O MAIOR MERCADO DO MUNDO ESTÁ CHEGANDO À CRIPTO (E QUASE NINGUÉM PERCEBEU) | Crypto Never Sleeps #59

Summary

Juan Montoni, Pendle ambassador, explains how the Pendle protocol lets users split yield from principal via PT and YT tokens, enabling yield optimization and speculation. He argues Pendle's improved tokenomics and 90%+ market share in yield trading position it to capture the $140 trillion fixed-income market as tokenization grows. He also shares a bullish macro view on crypto, recommending accumulation ahead of the next bull market.

• Pendle splits yield-bearing assets into principal (PT) and yield (YT) tokens, creating a marketplace for fixed or speculative yield.
• The protocol's TVL peaked at ~$14B and now stands around $1B; token price fell from ~$7 to $1.5.
• Tokenomics were recently revamped: liquid staking with 80% fee distribution replaced illiquid vesting, making the token more attractive.
• Pendle holds 90-95% of the yield trading market share despite competitors like Hadex and Spectra.
• Regulatory clarity in the US (SEC, CFTC) and tokenization of traditional assets are expected to drive Pendle's next growth phase.
• The speaker sees crypto in a maturing phase and recommends accumulating over the next 6 months, anticipating the next major bull market.