Undoubtedly, Pendle is one of the most successful DeFi protocols in this crypto cycle. With its unique yield-splitting and trading mechanism, Pendle has established itself as the “price discovery platform” for yield-bearing assets, and through deep integration with stablecoins and LST/LRTs, it has secured its position as the core “yield infrastructure of DeFi.” This article deconstructs Pendle from three dimensions—mechanism, strategy, and market cycle—systematically comparing the returns and r