Pendle TVL now comes from Ethena assets, with $USDe and $sUSDe accounting for more than 54% of total Pendle TVL. Most capital enters @pendle_fi through PT assets One particularly interesting data point: over 95% of PT-USDe continues to be used as collateral on @aave At the same time, this liquidity is rapidly migrating toward @Plasma Plasma has officially flipped Ethereum to become the largest chain by PT-sUSDe supply, driven primarily by its XPL incentive mechanism.