GG calls.

if you were around for pendle you already know how this goes. split a yield bearing asset into principal and yield, let people trade the pieces, that idea pulled $13B by last sept and made on chain fixed income a real thing PARE does the same split on stocks. the yield isnt a staking rate or a funding print, its apple actually earning money and paying it out. robinhood reinvests the dividend and bumps an on chain multiplier, that multiplier is the yield, PARE strips it off and lets you trade it. i checked robinhoods docs and thats exactly how it works heres why im bullish. most of what pendle traded was crypto paying crypto, staking rewards, ethena loops, points, and most of it left when the incentives did. this is the first PT/YT market ive seen where the yield is a real company’s actual cash flow. it doesnt care about the funding rate or what season ethena is on and the pool is bigger than all of defi combined. dividend stocks are one of the largest asset classes on earth and theyre landing on chain right now, tokenized rwa on robinhood chain went $12.8m to $136m in about seven weeks. somebody has to build the fixed income layer for that and PARE is the first one ive seen doing it the trade is on the high yield names, reits, covered call etfs, stuff paying 8 to 12%. thats where YT actually has something to price. still confirming which of those robinhood has tokenized, thats the thing to watch pendle for crypto was a $13B idea. pendle for the stock market is the same idea with a bigger denominator and real cash behind it