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Three L2s, different stories. 1. Arbitrum One • TVS: $19.65B • DA costs 1 year total: $2.59M. Avg per L2 UOP: $0.003305. Avg per day: $7.10K • Stablecoins MCap: $3.662B. 7d change −1.76% • Chain fees 24h: $22,094. Chain revenue 24h: $21,234. App revenue 24h: $197,721. App RCR: 9.31× • DEX volume 24h: $625.16M. DEX volume 7d: $4.029B. WoW: −13.58% • Perps volume 24h: $633.19M. Perps 7d: $3.908B. WoW: −17.07% • Inflows 24h: $220.06M • Active addresses 24h: 296,823. Transactions 24h: 2.29M ------- 2. Mantle Network • TVS: $2.15B • DA costs 1 year total: $18.74K. Avg per L2 UOP: $0.000170. Avg per day: $51.20 • Stablecoins market cap: $635.09M. 7d change +0.43% • Chain fees 24h: $2,979. Chain revenue 24h: $2,979. App revenue 24h: $5,760. App RCR: 1.93× • DEX volume 24h: $13.84M. DEX volume 7d: $73.72M. WoW: −54.93% • Perps volume 24h: $8,468. Perps 7d: $12,033. WoW: −82.24% • Bridged TVL: $1.873B. Canonical: $747.89M. Third party: $922.3M. Native: $203.06M ------- 3. Base • TVS: $15.40B • DA costs 1 year total: $5.07M. Avg per L2 UOP: $0.001655. Avg per day: $13.87K • Stablecoins market cap: $4.376B. 7d change +0.42% • Chain fees 24h: $216,822. Chain revenue 24h: $212,359. App revenue 24h: $911,528. App RCR: ~4.29× • DEX volume 24h: $1.435B. DEX volume 7d: $9.144B. WoW: −15.17% • Perps volume 24h: $405.01M. Perps 7d: $2.739B. WoW: −4.97% • Active addresses 24h: 1.06M. Transactions 24h: 11.73M • Bridged TVL: $20.19B ------- What the Hard Number says 1. Liquidity dipped a bit on @arbitrum, but usage remained sticky. Although trading became softer, Arbitrum is still the settlement layer of choice for DeFi flows. 2. @Mantle_Official has a very cheap blockspace, but trading dried up hard this week. There's still liquidity, but activity is very thin. I am waiting for that breakout use case. 3. User activity on @base is definitely on fire rn, fees are also spelling real revenue. Even with the cooling volumes, it is the chain of attention with sticky usage at scale.

On Pendle Maturities: An End to Stronger New Beginnings In DeFi, few events spark more uncertainty than asset maturities. This is most apparent on @pendle_fi's V2 yield tokenised pools. In the case of large pool(s) maturities, we're talking about unwinding $$$ billions which represents a large % of its TVL. But in Pendle’s case, history tells a different story: maturities aren’t a concluding event, but rather they’re catalysts. Why so? Each cycle has proven Pendle’s resilience, reinforced its design & paved the way to higher growth. Over time, Pendle has seen multiple large maturities, each exceeding $500M-$2.5B. And in every case, the system has absorbed the shock & come back stronger: • 25th April 2024: $1B in restaking assets matured ( $ezETH, $eETH, $rsETH) *TVL fell from $5B → $4B (-20%) •27th June 2024: $2.5B matured across restaking + DEX assets (GLP) *TVL dropped from $6.2B → $3.7B (-40%) [The largest drawdown recorded] •26th Sept 2024: $0.5B matured (restaking + stablecoins) *TVL slid from $2.6B → $2.1B (-19%) •26th Dec 2024: $1.1B matured (restaking + stables) *TVL declined from $5.2B → $4.1B (-21%), but strong rebounded to $4.7B in just 1.5 weeks. •27th Mar 2025: $1.3B in stablecoins matured *TVL dropped from $4.8B → $3.5B (-27%) •29th May 2025: $650M matured (stables) *TVL went from $4.9B → $4.25B (-13%) but bounced back to $4.9B in <1.5 weeks. •31st July 2025: $400M matured across YBS assets *TVL dipped slightly from $6.9B → $6.5B, then surged to $8.5B in <2 weeks. Insane how Pendle has overcame 7 significant maturity events. Across these historical maturity events that took place, here’s the biggest observations: 1⃣The sharpest drawdown was 40%, but the average sits closer to 23%. 2⃣In every case, TVL not only recovered but eventually pushed to new highs. 3⃣Particularly from Q2 2025 onwards, every large maturity saw stronger net inflows All these signals that every maturity validates that PTs redeem at par & liquidity behaves as designed. What was once seen as a 'FUD trigger' is slowly transiting to a predictable & accepted feature. And by mid-2025, Pendle passed the $10B TVL milestone as it continues to trend higher today. --------- On How Maturities Shape Solidifies Pendle Edge: Pendle’s true strength isn’t shown when markets are calm, but when billions in assets reach maturity and the system is tested. These moments act as battle-forging events where each one reinforcing Pendle’s PMF and credibility. “Steel is tempered in fire, not in ease.” Every maturity event is a stress test that Pendle not only survives, but uses as proof that its design works exactly as intended. It's current ATH $11.14B TVL speaks for itself, as it's growth has been a sole leading driver to the broader DeFi yield sector standing at $15.92B. You see, DeFi has always been a growing sector esp. given it's nascent state of adoption today where net capital inflows should be expected in the right places. Capital may be mercenary, but it sticks, recycles & compounds in avenues with proven & sustainable PMF. This is exactly why when maturities hit, liquidity doesn’t leave DeFi. But rather it seeks for re-deployment opportunities, where the next set of Pendle pools presents a renewed (and sometimes better if pre-mature) yield opportunity. IMO these cycles act like 'capital rebirth' moments that refresh demand & diversify liquidity as narrative evolves too. This is a structural strength, rather than a weakness where “Every end unlocks the next beginning.” -------- Pendle's Moat Solidification: From Stronghold → Fortress As the sector leader, Pendle’s dominance has climbed to 69.9% today. This signals clearly that it's moat in the yield landscape continues to deepen through a highly differentiated position. Coincidence? Not really. Incase you haven't realise, Pendle goes way beyond just a 'yield tokenisation' platform. It has consistently adapted to serve as the 独一无二 platform for sector-value discovery across leading narratives + innovative yield primitives (from restaking → BTC-Fi → yield-bearing stablecoins & more). This creates a unmatched value distribution that is irreplaceable compared to other yield tokenisation platforms, where its dominance will continue to cement as new emerging verticals. These includes: 🔸Exclusively robust integration across the largest DeFi primitives such as @aave @MorphoLabs (total ~$4.8B PTs collateralised) 🔸Institutional-front integrations via @convergeonchain ecosystem backed by @ethena_labs @Securitize 🔸Vastly untapped RWA-Fi that is increasingly growing with global participation across TradFi giants 🔸Untapped DeFi expansion via Pendle Citadel's roadmap into ecosystems that leverages on existing distribution + accreditations Alright, you get my point here. Pendle's proven PMF + credibility only cements overtime as it overcomes the largest uncertainties The $531T market opportunity for the yield space is vast & still largely untapped. Just remember: As long as there is yield, it can be Pendle-d. Pendle cc @aixbt_agent for insights learning.