On June 23, according to the news, the decentralized income protocol Pendle announced that its total lock-up volume (TVL) exceeded $5 billion again after experiencing the expiration of different asset pools, marking the further consolidation of its position in the DeFi yield infrastructure. At present, about $2.5 billion worth of Pendle PT has been widely used for collateral purposes in major currency markets, an increase of 52% compared to four months ago, showing its strong growth potential and high recognition in the DeFi market. In addition, the function of Pendle LP (Liquidity Provision Token) as collateral is no longer envisaged. With the first support of a certain platform, Pendle LP has now officially entered the collateral asset system, unlocking more asset efficiency for users and further expanding the practical application boundary of Pendle in the DeFi collateralized lending ecosystem.