In this episode of LevelUp, co-hosts David and Sean speak with TN Lee, CEO and co-founder of Pendle, and Louis Thomazeau, Investment Partner at L1D. TN shares how Pendle enables fixed yield and yield speculation through PT and YT token mechanics. Louis outlines L1D’s thesis around Pendle’s resilience, product-market fit, and unique token design. The discussion also explores Pendle’s future product roadmap, the upcoming launch of Boros, evolving stablecoin markets, and how Pendle positions itself within a growing DeFi landscape.

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Key Points From This Episode:

[00:01:34] TN Lee shares his background, early career at Kyber, and what sparked the idea for Pendle

[00:04:50] Louis Thomazeau discusses his transition from Solidity developer to DeFi investor and how he discovered Pendle

[00:06:57] TN explains Pendle’s core mechanics: splitting yield-bearing assets into principal (PT) and yield tokens (YT)

[00:09:00] Louis outlines L1D’s investment thesis around Pendle: strong team, token design, product-market fit, and sector potential

[00:14:15] Discussion on Pendle’s long-term strategy and market size, comparing to the scale of traditional interest rate derivatives

[00:14:30] TN walks through the three types of users in the Pendle ecosystem and how they interact with PT and YT

[00:18:25] Comparing Pendle’s DeFi model to TradFi, with a focus on its AMM innovation and capital efficiency

[00:20:10] Recap of Pendle’s adoption journey: traction via LSTs, expansion into stablecoins, and driving new use cases

[00:26:30] Future roadmap: Pendle V2, self-listing portal, expanding to non-EVM chains, and institutional product support

[00:33:35] Introduction to Boros, a leveraged yield swap protocol targeting funding rates — a zero-to-one product

[00:39:55] Metrics that matter: TVL, trading volume, and annualized fees; Pendle’s resilience across market cycles

[00:49:15] Explanation of Pendle’s revenue streams, token mechanics, and value accrual through vPENDLE

[00:53:15] Circulating supply breakdown, emissions schedule, and how governance currently functions

[00:56:45] Why Pendle stands out in the DeFi token landscape, with a focus on supply/demand and long-term token utility

[00:59:30] Regulatory outlook: stablecoin legislation and how it may benefit Pendle’s role in the crypto fixed income space

[01:04:00] Competitive landscape: how Pendle stays differentiated through user focus and distribution

[01:05:55] Final thoughts: upcoming catalysts like Boros, and the biggest internal risk — complacency

Links:
The Medici Network

Medici Presents: Level Up

Co-Hosts

David Grider, Finality Capital

Sean Farrell, Fundstrat Global Advisors

Guests   

TN Lee, Pendle

L1D

Production and editing by The Podcast Consultant 

Disclaimer

This podcast is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. The views expressed by the hosts and guests are their own and do not necessarily reflect those of The Medici Network, Fundstrat Global Advisors LLC, Finality CP Management, LLC, or any of their affiliates. Listeners should consult their own professional advisors before making any financial or investment decisions.

Some protocol guests featured on this podcast may be annual paid members of The Medici Network. This membership does not imply endorsement by The Medici Network. This podcast does not constitute an offer to sell or a solicitation to buy any securities or tokens.